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Thread: South Beach

  1. #1

    Default South Beach

    Is this going to be a condo or a service residence?


    Business Times - 14 Aug 2009

    CDL expects to start South Beach in Q3 '10
    Q2 net profit falls on lower development margins, weaker hotel showing
    By KALPANA RASHIWALA CITY Developments Ltd (CDL) executive chairman Kwek Leng Beng says construction of the delayed South Beach project is likely to begin around the third quarter of next year, with CDL and new investor Nan Fung group of Hong Kong probably the ones that will pump in further money.

    Related links:
    Click here for CityDev's news release
    Financial statement
    PresentationCDL's two earlier joint-venture partners in South Beach, El-Ad Group and Dubai World, are likely to be passive investors who may then see their share in the project diluted. 'I think they have other priorities,' Mr Kwek said on the sidelines of CDL's Q2 results briefing yesterday.
    The group posted a 15.3 per cent drop in net earnings to $139.98 million and a 32.4 per cent decline in first-half net profit to $223.1 million due to lower profit margins from property development and a weaker showing from its hotels business, which was hit by the global economic slump. However, this was partly offset by higher earnings from rental properties.
    The group is planning to launch up to three new condos in the current half - including possibly some units in the residential portion of its Quayside Isle Collection on Sentosa Cove.
    CDL said that its bottom line for Q2 ended June 30, 2009 was an improvement from Q1 and it credited this chiefly to higher contribution from property development. Its decision to start building The Arte at Thomson in 2008 before its launch enabled the group to book more profit immediately based on the project's advanced stage of construction when it was launched in March this year.
    On South Beach, Mr Kwek said that although the consortium has up to 2016 to complete the project - which will have offices, luxury hotels, retail space and residences - he hopes to finish it before that date. 'In any case, if I miss the period of office oversupply in 2012, it'll be better for me,' he quipped.
    'Instead of coming up with a cookie cutter (idea), we're in talks with some creative people to come up with some wow factor.'
    The consortium bought the 99-year leasehold site for $1.69 billion in 2007 and had said then that total development cost would be about $2.5 billion. Last November, CDL announced a deferment of the project's construction until construction costs eased.
    South Beach will integrate an overhead bridge to Suntec City Convention Centre, Mr Kwek said, pointing to possible synergies between the two sides.
    Residential developments that contributed to CDL's Q2 bottom line included Cliveden at Grange, One Shenton, The Solitaire, Tribeca, The Oceanfront @ Sentosa Cove, Botannia and Livia.
    After selling 1,031 private homes so far this year for about $1.34 billion (including the share of joint venture partners), CDL is planning to partially launch a few projects in the current half - including a 396-unit condo on the former Hong Leong Gardens site at West Coast; a project with about 160 units on the former Albany and Thomson Mansion sites; and possibly the 228-unit condo being built at The Quayside Isle Collection at Sentosa Cove. The group's landbank stood at 7.5 million sq ft proposed gross floor area at end-June. Of this, 66 per cent was in the local residential market.
    Net gearing eased from 48 per cent as at Dec 31, 2008, to 46 per cent at June 30, 2009. CDL's net profit does not include valuation differences arising from investment properties as it has adopted the conservative policy of stating them at cost less accumulated depreciation and impairment losses.
    Group net asset value per share rose from $5.97 at end-2008 to $6.18 at end-June 2009.
    Second quarter revenue rose 0.8 per cent to $787.1 million while HI revenue dipped 8.4 per cent to $1.41 billion.
    In the stock market yesterday, CDL closed 19 cents higher at $10.02.


    Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved

  2. #2

    Default

    Going to be a place for carrot head again!

  3. #3
    Join Date
    Apr 2008
    Posts
    2,549

    Default


    City Developments: No Impact On Singapore Project From Dubai World
    Sam Holmes and P.R. Venkat
    Dow Jones Newswires
    Singapore
    Monday, 30 November 2009, 18.55


    South Beach

    Property developer City Developments Ltd. (CDL) Monday said that it doesn't expect any impact on the planned South Beach project in Singapore from the debt problems of Dubai World Ltd.

    "In June this year, as announced, we had already secured fresh funds via a combination of a S$800 million bank loan for a 2-year term and S$400 million in secured convertible notes ... We are presently refining the design plans and value engineering to ensure that this development is made more efficient, and to ensure that it is an extraordinary and innovative project," City Developments said in a statement.

    City Developments along with Dubai World and U.S.-based El-Ad Group had established a joint venture, called South Beach Consortium Pte Ltd., in 2007 for South Beach, a property development in central Singapore.

    The project will be completed by 2016.

    On Wednesday, the Dubai government announced that it will seek a 6-month payment freeze on debts of one its biggest conglomerates Dubai World, which owns real estate developer Nakheel and is estimated to have liabilities of around US$60 billion.

    The news spooked markets globally amid concerns over exposure by lenders.

    Dubai World currently holds a one-third share in the Singapore joint venture.

    City Developments said that in future, should there be a need to invest additional funds, the shareholders are expected to be called upon to put in their shares.

    "A shareholder may be diluted if it does not fulfill its obligations to fund the joint venture company. The joint venture company may also choose to issue further notes if more funds are required in due course and it is open to any note holder and/or shareholder to subscribe for the notes," the statement said.

    It said that it was too premature to say what its partners intend to do, but said that it is open to increasing its stake in the Singapore property project.

    "As South Beach is an iconic development and one which has excellent potential, should there be an opportunity to raise our stake in the South Beach project, we are certainly open to explore," the statement said.

    City Developments shares took a hit Monday on the Singapore Exchange (SGX) on news of the debt problems at Dubai World. City Developments closed 1.4% lower at S$10.00. By comparison, the Straits Times Index (STI) lost 1.1% to finish at 2732.12 points.

  4. #4
    Join Date
    Apr 2011
    Posts
    65

    Post South Beach

    South Beach is in close proximity to everywhere that matters. Everything that matters to you most is just a touch away from South Beach. Whether it is engaging in sports at East Coast Park, immersing in Performances at the Esplanade, traveling to work in the Central Business District or simply entertaining you at any of 2 integrated Resorts, all of the desired destinations are just a moment away.

    It is located in a centralized city fringe with affordable low quantum with good rental yield. This quality is a very good advantage for business-minded individuals who aim to invest in quality and exquisitely designed properties. It is just a few minutes away from Aljuneid MRT and the Paya Lebar MRT Interchange where you have easy access to travel even on a daily basis. There are a lot of famous eateries nearby that will satisfy you hunger pangs on a busy day. You can choose from different restaurants where you will dine at your own taste. If you want to enjoy the sun and sand in Integrated Resort or Suntec City, it is just a few minutes’ drive from South Beach. Go there and have fun with your loved ones and friends even just once in your busy week. You can never be wasting your time because in just a few minutes of driving, you will arrive at your destination.

    They say a home represents the human psyche. Where you choose to live must express and complement your individuality, desires and innermost self. Presenting South Beach, the perfect embodiment of class and luxury set in a vibrant atmosphere, awaiting your very presence.

    South Beach truly stands out in the neighborhood, befitting the discerned owner. Have your slice of reward for all hard work you have made. This is where your journey begins.

    South Beach – A Treasure close to your heart.

    Do you want to be the first to get your choice unit at the best price? Never miss a New Launch event again. Get your latest updates from New Launch Singapore.

    Best Regards

    New Launch Singapore

  5. #5

    Default

    Quote Originally Posted by shawnabc77

    Do you want to be the first to get your choice unit at the best price? Never miss a New Launch event again. Get your latest updates from New Launch Singapore.
    .......
    no details in the website

  6. #6

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    I think the Southbeach project is going to be really exciting... Does anyone know if this will be previewed or released soon?

  7. #7
    Join Date
    Oct 2010
    Posts
    1,420

    Default

    The project is delayed. land sold pre-crisis. 2-3 years ago. another 3 yrs to build... by the time you get your keys, 6-7yrs of the 99LH is gone already

    Not going to be cheap too.

  8. #8

    Default

    Ya, it's in my radar and I will be interested if it's below 2000psf.
    I dun think we should be too worried over L99 for good location projects.
    The tender for main contractor is ongoing and it's most likely to be a korean or a Japanese.

  9. #9

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    I'm pretty certain that this project will be in excess of 2000psf and might even be closer to 3000psf, given the release prices of the recent developments like Skysuites, Altez etc. But it's a fantastic location, so I'm sure it'll be a sell out!

  10. #10

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    A lot of groundwork at Southbeach. Wonder when will they launch it?

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