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

  1. #16
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    Property
    Published April 27, 2006


    HPL bags Beverly Mai for $238m
    Price works out to $1,184 psf of potential gross floor area


    By KALPANA RASHIWALA


    HOTEL Properties Ltd (HPL) has clinched Beverly Mai on Tomlinson Road through a $238 million collective sale - $1,184 per square foot of potential gross floor area inclusive of an estimated development charge of $16.8 million.



    Millionaires' row: The owners of Beverly Mai's 50 apartments will receive about $4.4 million per apartment


    Market watchers estimate HPL's breakeven cost for a new condo on the 76,888 sq ft freehold site could be about $1,600 psf. HPL can develop the site into a new 36-storey condominium with about 107 units averaging 2,000 sq ft.

    HPL officials were not available for commment yesterday. However, David Lawrence, CEO of Wheelock Properties (Singapore) which recently bought a 21 per cent stake in HPL, yesterday told BT: 'HPL has had big success in the area. Beverly Mai is next to Four Seasons Park condo and close to their Four Seasons Hotel. I'm sure they'll find ways to make money from this project. HPL has a reputation as a stylish developer and they have a good following. They will do very well.' HPL developed the Four Seasons Park condo and Four Seasons hotel in the 1990s.

    Mr Lawrence said there were no plans for Wheelock to team up with HPL in redeveloping Beverly Mai, which he described as 'a very good freehold site'.

    CB Richard Ellis brokered the sale. The tender for the site drew five bids when it closed on Tuesday - with HPL being the highest bidder. The other four bidders were said to be City Developments, Far East Organization, SC Global Developments and Wing Tai. The deal is subject to approval from the Strata Titles Board as unanimous approval from the owners has yet to be obtained.

    The Beverly Mai site is zoned for residential use with a 2.8 plot ratio (ratio of potential gross floor area to land area).

    The owners of Beverly Mai's 50 apartments will receive slightly over $4.4 million per apartment while the two penthouse owners will walk away with double that amount - about $8.81 million per unit. These sums represent collective sale premiums of 76 per cent to 146 per cent - depending on which benchmark is used - in terms of what the apartments would have fetched on an individual basis. In March 2004, before Beverly Mai's collective sale was initiated, an apartment in the development changed hands for $1.8 million while in August last year, after the owners began signing for the en bloc sale, another apartment was sold for $2.5 million. Market watchers reckon the latter deal probably factored in some of the potential collective sale premium.

    Analysts observed that the acquisition of Beverly Mai marks HPL's first major property acquisition in nine years. In July 1997, HPL led a consortium that bought The Forum, a retail and office property along Orchard Road, for $359 million.

    Analysts said the last time the group bought a major development site was probably in September 1993 when it teamed up with MCL Land to buy the Scotts Road bungalow of Khoo Teck Puat, which has since been developed into the Scotts 28 condo.


  2. #17
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    Singapore Companies
    Published May 3, 2006

    SingTel's Hillcrest site goes to MCL Land for $102.5m
    Astoria Apts, meanwhile, launched for collective sale


    By KALPANA RASHIWALA



    MCL Land has clinched SingTel's Hillcrest Road site for $102.5 million, even as more prime residential sites continue to come on the market, including Astoria Apartments at Cairnhill Rise.



    Prime land: An advantage of the Hillcrest Road site is its proximity to well sought after schools, Raffles Girls' Primary School and Nanyang Girls' High


    MCL Land's acquisition of the SingTel Academy site - at the corner of Hillcrest and Dunearn roads - is the listed property group's seventh residential land acquisition in Singapore over the past 12 months. This brings its total shopping bill to over $400 million.

    'We're still on the lookout for more sites as long as there's value. We'll not be setting benchmark prices with our land purchases. There's probably more value in city-fringe locations now compared with the prime areas where prices have run up strongly in the past few months,' said Koh Teck Chuan, CEO of MCL Land, a subsidiary of Hongkong Land. As for the latest site that the group has bought from SingTel, MCL is probably looking at developing 172 cluster terrace and conventional terrace houses on the 256,483 sq ft site.

    Jones Lang LaSalle, which brokered the deal, says this will bring MCL Land's average land cost per house to about $830,000, inclusive of an estimated $40 million payment to the state comprising a premium to top up the site's lease to 99 years and another to change its use from utility to residential. The breakeven cost could be about $1.43 million per terrace house.

    JLL says that 99-year cluster terrace homes at The Teneriffe at Garlick Avenue are currently changing hands in the resale market at about $1.5 million upwards. 'A new terrace home project on the Hillcrest site, being near two highly sought after schools - Raffles Girls' Primary and Nanyang Girls' High - should be able to fetch prices above that level, may be say $1.75 million to $1.8 million per unit, if it were to come to the market next year,' said JLL's regional director and head of investments Lui Seng Fatt. Freehold conventional terrace houses in the Greenwood area developed by Far East Organization are currently fetching about $2.1 million.

    Jones Lang LaSalle said the tender for the Hillcrest site which closed on March 29 attracted a good response and was keenly contested. 'MCL Land was the highest bidder and its bid reflects the current sentiment towards prime properties,' Mr Lui said.

    Sources say the other parties that bid in the tender included CapitaLand, Hong Leong group, SC Global, Frasers Centrepoint, Far East Organization and Kheng Leong.

    Meanwhile DTZ Debenham Tie Leung has launched the collective sale of the freehold Astoria Apartments at Cairnhill Rise. The estimated price of $95 million works out to $946 psf of potential gross floor area inclusive of a development charge of about $7.2 million.

    The 38,615 sq ft freehold site is zoned for residential use with a 2.8 plot ratio (ratio of potential gross floor area to land area). The tender for Astoria Apartments closes on May 30.


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    Default Chip Eng Seng buys Westpeak for $206m

    Singapore
    Published April 29, 2006

    PROPERTY
    Chip Eng Seng buys Westpeak for $206m
    Metropole Hotel also changes hands; Hilton Towers' sale confirmed


    By KALPANA RASHIWALA


    CONSTRUCTION and property group Chip Eng Seng has clinched its second collective-sale site this month - Westpeak Condominium.


    Its purchase price of $206.09 million reflects a unit land price of $348 per square foot (psf) of potential gross floor area inclusive of an estimated development charge of $21.5 million.

    Westpeak has a site area of 311,829 sq ft, making it the biggest freehold collective property in terms of land area to be transacted in recent years.

    If Chip Eng Seng decides to buy an adjoining state plot of 50,450 sq ft for an estimated $14.3 million, its unit land price will fall to $318 psf per plot ratio, according to Valuers & Property Consultants (S) Pte Ltd, a subsidiary of Savills Singapore which brokered the sale of Westpeak.

    The site is zoned for residential use with a 2.1 plot ratio - the ratio of potential maximum gross floor area to land area - and has a height limit of 24 storeys.

    Savills estimates that Chip Eng Seng's breakeven cost will be below $550 psf and it should be able to market its new condo on the site for about $600-$650 psf.

    Chip Eng Seng said yesterday it can redevelop the site into a new project with about 545 units averaging 1,200 sq ft.

    It will finance Westpeak's purchase from internal sources and through bank borrowings.

    Earlier this month, Chip Eng Seng bought Venus Mansion at Peck Hay Road in the Cairnhill area for $123 million or $785 psf per plot ratio (ppr).

    Analysts reckon that Chip Eng Seng may either announce joint venture partners for the projects or do an equity raising to help fund the acquisition costs of the sites.

    A possible partner is a Lehman Brothers fund that recently partnered Chip Eng Seng in its unsuccessful bid for a 99-year leasehold condominium site near Tanah Merah MRT Station, market watchers suggest.

    The tender for Westpeak, which closed this week, also attracted bids from Far East Organization and Frasers Centrepoint, sources say.

    Other property deals this week include the $18 million sale of Metropole Hotel at Seah Street in the Beach Road area to Surya Jhunjhnuwala, a member of the family that once controlled Hind Hotels, which owned the former Imperial Hotel at Jalan Rumbia.

    The Metropole Hotel deal was brokered by Lee Hon Kiun of Landmark Property Advisors.

    Mr Jhunjhnuwala plans to refurbish the hotel and convert the second and third floors, which are now used as food and beverage outlets, into additional hotel rooms. Metropole Hotel now has 54 hotel rooms. The property has a 999-year leasehold tenure.

    The seller is Metropole Hotel Pte Ltd, controlled by members of a Lee family.

    Also, Koh Brothers and Heeton have teamed up to buy Hilton Towers at Leonie Hill for $79.2 million or $880 psf ppr including development charges. They intend to redevelop the site into an 80-unit luxury apartment project.

    Colliers International brokered the collective sale of the freehold Hilton Towers.


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    Duchess Court sold en bloc for $104m

    By MICHELLE QUAH


    THE prime residential property of Duchess Court along Duchess Walk has been sold. Developer UOL Group said yesterday it has bought the District 10 site for $104 million.


    That en bloc purchase price works out to an average of $2.8 million per residential unit, with Duchess Court comprising 36 townhouses and maisonettes.

    It is also equivalent to $582 per square foot, per plot ratio, according to UOL Group's statement last night. That is inclusive of a development charge, earlier estimated at some $20 million.

    UOL Group emerged the successful bidder after a tender that closed on April 18. It made the en bloc purchase with Low Keng Huat (Singapore) through their joint-venture company Ace Lead.

    Ace will pay 10 per cent of the purchase price within seven days and the balance on completion of the sale.

    UOL and Low Keng Huat say the purchase and subsequent redevelopment of the property will be financed by internal funds and bank borrowings - but did not elaborate on their redevelopment plans. The acquisition is not expected to have a material impact on UOL Group's net tangible assets or earnings per share for the current financial year.

    Duchess Court is zoned for residential use with a 1.4 plot ratio and a five-storey height limit. Its total land area is 152,250 sq ft - with each unit averaging 4,230 sq ft in size, almost the minimum size required to build one detached house.

    It's third time lucky for the 999-year leasehold property, which went through two failed collective sale attempts in 1997 and 2000. Its owners put the development up for sale again in mid-March this year.


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    Wing Tai bags Newton Meadows: sources
    Collective sale price said to be about $73m or about $660 psf ppr

    By KALPANA RASHIWALA

    WING Tai is said to have clinched the freehold Newton Meadows through a collective sale for about $73 million or around $660 per square foot of potential gross floor area inclusive of an estimated development charge of about $6.9 million.



    Changing hands: Owners of the existing 28 units at Newton Meadows stand to reap collective sales premiums of more than 50 per cent
    The mainboard-listed property group has developed two projects - Amaryllis Ville and the adjacent Newton 18 - just opposite Newton Meadows.

    Newton Meadows' tender, which closed last week, was handled by Jones Lang LaSalle. The firm declined to comment on the winning bidder.

    The 42,886 sq ft elevated site is zoned for residential use with a 2.8 plot ratio (ratio of potential gross floor area to land area).

    The plot can be redeveloped into a 36-storey condominium with about 95 units averaging 1,300 sq ft each.

    Owners of the existing 28 units at Newton Meadows stand to reap collective sales premiums of more than 50 per cent.

    The existing units in the 10-storey development range in size from about 1,200 to 3,600 sq ft.

    Market watchers say the price for Newton Meadows is likely to be used as a benchmark for other impending collective sale launches in the area, including the nearby Elmira Heights which has a 108,500 sq ft land area.

    That site, too, is zoned residential, with a 2.8 plot ratio and 36-storey maximum height. An estimated $18 million DC is payable to maximise the site's use.

    Wing Tai has been busy restocking its residential land bank and has been featuring regularly in residential land tenders - both for 99-year leasehold site sold by the state as well as freehold sites sold by private owners.

    Last month, Wing Tai teamed up with NTUC Choice Homes to place the winning bid for a 99-year leasehold condo site near Tanah Merah MRT Station. Their price was $210 million or $318.50 psf per plot ratio (psf ppr).

    In October last year, Wing Tai clinched Belle Vue at Oxley through a $227.3 million collective sale.

    The unit land price works out to almost $666 psf ppr.

    Wing Tai last year sold its stake in Park Mall to Suntec Reit for $230 million, which helped to release resources for the group's landbanking spree.


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