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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.

  4. #24
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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.

  5. #25
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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.

  6. #26
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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.

  7. #27
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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.

  8. #28
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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.

  10. #30
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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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