Page 3 of 10 FirstFirst 1234567 ... LastLast
Results 11 to 15 of 47

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

  1. #11
    Any complaints please PM me mr funny's Avatar
    Join Date
    May 2006
    Posts
    8,129

    Default

    UOL buys Akyab Rd site for $20.9m

    7 Feb 06

    New COO says it will be on the lookout for further acquisitions


    UNITED Overseas Land is extending its buying spree into the new year with its latest acquisition of a residential redevelopment site in Akyab Road for $20.9 million.


    And UOL's new chief operating officer Liam Wee Sin, who was previously group general manager and promoted yesterday, confirms that it is actively looking to expand its land bank.

    The freehold Akyab Road site, which is in the Novena area, will be amalgamated with a smaller adjoining site in Minbu Road that it bought in October 2005. Last year, UOL made a slew of acquisitions which included Maryland Park, Eng Cheong Tower, Oasis Garden and Bo Bo Tan Mansion/Gardens.

    Mr Liam said UOL expects to launch several projects this year, including one in Kuala Lumpur.

    Indeed, of its new land bank, more may be expected to be overseas. 'For en-bloc sales sites especially, we are increasingly faced with fast escalating and unrealistic asking prices,' he added.

    Saying that today's property market is 'highly competitive', Mr Liam noted that an 'immense amount of energy is spent on product development'. Some of UOL's better known products include the award winning One Moulmein Rise in Novena.

    New niche products include its new economy condominium at One-North in Buona Vista, a joint venture project with Kheng Leong Company and Low Keng Huat. As COO, Mr Liam will oversee the investment, project, marketing and engineering divisions. UOL is also looking to expand its service apartment arm which will also fall under the COO's purview.

    'We have just bought One Residency in Kuala Lumpur and we plan to operate it as service apartments. Locally, we will also be launching our proposed service suites at Somerset Road sometime next year,' he added.

    Also promoted was general manager of finance Wellington Foo who will now serve as CFO of UOL.

    Perhaps more indicative of UOL's expansion plans is the confirmation that Kam Tin Seah, former Centrepoint Properties' assistant general manager of development, has joined UOL and is now general manager of investments.

    By ARTHUR SIM


  2. #12
    Any complaints please PM me mr funny's Avatar
    Join Date
    May 2006
    Posts
    8,129

    Default

    Published February 8, 2006

    Far East bags Angullia Mansion
    $1,058 psf ppr land price, including devt charges, is highest since 1997

    By KALPANA RASHIWALA

    (SINGAPORE) Property tycoon Ng Teng Fong's Far East Organization continues to expand its presence in the prime Orchard Road belt. This time it has clinched the freehold Angullia Mansion, near the Four Seasons Park condo, through a $120 million collective sale, sources say.

    Angullia Mansion: Marketing agent secured owners' unanimous approval, and called off the tender closing tomorrow.
    The price works out to a land cost of $1,058 per square foot per plot ratio (psf ppr) inclusive of development charges (DC). This is 65 per cent higher than the $643 psf ppr including DC that Wheelock Properties paid in December 2004 for Angullia View just opposite the latest site, reflecting the dramatic recovery in sentiment in the high-end residential market over the past 15 months.

    More importantly, Far East's $1,058 psf ppr unit land price for Angullia Mansion is the highest for a collective sale site here since the 1996-97 market peak, property consultants say.

    The price is also just 3 per cent shy of the record unit land price for a collective sale which Far East itself set in January 1997 when it bought Scotts Tower through an auction for $1,093 psf ppr including DC.

    During a subsequent wave of collective sales that began in 1999, the highest price fetched was for the freehold Kim Lin Mansion on Grange Road, which went for $996 psf ppr including DC.

    But the highest-ever price for a freehold residential site in Singapore is $1,122 psf ppr that Hong Leong Group paid in April 1997 for Boulevard Hotel, which has been approved for redevelopment into a condo.

    And the benchmark for an all-residential 99-year leasehold site is still held by Wing Tai with its June 1997 winning bid of $1,104 psf ppr for the Draycott Park site that it has since redeveloped into the Draycott 8 condo.

    Angullia Mansion, located in Angullia Park, is on 44,730 sq ft of land that is zoned for residential use with a 2.8 plot ratio (ratio of potential gross floor area to land area). A new 36-storey condo on the site could break even at about $1,400 psf or even lower, based on Far East's acquisition cost, property consultants say. The site can be redeveloped into a project of about 60-plus apartments averaging 2,000 sq ft.

    Far East's offer of $120 million is understood to have led the property's marketing agent DTZ Debenham Tie Leung to call off a tender last week ahead of the scheduled closing date of tomorrow.

    Market sources say DTZ may also have called off the tender partly because it already had the unanimous agreement of owners of all 21 existing apartments at Angullia Mansion for an en bloc sale at a much lower reserve price, said to be about $106 million.

    In short, Far East's $120 million offer on the table surpassed the owners' already-high expectations and there was no certainty that a tender would have resulted in a still-higher bid.

    'A bird in hand is better than two in the bush, as they say,' said a market watcher.

    This is the second Orchard Road property Far East has bagged this year. Last month, it clinched the former Glutton's Square plot next to Somerset MRT Station and Specialists' Shopping Centre for $421.1 million or $1,085 psf ppr in a state tender. Far East is expected to do an all-retail development on the 99-year leasehold plot.

    In May last year, it bought Pacific Plaza on Scotts Road for $111 million. Far East also has stakes in Far East Plaza, Far East Shopping Centre, Lucky Plaza, Orchard Shopping Centre, Orchard Plaza and Orchard Parade Hotel, besides full ownership of Orchard Parksuites, Regency House and Elizabeth Hotel, among other properties - making it the biggest private property owner in the Orchard Road area.

    The collective sale market has been hotting up since last year, as developers selectively replenish their landbanks in response to the strong recovery in home buying in the luxury segment.

    Collective sales are a good source of the prime freehold sites that developers are keen to have.

    More prime district properties are expected to hit the en bloc sale trail soon, including Habitat I and Ardmore Point along Ardmore Park, Beverly Mai in the Orchard Boulevard area and Casa Rosita along Bukit Timah Road.

    However, property consultants say that with reports of higher land prices being achieved, it becomes more trying to do collective sales as owners' asking prices also rise.


  3. #13
    Any complaints please PM me mr funny's Avatar
    Join Date
    May 2006
    Posts
    8,129

    Default

    Property
    Published April 20, 2006

    Hoi Hup pays $52m for Cairnhill Gardens
    More properties on River Valley, Thomson Rd, Robin Rd and Balmoral on en bloc market


    By KALPANA RASHIWALA


    THE collective sales train continues to chug along. Hoi Hup Realty is buying Cairnhill Gardens for $52.38 million, even as more properties in the River Valley, Thomson Road, Robin Road and Balmoral areas jump on the en bloc bandwagon.



    Cairnhill Gardens: The price for the 25,083 sq ft site works out to $795 psf of potential gross floor area


    The price Hoi Hup is paying for the 25,083 sq ft freehold Cairnhill Gardens site works out to $795 psf of potential gross floor area inclusive of development charges, BT understands.

    Jones Lang LaSalle handled the sale of the site, which is zoned residential with a 2.8 plot ratio.

    Unit land prices fetched for collective sales in the Cairnhill area have been creeping up. Last week, Chip Eng Seng announced that it paid $785 psf per plot ratio (psf ppr) for Venus Mansion in Peck Hay Road. No DC is payable for the freehold Venus Mansion.

    And last month, Bukit Sembawang bought a property in the vicinity, The Vermont, for $750 psf ppr including DC. In July last year, Wing Tai bagged Phoenix Mansion for $716 psf ppr.


    Land prices for collective sales in the Cairnhill area have been creeping up. All eyes are now on Hilltops Apts tender which closed yesterday.

    All eyes are now on the Hilltops Apartments tender, which closed yesterday.

    Meanwhile, ERA yesterday announced the launch of a tender for the collective sale of 433-471B River Valley Road, with an asking price of $70.5 million. This works out to $387 psf ppr inclusive of a small DC.

    The existing development on the site is a part freehold/part 999-year leasehold three-storey walk-up apartment. The site fronts River Valley Road and is a short walk from Great World City.

    The long, rectangular plot, with a service road and back lane, totals 64,967 sq ft. It is zoned residential with a 2.8 plot ratio and a maximum height of only five storeys.

    'Based on the Urban Redevelopment Authority's approval, a five-storey party-wall development abutting the road line is allowed,' ERA said yesterday. The developer can build about 120 unis averaging 1,200 sq ft, according to ERA.

    CB Richard Ellis has launched an expression of interest exercise for Balmoral View with an asking price of $52 million or $733 psf ppr inclusive of an estimated $7.9 million DC.

    The 51,080 sq ft site is zoned residential with a 1.6 plot ratio and height control of up to 12 storeys.

    Credo Real Estate has also launched two collective sale sites this week - The Albany and No 1 Robin Road.

    The Albany, a 41,688 sq ft freehold site diagonally opposite Thomson Medical Centre, is expected to fetch between $60 million and $65 million.

    This reflects a unit land cost of $413 to $445 psf ppr inclusive of DC to maximise the site's redevelopment potential, as well as a land premium for adjoining state land of some 10,000 to 15,000 sq ft.

    At No 1 Robin Road, the owners expect between $12 million and $12.5 million for their 15,070 sq ft freehold site. This works out to $482 to $498 psf ppr inclusive of an estimated $3.31 million DC.

    The tender for No 1 Robin Rd closes on May 16, that for The Albany on May 18 and for the River Valley site on May 19. Expressions of interest for Balmoral View close on May 25.


  4. #14
    Any complaints please PM me mr funny's Avatar
    Join Date
    May 2006
    Posts
    8,129

    Default

    Singapore Companies
    Published April 26, 2006

    MCL Land buys Boon Teck Heights for $22.88m

    By NANDE KHIN


    MCL Land Ltd, through its wholly owned unit MCL Land Development, has bought the Boon Teck Heights property off Balestier Road for $22.88 million.


    The en bloc purchase price for the freehold property was arrived at after taking into account various commercial factors including the development potential, location of the property and the recent transacted prices for properties in the vicinity, said MCL Land.

    The $22.88 million price tag works out to be $300 per square foot (psf) of potential gross floor area inclusive of development charges for the freehold property, BT understands.

    This is slightly lower than the $344 psf per plot ratio City Developments paid for a combined en bloc purchase of Lock Cho Apartment, Comfort Mansion and a four-storey walk-up apartment building earlier this month. The three adjoining properties are in nearby Thomson.

    The collective sale of Boon Teck Heights was carried out through a private treaty brokered by DTZ Debenham Tie Leung.

    The 27,368 sq ft site is zoned for residential use with a 2.8 plot ratio (ratio of potential gross floor area to land area). Analysts estimate that MCL Land's break-even costs for a new apartment project on the site could be about $550 psf.

    Boon Teck Heights, a 19-storey apartment building, is more than 10 years old and is located along Boon Teck Road, close to the Toa Payoh town centre and MRT station.

    In a statement yesterday, MCL Land said that its offer for the site has been accepted by the majority of subsidiary proprietors holding not less than 80 per cent of the share value of the property.

    MCL Land also said that the acquisition and development of the property will be financed by internal funds and/or bank borrowings.

    The transaction is not expected to have any material effect on the consolidated earnings and net tangible assets per share of MCL Land for the financial year ending Dec 31, 2006.


  5. #15
    Any complaints please PM me mr funny's Avatar
    Join Date
    May 2006
    Posts
    8,129

    Default

    Singapore
    Published April 26, 2006

    Far East clinches Skyline Angullia site: sources
    Top bid for Beverly Mai is saidto have been $1,184 psf ppr


    By KALPANA RASHIWALA


    DEVELOPERS are continuing to bid for prime residential sites.



    Hot property: Far East is understood to have bought Skyline Angullia for $100m, or $1,073 per sq ft of potential gross floor area


    BT understands that Far East Organization has clinched the freehold Skyline Angullia for $100 million, or $1,073 per square foot of potential gross floor area.

    A stone's throw away at Tomlinson Road, a tender that closed yesterday for the collective sale of Beverly Mai is understood to have attracted several bidders, among which are Hotel Properties, City Developments, Far East, SC Global and Wing Tai, sources suggest.

    The top bid for the freehold Beverly Mai is understood to have come in at around $238 million, or $1,184 psf per plot ratio inclusive of development charges.

    All the parties who reportedly bid for Beverly Mai have stakes in the area.

    Hotel Properties, said to be a frontrunner for the site according to some sources, owns a huge chunk of properties there that add up to almost 220,000 sq ft.

    Spanning Orchard Road, Cuscaden Road and Orchard Boulevard, the properties comprise the Hilton and Four Seasons hotels, the Forum and HPL House.

    Far East, headed by property tycoon Ng Teng Fong, bought Angullia Mansion earlier this year.

    SC Global bought Paterson Tower last month and developed The Boulevard Residence or BLVD at Cuscaden Walk.

    City Developments is getting ready to launch its upmarket condo, St Regis Residences, in the Cuscaden/Tomlinson roads area.

    The $1,073 psf ppr price that Far East is paying for the Skyline Angullia site is inclusive of a development charge (DC) of about $7.6 million.

    This unit land price is slightly higher than the $1,060 psf ppr including DC that Far East paid for the Angullia Mansion site in February.

    Market watchers reckon the breakeven cost for new apartment developments on both sites could come in at about $1,450 to $1,550 psf. Both deals were brokered by DTZ Debenham Tie Leung.

    While Angullia Mansion involved a collective sale with multiple owners, Skyline Angullia is owned by a single party, Skyline Investment Holdings Pte Ltd, controlled by Kang Swee Liat and his wife.

    They developed the property, completing it in 1992 and have kept it since for rental income.

    The boutique property group also developed houses on Barker Road in the 1980s. The existing Angullia Skyline is a 14-storey tower comprising 22 apartments and two penthouses.

    The 35,810 sq ft freehold site is zoned for 36-storey residential use with a 2.8 plot ratio (ratio of potential gross floor area to land area).

    The site may be redeveloped into a new project with about 45 units averaging 2,000 sq ft.

    Far East has been one of the most active and successful land buyers this year. Its earlier acquisitions include the Amberville site in Katong and the former Glutton's Square parcel on Orchard Road.

    The Beverly Mai site, marketed by CB Richard Ellis, has a 76,888 sq ft site area. It also has a 2.8 plot ratio and 36-storey height limit.


Page 3 of 10 FirstFirst 1234567 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •