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Thread: En-Bloc Achieved (as reported in the media)

  1. #21
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    Koh Bros, Heeton to buy Hilton Towers for about $79m: sources

    28 Apr 06

    Price works out to be about $880 psf of potential gross floor area

    DEVELOPERS continue to snap up collective sale sites in prime districts.



    Koh Brothers and Heeton are arranging a deal to buy the Hilton Towers site at Leonie Hill, at a price said to be about $79 million.

    This works out to about $880 psf of potential gross floor area inclusive of an estimated development charge (DC) of about $3.9 million.

    The 33,700 sq ft freehold site is zoned for residential use and has a 2.8 plot ratio (ratio of maximum potential gross floor area to land area).

    Colliers International brokered the sale of the Hilton Towers site.

    Koh Brothers and Heeton jointly developed and own Sun Plaza mall, next to Sembawang MRT Station.

    Heeton is known for developing and operating wet markets and neighbourhood malls in the HDB heartlands, but it has also developed high-end residential projects like DLV and The Element @ Stevens - both in the Stevens Road area.

    Koh Brothers' core businesses include construction and property.

    Hilton Towers' sale price is likely to be used as a benchmark for another collective sale - Furama Tower at the nearby Leonie Hill Road - also being marketed by Colliers.

    The indicative price for the 33,821 sq ft freehold Furama Tower site is $82 million, or $936 psf per plot ratio inclusive of a DC of about $6.6 million.

    Meanwhile, over in the Serangoon area, United Premas and HSR have launched the collective sale of Mutual Court at Mar Thoma Road with a price expectation of about $23.3 million, which works out to about $275 psf per plot ratio including a DC of about $100,000.

    The 30,331 sq ft, 999-year leasehold site is zoned for residential use with a 2.8 plot ratio and a 36 storey maximum height.

    Based on the $23.3 million price tag, the owners of the 34 apartments at Mutual Court stand to reap a collective sale premium of more than 50 per cent.

    By KALPANA RASHIWALA

  2. #22
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    Property
    Published May 11, 2006

    Soilbuild to buy Cashew Road site for $18-19m
    Developer to pay for site by way of residential apartment units


    By ARTHUR SIM


    SOILBUILD Group Holdings will buy a 60,579 sq ft vacant site in Cashew Road from the Methodist Church in Singapore for an estimated $18-19 million.


    In an unusual tie-up, the developer will pay for the site by way of completed residential apartment units.

    Tang Wei Leng, a director of DTZ Debenham Tie Leung, which brokered the deal, said this will likely be 37 of the 78 units averaging about 1,200 sq ft each.

    The estimated potential value of the new development is about $25 million, she said.

    Ms Tang pointed out that even though such a tie-up is unusual, there are precedents. She highlighted Char Yong Gardens, owned by the Char Yong (Dabu) Association, as one example.

    'This kind of tie-up is favoured by associations, clans and churches,' she said. It works well for Soilbuild as well.

    'The developer will not have to pay any money up front,' said Ms Tang, making it a relatively 'low risk' venture.

    The new development is expected to be launched in the second half of the year. The projected price of the remaining units is estimated to be $550-$600 psf - similar to prices for new developments nearby.

    Soilbuild has also applied to buy an adjoining 4,200 sq ft plot of state land.

    Based on a plot ratio of 1.4, the estimated development charge for the whole project is about $1.14 million.

    Soilbuild said it hopes to raise up to $10.7 million, by undertaking a renounceable non-underwritten rights issue of up to 53,438,526 new ordinary shares at 20 cents each, on the basis of two rights shares for every existing ordinary share.

    It said it plans to use up to $8 million to finance the Cashew Road project, its other project Eightrium @ Changi Business Park and future acquisitions.

  3. #23
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    Default Far East, Frasers Centrepoint buy Waterfront View

    Far East, Frasers Centrepoint buy Waterfront View
    $385m private treaty deal works out to land price of $241 psf ppr

    By KALPANA RASHIWALA

    (SINGAPORE) In a move seen as reducing the risks of undertaking a massive development, Far East Organization and Frasers Centrepoint have set up their maiden joint venture, which has bagged Waterfront View, a privatised former HUDC estate facing Bedok Reservoir, for $385 million.

    The price for the private treaty deal sealed late Tuesday night before the planned tender close for the property this Friday works out to a land price of $241 psf per plot ratio inclusive of an estimated $102.2 million payment to the state for lifting title restriction to enhance the site's plot ratio, and upgrading the site's lease from a remaining 78 years to 99 years.

    The 809,037 sq ft site can be developed into a new condominium with a whopping gross floor area of over two million sq ft - enough for a massive project with about 1,600 units.

    This is the biggest residential collective sale to date in terms of number of units involved (there are 583 units in the existing development), land area as well as dollar quantum, says DTZ Debenham Tie Leung, which brokered the sale.

    Far East's and Frasers Centrepoint's breakeven cost could be about $450 psf, say analysts. Currently, 99-year condos in the area are going for above $500 psf for units that face the reservoir and below $500 psf for those that don't.

    Depending on how Far East and Frasers Centrepoint come up with their design scheme, about 80 per cent of units in the new development may face the reservoir.

    Industry watchers reckon that instead of competing with each other for Waterfront View at the tender, Far East and Frasers Centrepoint figured it made more sense to team up.

    This reduces their risks in terms of exposure to such a huge development - and eliminating at least one competitor in the process. The duo are said to have made their offer, good for only a day, late Tuesday afternoon, accompanied by a $19.25 million cheque (for a 5 per cent deposit).

    The collective sale agreement signed by Waterfront View's owners give the sales committee the mandate to negotiate a private treaty deal as long as the reserve price is met. This is understood to have been $370 million.

    'The sales committee could either take the offer on the table, good for only a day - or take the risk of waiting and hoping for a higher offer at the tender that may or may not come,' said a source.

    Waterfront View's sales committee chairman Matthew Yu said: 'We are very happy. It's a good price. The outcome came earlier and is better than we expected.'

    DTZ's director for investment advisory services Tang Wei Leng said: 'Given the size of the development, there were really only a few parties who have demonstrated genuine interest. The sales committee was decisive, having considered all the options carefully. We are very happy for the owners.'

    The $385 million price is above an independent valuation for the property which DTZ did not disclose. Owners controlling 82.33 per cent of share values in Waterfront View have agreed to the collective sale, which will be subject to approval from the Strata Titles Board. Owners of the existing 583 apartments and maisonettes have equal share values, which means they will each receive about $660,377 per unit, which is over 60 per cent more than what the units would fetch if sold individually today.

    The site is zoned for residential use with a 2.5 plot ratio.

    While the deal involves the maiden tie-up between Far East and Frasers Centrepoint, it is not the first time that the men helming the two organisations have joined hands. Far East is headed by property magnate Ng Teng Fong while Frasers Centrepoint is the property arm of listed Fraser & Neave group, which is now headed by Han Cheng Fong who, during his days as group CEO of the former DBS Land, oversaw many tie-ups with Mr Ng's Singapore unit Far East and Hong Kong arm Sino Land.

    Market watchers are wondering if the two sides will team up for other acquisitions, including the second Somerset site being offered by the state. Far East clinched the first Somerset plot, the former Glutton's Square site, in January.

    Waterfront View is the fifth site Far East has bought here this year. The five total $1.2 billion.

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    Lucky Tower tender tops $380m or $1,126 psf ppr
    CityDev tipped to be top bidder for Grange Rd site

    By KALPANA RASHIWALA

    (SINGAPORE) The collective sale of the freehold Lucky Tower in Grange Road closed yesterday, attracting a handful of bids, the highest of which is said to have met the asking price of $380 million.


    Some industry observers tipped City Developments as the top bidder. The listed property group developed the award-winning Spring Grove condo next door and owns the Kim Lin Mansion site across the road.

    Newman & Goh, the marketing agent for Lucky Tower, declined to comment but confirmed the $380 million asking price has been met.

    This works out to $1,126 per square foot of potential gross floor area inclusive of an estimated development charge of $20.25 million.

    BT understands that the top bid came with conditions, but the other bids are within close range of one another. In such circumstances, the bidders may be invited to adjust their offers, and it remains to be seen who eventually clinches the site.

    Market sources say that Far East Organization also bid for Lucky Tower. It owns a penthouse and the mini-mart in the development and has consented to the estate's collective sale.

    Lucky Towers has a land area of 169,188 sq ft and a 2.1 plot ratio - the ratio of potential maximum gross floor area to land area. The site can be redeveloped into a new 24-storey condo with about 175 units averaging 2,000 sq ft.

    The existing development has 91 units including the mini-mart. Owners controlling about 84 per cent of share values have consented to the sale.

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    Property
    Published May 30, 2006

    CityDev snags Lucky Tower site for $383m
    Another site, Habitat One, is expected to fetch no less than $188m


    By KALPANA RASHIWALA



    THE collective sale market for prime sites continues to sizzle.



    Hot property: Lucky Tower owners will receive $4.1-$4.4m per apartment, while penthouse owners will get $6m


    Even as it was made official yesterday that City Developments Ltd (CDL) has been awarded the Lucky Tower site in Grange Road for $383 million, another prime site, Habitat One at Ardmore Park has been launched. The freehold site of 54,980 sq ft being marketed by Knight Frank, has an expected price of 'no less than $188 million'.

    The sellers are seeking a record unit land price of $1,280 psf of potential gross floor area inclusive of an estimated development charge of $9.1 million.

    If this price is achieved, each of the owners of Habitat One's 32 units will receive an average of nearly $5.9 million per unit - or over 70 per cent more than the last transaction in the estate, which was $3.3 million in August last year.

    The site is zoned for residential use with a 2.8 plot ratio (ratio of potential gross floor area to land area) and 36-storey height limit. The tender for Habitat One closes on July 4.

    Over at Grange Road, the sale of the Lucky Tower site to CDL confirms an earlier BT report.

    The price comes out at $1,134 psf of potential gross floor area inclusive of development charges. The only other bidder for the site is said to have been Far East Organization, the original developer of the project and which retains a penthouse and a minimart in the development.

    Far East, which has consented to the collective sale, will walk away with about $7.5 million for its two units in the development.

    Based on CDL's $1,134 psf per plot ratio (psf ppr) unit land cost for Lucky Tower, its breakeven cost for a new luxury condo could be about $1,650 to $1,700 psf, say market watchers. Right next door is Spring Grove condo, an award-winning project also developed by CityDev.

    CityDev has yet to develop the Kim Lin Mansion site diagonally across the road, which it snapped up for $996 psf ppr including development charge in late 1999 during the last collective sale boom.

    The Lucky Tower site has a freehold land area of 169,189 sq ft and is zoned for residential use with a 2.1 plot ratio and 24-storey height limit. The site can be redeveloped into a new condo with about 175 units averaging 2,000 sq ft each.

    CityDev group general manager Chia Ngiang Hong described Lucky Tower as an 'exceptional quality site that will add outstanding value to CDL's landbank'.

    The group's other sites in the area include the 130,535 sq ft former Boulevard Hotel site.

    The existing Lucky Tower has 90 apartments and a minimart. Jeffrey Goh, head of investment sales at Newman & Goh, which brokered the sale of Lucky Tower, said that owners will receive $4.1 million to $4.4 million per apartment, while penthouse owners will get $6 million each.

    These sums are at least 80 per cent more than what the apartments could have fetched if sold on an individual basis, he said. The minimart receives $1.5 million.

    The $383 million price for Lucky Tower is shy of the record $385 million set last week for the collective sale of Waterfront View facing Bedok Reservoir, bought by a joint venture between Frasers Centrepoint and Far East Organization.

    Nonetheless, Lucky Tower has achieved the highest absolute price for a freehold collective sale site. The Waterfront View site is on a site with a remaining lease of 78 years which its developers will seek to top up to the original 99 years.

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    Property
    Published May 30, 2006


    Koh Brothers buys Bukit Timah site for $30m


    KOH Brothers Development Pte Ltd, a subsidiary of Koh Brothers Group Ltd, yesterday said it had bought the freehold Alocassia Apartment on Bukit Timah Road for $30 million.


    Distinguished by its near trapezoidal, this commercial and residential site nestles between Robin Drive and Robin Lane in the popular Bukit Timah district. The purchase consists of 45 residential units with a strata floor area of 35,166 sq ft and seven commercial units with a strata floor area of 9,397 sq ft. The average per square feet of net sellable area is $673.

    Francis Koh, executive director of Koh Brothers Development, said given its prime location, freehold status and easy accessibility to the city centre, the company is confident that the site will appeal to both local and foreign buyers. 'We look forward to receiving positive responses from buyers who appreciate the exclusivity and prestige offered by this prime site,' he said.

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    Property
    Published June 1, 2006


    Simon Cheong pays $88m for Cairnhill houses
    Cost is $32m lower than asking price; agents fear deal may cool area's en bloc fever


    By KALPANA RASHIWALA



    SIMON Cheong has just done a deal that's making some property agents fear it may set lower land prices and cool the current en bloc fever - at least in the Cairnhill area.



    Sizeable savings: The terrace houses, together with Hilltops Apartments (in the background), can be redeveloped into a new 20-storey project with about 220 units averaging about 2,000 sq


    His SC Global Developments has bought 16 terrace houses at Cairnhill Circle for $88 million, a hefty knockback of the owners' $120 million asking price a few months ago when their site was being marketed together with the neighbouring Hilltops Apartments which SC Global bought in April.

    In the process, the listed group has succeeded in lowering its average unit land cost in Cairnhill from $951 per square foot of potential gross floor area to $880 psf per plot ratio, achieving a saving of about $32 million.

    The $88 million purchase price for the 16 terrace houses works out to $722 psf per plot ratio (psf ppr), including a $12.81 million development charge.

    In contrast, the $120 million initial price tag worked out to $951 psf ppr, matching the unit land price that Hilltops' owners were seeking.

    SC Global clinched the Hilltops site when the tender closed in April at the $951 psf ppr asking price but declined to buy the terrace houses at the time.

    Mr Cheong's strategy has worked as it led the owners to lower their price expectations. They have agreed to sell to SC Global for $88 million when it emerged as the highest of three bidders when the second tender for the site closed on Tuesday this week.

    This is below the owners' reserve price - reportedly about $100 million.

    SC Global's chairman and chief executive Simon Cheong, who has a reputation as a savvy property investor, yesterday felt vindicated by his strategy of staggering the acquisitions, given the sizeable saving.

    Still, the owners of the terrace houses will walk away with sums ranging from $3 million to $8.1 million per house - double what they would have got had they tried to sell their homes individually.

    DTZ Debenham Tie Leung's director for investment advisory services Tang Wei Leng said: 'The tender attracted a number of bids and we are happy that it presented owners with an offer that they have accepted unanimously.'

    DTZ handled the tenders for the 16 terrace houses as well as for Hilltops Apartments.

    The 16 terrace houses have a land area of 49,856 sq ft and together with the 67,308 sq ft Hilltops site sold earlier, SC Global will now have a combined freehold site of 117,164 sq ft occupying the highest point at Cairnhill.

    The combined plot can be redeveloped into a new 20-storey project with a potential maximum gross floor area of 448,693 sq ft.

    This is big enough for about 220 units averaging about 2,000 sq ft.

    Market watchers estimate SC Global's breakeven cost for a new condo could be about $1,300 psf.

    Assuming it manages to achieve an average selling price of, say, $2,000 psf, the project should yield a cool pretax profit of at least $300 million, say analysts.

    SC Global is looking to launch the project in mid- to Q3 2007.

    The Cairnhill site, together with the Paterson Tower site the group bought earlier this year and a site in the Martin Road area it has owned for sometime, means SC Global now has a prime district landbank of about 800,000 sq ft potential gross floor area.

    The purchase price of the Paterson Tower, Hilltops and terrace house sites adds up to about $650 million and market watchers are wondering if SC Global is considering a share placement to potential investors.

    But it just might be able to source for other ways to finance the acquisitions without doing an equity raising, they suggest. The group had about $92 million cash as at March 31 this year.

    Meanwhile, there seems to be no let-up in new collective sale sites coming on the market.

    Jones Lang LaSalle yesterday launched Gilstead Court in the Newton area with an asking price of $100 million.

    This works out to $691 psf per plot ratio. No development charge is payable for the 75,479 sq ft freeehld site, which can be developed into a new project with a gross floor area of 144,668 sq ft. The site can be redeveloped into a new five-storey condo with about 111 units averaging 1,300 sq ft.

    The tender for Gilstead Court closes on July 5.

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    Singapore Companies
    Published June 5, 2006

    Peck Hay Mansion close to $64m sale
    Bukit Sembawang to pay $800 psf ppr for property next to Vermont Mansion


    By KALPANA RASHIWALA


    BUKIT Sembawang Estates, which bought The Vermont at Peck Hay Road in the Cairnhill area earlier this year, is close to sealing a deal to buy Peck Hay Mansion next door for about $64-66 million, sources say.




    The price works out to about $800 psf of potential gross floor area, inclusive of an estimated development charge of $8.3 million for the 32,277 sq ft freehold plot.

    This unit land price is higher than the $755 psf per plot ratio including DC that Bukit Sembawang, which is linked to the Lee family of OCBC, paid for The Vermont in March based on its $75 million price.

    Both sites are zoned for residential use with 2.8 plot ratio (ratio of potential maximum gross floor area to land area).

    The combined land area of about 72,653 sq ft can be redeveloped into a new condominium with about 100 units of an average size of 2,000 sq ft.

    Peck Hay Mansion has been marketed by CB Richard Ellis and Credo Real Estate.

    It had been put up for collective sale by expressions of interest together with a next-door property, Casa Novacrest which has a 12,163 sq ft freehold land area. It is also zoned for residential use with a 2.8 maximum plot ratio.

    The Vermont is next to Peck Hay Mansion, which is adjacent to Casa Novacrest, which is in turn next to Venus Mansion.

    In April, Chip Eng Seng group bought Venus Mansion for $123 million or $785 psf per plot ratio.

    Market watchers reckon that with Bukit Sembawang buying Peck Hay Mansion, it makes sense for either Bukit Sembawang or Chip Eng Seng to buy Casa Novacrest.

    Peck Hay Mansion will be Bukit Sembawang's sixth major residential purchase since it ended a seven-year hiatus on land buying in July last year when it bought Woodleigh Grove through a collective sale. It later also bought 32 houses at Lengkok Angsa in the Paterson Road area, Carlton Terrace in Holland Road, Chez Bright Apartments at St Thomas Walk and The Vermont.

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    Published June 7, 2006


    Sinaran Drive site up for tender

    By ARTHUR SIM


    AN UNNAMED developer has committed to pay not less than $173.8 million for a 99-year leasehold residential site at Sinaran Drive near Novena MRT station.


    The 1.25 hectare site, opposite Tan Tock Seng Hospital, is on the Urban Redevelopment Authority's (URA) reserve list, which means it will now be put up for sale by public tender in two weeks.

    At $173.8 million, the cost would work out to $370 psf per plot ratio (psf ppr). Earlier this year, two freehold en bloc redevelopment sites in the area went on the market.

    The asking price for Suffolk Apartments is about $510 psf ppr, while the owners of Ultra Mansion are said to be asking $465 psf ppr.

    In April, a URA reserve list residential site near Tanah Merah station was sold for $318.50 psf ppr.

    Jones Lang LaSalle regional director and head of investments Lui Seng Fatt said the trigger price of the Sinaran Drive site 'reflects the current market sentiment . . . It shows that developers are still keen on sites in District 9, 10 and 11'.

    Mr Lui estimates the breakeven cost of a new development, which can have a gross floor area of 469,726 sq ft, to be about $700 psf. This is assuming the eventual developer builds a development that is completely residential.

    Mr Lui said that because the site is close to Tan Tock Seng Hospital, there might be an advantage in adding service apartments, depending on the developer's strategy.

    In answer to a query by a developer - and posted on the URA website - URA said service apartment block/blocks are allowed within the development.

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    Property
    Published June 15, 2006


    Far East Mansion: Frasers Centrepoint top bidder
    Its $256 million price works out to $674 psf ppr


    By KALPANA RASHIWALA


    FRASERS Centrepoint has emerged as the highest bidder for the freehold Far East Mansion at Kim Yam Road and has started inking a collective sale deal with the majority owners to buy their 136,194-sq-ft freehold site off River Valley Road for about $256 million, according to sources. This works out to $674 psf of potential gross floor area, including an estimated development charge of $885,689.



    Building plan: The Far East Mansion site may be redeveloped into a 36-storey condominium


    The breakeven cost for a new condo on the site, which is near the Singapore Buddhist Lodge, could be around $1,050 psf, say market watchers. The site may be redeveloped into a new 36-storey condominium with about 280 units averaging 1,350 sq ft.

    The site is zoned for residential use with a 2.8 plot ratio and 36 storeys.

    Far East Mansion was marketed through an expressions of interest exercise handled by CB Richard Ellis. It is understood to have drawn three bids when it closed at the end of last month, the highest from Frasers Centrepoint.

    Based on the $256 million price, owners of Far East Mansion's existing 218 units will collect $1.17 million per unit - which is about 70 to 80 per cent more than what their homes would have fetched if sold individually.

    Far East Mansion, which is more than 30 years old, comprises four 14-storey blocks.

    It will be Frasers Centrepoint's second major property acquisition in the area over the past year.

    In August 2005, the property arm of listed Fraser & Neave bought a 139,842-sq-ft site at St Thomas Walk from CK Tang chairman Tang Wee Sung and his younger brother Wee Kit.

    Frasers Centrepoint paid $210 million for the freehold plot, which translates to a land price of $601 per sq ft of potential gross floor area inclusive of an estimated development charge of $25.5 million.

    The company's other major property acquisitions this year include SingTel's former warehouse site at West Coast Road and Waterfront View, facing Bedok Reservoir, which it is buying jointly with Far East Organization for $385 million.

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    Thumbs up Soilbuild beefs up Balestier presence

    Singapore Companies
    Published June 22, 2006


    Soilbuild beefs up Balestier presence
    Group signs options to buy properties worth $44.5m


    By CRYSTAL NEO


    SOILBUILD Group Holdings is expanding its presence in the Balestier Road area. The group said yesterday that it has signed various options to purchase properties worth $44.5 million through its wholly owned subsidiary SB (Blueteak) Development Pte Ltd.

    They include 24 units of apartments under a collective sale in Minbu Road and Martaban Road and adjacent terrace houses and apartments. The owners of the 24 units who have given their sale consent will get about 70 per cent more than what they will get if they sell their units individually, said property consultants Teakhwa Real Estate. Soilbuild said it will also be acquiring certain adjoining lots.

    'Altogether, the total land size is about 4,498 sq metres and the total land cost is about $44.5 million,' said Soilbuild. 'Based on the approved plot ratio of 2.8 and an estimated development charge of $0.2 million, the cost of the land is about $329 psf per plot ratio.'

    The combined freehold site can be re-developed into a condominium of maximum 36 storeys, with about 90-100 units assuming an average size of 1,500 sq ft per unit. The breakeven cost for the new condominium development on the freehold plot is estimated to be approximately $560 psf, said Teakhwa. This new project is expected to be launched by 2007.

    'From our completed projects, we have also built up an extensive database of potential buyers and we are confident that there will be a strong demand for the new condominium units at Minbu/Mandalay Roads,' said Low Soon Sim, Soilbuild's executive director.

    This is not the first time Soilbuild has had projects in the Balestier Road area. Its other projects include the 18-storey Pinnacle 16 and Mandale Heights. Including the new purchase, Soilbuild will have four new upcoming residential property projects, including One Tree Hill Residence, the site at Bright Apartments and the recently acquired site at Cashew Road. The latest acquisition will be funded by internal resources and bank borrowings.

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    Property
    Published July 18, 2006

    Furama Tower fetches $76m
    Collective sales still hot in prime districts; 12-unit St Martin's Lodge priced at $30m


    By KALPANA RASHIWALA


    COLLECTIVE sales activity continues in Singapore's prime districts. Soilbuild Group Holdings has bought Furama Tower at Leonie Hill Road for $76 million or $872 per square foot per plot ratio (psf ppr) including an estimated development charge (DC) of $6.6 million.



    Freehold sites: Buyer Soilbuild says the Furama Tower site can be redeveloped into a new condo of 45-50 units. Market watchers say St Martin's Lodge (above) should appeal to boutique developers


    Over at St Martin's Drive, St Martin's Lodge has been put up for en bloc sale. The owners' asking price of $30 million for the 19,335 sq ft freehold site works out to $1,182 psf ppr including an estimated $2 million DC.

    Both properties are freehold.

    Soilbuild's purchase price for Furama Tower is close to the $880 psf ppr that Koh Brothers and Heeton paid in April this year for the nearby Hilton Towers at Leonie Hill.

    Market watchers say the prices achieved for Furama Tower and Hilton Towers will serve to benchmark prices that developers are likely to pay for the collective sales of nearby properties like Futura, Grangeford Apartment and Horizon Towers. 'Of course, adjustments will have to be made for some factors like differing land areas of the respective properties. One could argue that the bigger sites have the potential to be redeveloped into condos with full facilities and hence, should command a premium over smallish plots,' a property consultant suggested.

    Furama Tower has a freehold land area of 33,821 sq ft and is zoned for residential use with a 2.8 plot ratio (ratio of potential maximum gross floor area to land area).

    Colliers International, which handled the sale of Furama Tower, said owners of the 33 units in the existing development will receive sums ranging from $1.75 million to $2.78 million per apartment unit while the sole penthouse owner will pocket $4.64 million. These sums are nearly 100 per cent more than the owners would have received had their units been sold one by one.

    Buyer Soilbuild says the Furama Tower site can be redeveloped into a new condo of 45 to 50 units. Development of the site and the marketing launch are expected to be next year. Soilbuild's pipeline of residential projects include the soon-to-be completed Cliften off Bukit Timah Road and the recently launched One Tree Hill Residence off Grange Road. Others include the Bright Apartments plot in Novena, a site at Cashew Road bought in May this year and various sites at Minbu/Martaban roads purchased last month.

    Market watchers say the smallish land area of the freehold St Martin's Lodge, which is being marketed by CB Richard Ellis, should make the site appealing to boutique developers. The site is next to an old bungalow that BBR Holdings group bought earlier this year.

    Garden Estates, part of Singapore's Hong Leong Group, developed the 12-unit St Martin's Lodge, which was completed only in 1994. The site is zoned for residential use with a 1.4 plot ratio and a maximum height of five storeys.

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    Top Print Edition Stories
    Published July 17, 2006

    Habitat One sold at record $1,228 psf ppr
    Wheelock said to be buyer; price is 40% higher than site it bought next door


    By KALPANA RASHIWALA



    (SINGAPORE) A new benchmark has been set for residential land in Singapore. The freehold Habitat One in the prime Ardmore Park location has been sold for $180 million or a unit land price of $1,228 per square foot of potential gross floor area inclusive of development charges (DC).



    New benchmark: Market watchers suggest Wheelock may amalgamate Habitat One with its two earlier sites - Habitat II and Ardmore View - for a bigger project


    This surpasses the previous benchmark of $1,218 psf per plot ratio (psf ppr) set by the sale of Eng Lok Mansion in Napier Road earlier this year.

    The buyer of Habitat One is understood to be Wheelock Properties (Singapore). The $1,228 psf ppr being paid by the mainboard-listed property group for Habitat One is 40 per cent more than the $876 psf ppr that it paid for the next-door Habitat II in September last year.

    Wheelock had been preparing to launch a new 118-unit condo called Ardmore II on the amalgamated Ardmore View and Habitat II site in October this year.

    Market watchers suggest Wheelock may now hold back the launch plans and put the project back on the drawing board if it decides to amalgamate the latest site, Habitat One, with its two earlier sites for a bigger project. Knight Frank, which handled the collective sale of Habitat One, declined to comment.

    Market watchers also note with interest Wheelock's latest deal as it had seemed to abstain from participating in recent tenders. Some observers had lauded this as a wise decision given the toppish asking prices, especially for collective sale sites.

    'Of course, they may have special reason to make an exception for Habitat One since they had bought the next-door site Habitat II earlier at a much lower price, which serves to average down the cost of the latest purchase,' said an industry observer.

    Wheelock is said to have emerged as a last-minute surprise contender for Habitat One. It had not bid when the tender for the property closed on July 4, BT understands.

    Habitat One has a freehold land area of 54,980 sq ft and is zoned for residential use with a 2.8 plot ratio (ratio of maximum potential gross floor area to land area) and a 36-storey maximum height. An estimated DC of $9.1 million is payable. Sources say Wheelock's acquisition is exactly at the reserve price set by owners of Habitat One.

    Owners of the existing 32 units in the development will walk away with $5.625 million per unit on average, which is 70 per cent more than what the apartments would have fetched had they been sold individually.

    Other high-priced residential land deals this year include Hotel Properties' purchase of Beverly Mai at Tomlinson Road for $1,184 psf ppr and City Developments' acquisition of Lucky Tower at Grange Road for $1,134 psf ppr.

  14. #34
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    Soilbuild buys Martaban Road site from Salvation Army for S$7.1m

    10 Aug 06

    By Loh Kim Chin, Channel NewsAsia

    Soilbuild has acquired a 780 square metre site on Martaban Road from The Salvation Army for S$7.1 million.

    The site is adjacent to various sites at Minbu, Martaban and Mandalay Roads in the Novena district which Soilbuild had bought in June for about S$45 million.

    Soilbuild plans to amalgamate all the sites into a combined land area of 5,278 sq metres.

    Based on the plot ratio of 2.8 and a maximum storey height of 36, the amalgamated site can now be redeveloped into about 100 to 120 residential units, assuming an average size of 1,500 square foot per unit.

    The total acquisition cost for the various plots of land, including the development charge, works out to be S$51.6 million or S$325 per square foot per plot ratio.

  15. #35
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    Property
    Published August 17, 2006


    Kajima and UE pay $52m to buy Balmoral View
    Kajima also eyeing more residential, office and retail projects in S'pore


    By KALPANA RASHIWALA


    KAJIMA Overseas Asia, which has about $1 billion property investments in Singapore through stakes in the Millenia Singapore development and The Regent Singapore hotel, has clinched its first residential development site here through the en bloc sale of Balmoral View.



    Project target: Kajima is looking for developments with an all-in investment cost of 'over a couple of hundred million Singapore dollars' per project, says Mr Hashimoto


    The Asia (ex-Japan) arm of Japan's Kajima Corporation is also looking to expand its presence in the Singapore property market in the residential, office and retail sectors, Kajima Overseas Asia Pte Ltd vice-managing director Masao Hashimoto said in an interview.

    Kajima teamed up with United Engineers (UE) to buy Balmoral View, located at Nos. 9-37 Balmoral Crescent, for $52 million or $733 per square foot of potential gross floor area inclusive of an estimated $7.9 million development charge. The 51,080-sq-ft freehold site is zoned for residential use with a 1.6 plot ratio and a 12-storey maximum height.

    Kajima and UE could redevelop the site into a new condo with about 40 units with an average size of 2,000 sq ft each.

    Mr Hashimoto estimates the breakeven cost for the UE-Kajima joint venture will be about $1,000 psf. The plan is to launch the project in the middle of next year.

    'Leveraging on our international network to introduce new and chic ideas to the exclusive Balmoral residential enclave, we believe that this niche boutique residential development will be well received by potential buyers,' Mr Hashimoto said.

    He describes UE as 'an old friend'. Kajima Overseas Asia was the main contractor for UE Square in the River Valley area.

    UE group managing director and CEO Jackson Yap hopes the collaboration for Balmoral View will augur more joint projects. Mr Hashimoto echoed the sentiment.

    In addition, Kajima is open to partnering other parties for projects in Singapore so long as they share Kajima's corporate aim of doing quality developments. Kajima is looking for developments with an all-in investment, including land cost, of 'over a couple of hundred million Singapore dollars' per project, Mr Hashimoto said.

    Kajima Overseas Asia is involved in construction, property development and providing architectural and engineering services. 'This, together with our in-house design arm, makes us a unique player in the Singapore property market, providing a one-stop property development solution,' Mr Hashimoto observed.

    The group's recent construction jobs in Singapore include the St Regis Residences and St Regis Hotel, the refurbishment of Clarke Quay and construction of Newton Suites.

    Kajima Overseas Asia's Singapore office is its South-east Asia headquarters. Worldwide, Kajima's property portfolio stood at about US$5 billion as at the end of last year.

    In Singapore, it has a 30 per cent stake in Millenia Singapore and a 25 per cent interest in The Regent Singapore hotel.

    Kajima Overseas Asia also owns 70 per cent of Senayan Square in Jakarta. It also has a half stake in two Hong Kong properties - Allied Kajima Building and the 512-room Novotel Century Hong Kong - as well as a 645-room hotel in the Philippines boasting views of Manila Bay. In Thailand, the group has a controlling interest in Ramaland Building, an office and hotel complex.

    Mr Hashimoto says Kajima also has a site in Phuket which it will begin developing soon into a resort, and it plans to develop additional office and mall space on some vacant land at the Senayan Square site in Jakarta. It is also looking for development sites in Hong Kong.

  16. #36
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    Default UIC buys Upper Bukit Timah en bloc site for $82m

    Property
    Published August 17, 2006

    UIC buys Upper Bukit Timah en bloc site for $82m

    By ARTHUR SIM



    UNITED Industrial Corporation (UIC) has bought a collective en bloc sale site in Upper Bukit Timah for $82.25 million, continuing its efforts to step up its residential developments.


    The site, called HJ Heights, overlooks Bukit Batok Nature Park. At 207,134 sq ft it is thought to be one of the largest freehold collective sites in the area. The selling price, together with an estimated development charge of $5.73 million works out to be $303 per sq ft per plot ratio.

    On Merbok Crescent, the site is zoned for residential use with a plot ratio of 1.4 and a five-storey building height. It can potentially accommodate about 230 units of 1,200 sq ft apartments. The breakeven price is expected to be $530-$540 psf on average.

    UIC recently launched the 562-unit condominium, One Amber, in Katong. It also has interests in an upcoming 160-unit residential development in Tiong Bahru and a 138-unit residential development on St Patrick's Road in the east.

    The latest acquisition was handled by United Premas which says that the sale has set a new benchmark for that area.

    Suzie Mok, deputy director, asset management at United Premas, said: 'As reflected by the HJ Heights sale, collective sale sites with good development potential and priced correctly will continue to interest developers, though located outside the prime districts.'

  17. #37
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    Default Nassim Park sold to Park Developments for $380m

    Singapore Companies
    Published August 31, 2006


    Nassim Park sold to Park Developments for $380m
    The JV company is owned by UOL and Kheng Leong subsidiary Russville


    By LESLIE YEE


    IN ANOTHER major collective sale transaction, a joint venture company owned by UOL Group and a subsidiary of Kheng Leong Co Pte Ltd has signed a deal to buy Nassim Park for $380 million.



    Prime location: Nassim Park sits in an exclusive residential area surrounded by embassies, good class bungalows and high-end developments


    Including an estimated development charge of $8 million, the price works out to around $388 million or about $1,131 per square foot (psf) of potential gross floor area.

    The breakeven cost for a new development on the Nassim Park site is estimated to be between $1,600 and $1,700 psf of gross floor area.

    The joint venture company, Park Developments, is 70 per cent owned by UOL and 30 per cent owned by Kheng Leong's subsidiary, Russville.

    Kheng Leong is considered as an associate of UOL's directors Wee Cho Yaw, Wee Ee Lim and Wee Ee Chao under the listing rules.

    UOL and Russville are currently in negotiations with an unrelated third party for equity participation in Park Developments.

    Completed in 1992, Nassim Park sits on a 245,135 square feet site which is zoned for residential use with a 1.4 plot ratio (ratio of potential maximum gross floor area to land area) and a maximum height of four storeys under Master Plan 2003.

    Market players note that the price psf for such a choice location would have been steeper if the height restriction was higher as developers can sell units on upper floors at a higher price psf.

    Located along Nassim Road, Nassim Park sits in an exclusive residential area surrounded by embassies, good class bungalows and high-end developments. The site is the largest condominium site on Nassim Road.

    Michael Ng, managing director of Savills Singapore, which brokered the sale of Nassim Park, said the sale price achieved 'reflects strong demand for quality sites in prime area'.

    He added: 'Confidence in the luxury condominium segment is robust.'

    The existing Nassim Park has 104 strata-titled apartments and townhouses. The conditional agreement to sell Nassim Park to Park Developments was entered into with subsidiary proprietors of strata lots with not less than 80 per cent of the share values in Nassim Park.

    Singapore's residential property market is currently in the midst of an upcycle led by the high end of the market.

  18. #38
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    Default Shing Kwan pays $29m for St Martin's Lodge

    Property
    Published August 31, 2006


    Shing Kwan pays $29m for St Martin's Lodge
    Price for the 19,335 sq ft freeholdsite works out to $1,154 ppr


    By KALPANA RASHIWALA



    FORMER Singapore Land chairman SP Tao's Shing Kwan Group has bought St Martin's Lodge in St Martin's Drive for $29.25 million in a collective sale.



    St Martin's Lodge: The site can be redeveloped into a new project with about 15 units averaging 1,800 sq ft


    The unit land price of the 19,335 square feet freehold site works out to $1,154 per sq ft of potential gross floor area including an estimated $2 million development charge.

    The site is zoned for residential use with a 1.4 plot ratio and a maximum height of five storeys.

    It can be redeveloped into a new project with about 15 units averaging 1,800 sq ft. Analysts estimate the breakeven cost could be $1,550 to $1,650 psf

    A company owned by Mr Tao's Shing Kwan Group was the highest bidder in a tender closed on Aug 22. CB Richard Ellis brokered the deal.

    Garden Estates, part of Singapore's Hong Leong Group, developed the 12-unit St Martin's Lodge, which was completed only in 1994. Owners of 11 of the 12 units have so far agreed to a collective sale.

    They will walk away with handsome gains, receiving $2.3 million if they own a 1,248 sq ft apartment or $2.6 million for a 1,668 sq ft unit - between 60 per cent and 100 per cent more than the units would have fetched if sold individually.

    Shing Kwan Group is looking primarily at boutique residential developments in Singapore with an all-up investment of about $50 million each.

    Cosmopolitan Development - Shing Kwan's joint venture with Mackmoor Pte Ltd, which is controlled by parties linked to Indonesia's Metropolitan group - developed 11 Amber Road, a 40-unit apartment block in Katong that is fully sold. It also developed The Quayside apartments and retail outlets along the Singapore River, and Anson House.

    Shing Kwan also has interests in China and Sri Lanka - including Shanghai Mart, Landmark Towers complex in Beijing, Mandarin Garden Hotel in Nanjing and The World Trade Center in Colombo.

  19. #39
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    Default Hiap Hoe buys District 9 site for $47m

    Singapore Companies
    Published September 1, 2006

    Hiap Hoe buys District 9 site for $47m

    By UMA SHANKARI


    PROPERTY developer Hiap Hoe Limited said yesterday that it has bought a residential site at Cavenagh Road - which was put up for en-bloc sale in July - for $46.8 million.


    The freehold site of some 43,100 square feet, which right now houses the five-storey Le Chateau consisting of 35 apartments and maisonettes, is in the prime District 9.

    Provisional planning permission has been obtained for a residential development comprising three seven-storey and one five-storey blocks, with a total of 89 units.

    'As the development is located in the city area, the directors believe that the development would have substantial development potential,' said Hiap Hoe in a statement to the Singapore Exchange.

    Hiap Hoe bought the site through its wholly owned subsidiary Yong Hock Trading (S) Pte Ltd.

    The purchase price was arrived at on a willing buyer-willing seller basis, said Hiap Hoe.

    In addition to the purchase price paid, the site comes with a development charge (previously estimated to be $290,000) and state land alienation cost of $5.8 million.

    Hiap Hoe's final cost is estimated to be about $462 per square feet per plot ratio, said Colliers International, which marketed the property.

    Colliers said that the site had attracted 'keen interest' from a number of parties before it was sold to Hiap Hoe.

    The site is next to a piece of state land of about 11,400 square feet, which Hiap Hoe could choose to buy for amalgamation.

    Hiap Hoe said that the purchase will be fully funded through internal funds and/or bank borrowings. The transaction is also not expected to have any material effect on the net tangible assets per share or earnings per share of the company for the current financial year.

    The purchase marks the second one made by Hiap Hoe in the city area recently. In February, the company said it bought a plot of vacant land at Oxford Road for $12.5 million - also for residential development.

    Hiap Hoe's shares closed unchanged at 4.5 cents yesterday.

    The company recently reported that revenue from the sales of residential development properties for the half year ended June 30 increased by 12.6 per cent to $15.2 million, up from $13.5 million in the same six months last year.

  20. #40
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    Default Chip Eng Seng tipped as buyer of Grange Tower

    Singapore Companies
    Published September 4, 2006

    Chip Eng Seng tipped as buyer of Grange Tower
    Site's reserve price of $1,200 psf ppr a new benchmark for area


    By KALPANA RASHIWALA



    CHIP Eng Seng is close to finalising a deal to buy Grange Tower through a collective sale, sources said.



    Freehold site: Grange Tower can be redeveloped into a 36-storey condo with over 80 units


    The reserve price of the property - said to be about $180 million - has been met.

    This works out to $1,200 per square foot (psf) of potential gross floor area. No development charge (DC) is payable.

    'This will be a new high for the Grange Road location as prices like $1,200 psf per plot ratio are currently seen only in the super-prime Ardmore/Draycott location,' said a property market watcher.

    The deal comes just a fortnight after news broke that the tender for the nearby Horizon Towers at Leonie Hill failed to attract bids that met the owners' reserve price - which works out to $835 psf per plot ratio inclusive of an estimated $31 million land premium to top up the site's lease to 99 years from a remaining term of 72 years. Apparently, no DC is payable for Horizon Towers.

    Market watchers had suggested that part of the reason for the failure of the Horizon Towers tender, handled by First Tree Properties, is the site's huge land area of 204,742 sq ft, which increases the business risk to any potential developer.

    In contrast, the freehold Grange Tower has a smaller land area of 53,527 sq ft.

    The site is zoned for residential use with a 2.8 plot ratio and 36-storey maximum height.

    This means the site can be redeveloped into a new condo with about 83 units averaging 1,800 sq ft.

    CB Richard Ellis, which is brokering the deal, could not be contacted.

    Once it clinches Grange Tower, Chip Eng Seng may approach the Singapore Land Authority to potentially acquire a 1,632-sq-ft strip of state land in front of the property.

    Doing this will not only enhance the site's area but also lower the unit land price to the developer.

    Grange Tower is a 20-storey development comprising 76 apartments and four penthouses, completed 23 years ago.

    One of its units has an infamous owner - former Asia Pacific Breweries (APB) executive Chia Teck Leng, who is serving a 42-year jail term for using forged documents to borrow large sums in APB's name for massive gambling debts incurred overseas.

    Sources say Chip Eng Seng's property arm Chip Eng Leong Enterprise - recently renamed CEL Development - is expected to team up with a property fund for the Grange Tower purchase.

    CEL Development recently teamed up with Lehman Brothers to redevelop Venus Mansion in Cairnhill.

    Chip Eng Seng also has a stake in Ritz Residences nearby at Devonshire Road, on the former Quelin Gardens and Parc Devon plots. Its partner in this project is Keppel Land.

    Chip Eng Seng bought the Quelin Gardens plot in 2004 for $79 million or $491 psf per plot ratio inclusive of development charge.

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