McDonald's Place sold to Oxley Holdings for S$150m

[mygeemeel]

Check this out...

http://www.todayonline.com/Business/EDC120411-0000079/McDonalds-Place-sold-to-Oxley-Holdings-for-S$150m

SINGAPORE - Boutique property developer Oxley Holdings has acquired McDonald's Place for S$150 million.

In a statement released on Tuesday, Oxley said its subsidiary Oxley Sanctuary had purchased all seven strata commercial units in the freehold development located at King Albert Park from Valewood Investments Pte Ltd.

The freehold two-storey commercial building is sited on a land area of 5,535 square metres that is zoned for commercial and residential use with a plot ratio of 3.

The developer said it intends to set up a joint venture with Unique Rezi and Luxe Development to redevelop the property, subject to obtaining all the necessary approvals from the relevant authorities.

Oxley will hold a 55 per cent share in the proposed joint venture, Luxe Development - a wholly owned subsidiary of Lian Beng Group - will own 15 per cent, with the balance 30 per cent share held by Unique Rezi.

The acquisition is not expected to have a material impact on the earnings per share or net tangible assets per share of Oxley for the current financial year ending June 30, 2012. CHANNEL NEWSASIAs

[DC33_2008]

Good for this area.

Check this out...

http://www.todayonline.com/Business/EDC120411-0000079/McDonalds-Place-sold-to-Oxley-Holdings-for-S$150m

SINGAPORE - Boutique property developer Oxley Holdings has acquired McDonald's Place for S$150 million.

In a statement released on Tuesday, Oxley said its subsidiary Oxley Sanctuary had purchased all seven strata commercial units in the freehold development located at King Albert Park from Valewood Investments Pte Ltd.

The freehold two-storey commercial building is sited on a land area of 5,535 square metres that is zoned for commercial and residential use with a plot ratio of 3.

The developer said it intends to set up a joint venture with Unique Rezi and Luxe Development to redevelop the property, subject to obtaining all the necessary approvals from the relevant authorities.

Oxley will hold a 55 per cent share in the proposed joint venture, Luxe Development - a wholly owned subsidiary of Lian Beng Group - will own 15 per cent, with the balance 30 per cent share held by Unique Rezi.

The acquisition is not expected to have a material impact on the earnings per share or net tangible assets per share of Oxley for the current financial year ending June 30, 2012. CHANNEL NEWSASIAs

[hyenergix]

Good for this area.

Mac will b gone. Where r e kids going to study?

[jencrs]

I see the school kids with their books, but are they really studying

[carbuncle]

Mac will b gone. Where r e kids going to study?

All rich parents kids... Just go to any one of their condos study by the pool or air con clubhouse lor

[mygeemeel]

plot ration 3 means how high can they build?

[price]

plot ration 3 means how high can they build?

i was wondering too! Plot ratio = Gross Floor Area / Site Area

But usually, 1.4 = 5, 1.6 12, 2.1 24, 2.8 36

so 3 is more than 36 storeys?!

[jencrs]

Here's another report with the actual GFA.

http://www.propertyguru.com.sg/prope...donald-s-place

The iconic McDonald's Place (pictured) at the junction of Clementi Road and Bukit Timah Road has been sold to Oxley Sanctuary, a wholly-owned subsidiary of Oxley Holdings, for approximately S$150 million (S$2,918 psf).

Oxley said the acquisition price was decided on a willing-buyer-willing-seller basis, based on the current market value of properties in the surrounding area and after assessing the site’s redevelopment potential.

Knight Frank, the sole marketing agent for the property, said that given the potential gross floor area (GFA) of 16,604 sq m, including an estimated development charge (DC) of around S$65.8 million, the price tag works out to a land price of about S$1,207 psf ppr.

Located along King Albert Park, the property is home to McDonald's corporate headquarters, a McDonald's outlet and Cold Storage. The two-storey commercial building is situated on a 5,534.8 sq m site zoned for residential-cum-commercial development, with a maximum plot ratio of 3.0.

Oxley Holdings said it plans to redevelop the property jointly with KSH Holdings, Lian Beng Group and Heeton Holdings. It added that the acquisition will be funded through internal resources and bank borrowings.

I seem to remember many plots in that area having a height restriction that's lower than the plot ratio restriction. So I doubt >36 floors la.

[roly8]

i was wondering too! Plot ratio = Gross Floor Area / Site Area

But usually, 1.4 = 5, 1.6 12, 2.1 24, 2.8 36

so 3 is more than 36 storeys?!

confirm can build > 30 storeys ??


maybe gonna build into residential+shopping mall

[reporter2]

http://www.businesstimes.com.sg/arch...old-oxley-150m

Published April 11, 2012

McDonald's Place sold to Oxley for $150m

Three other listed companies join up to develop King Albert Park site

By Teh Shi Ning


(SINGAPORE) The iconic McDonald's Place at King Albert Park has been sold for $150 million to Oxley Holdings, which plans to redevelop it jointly with three other listed companies.

Oxley Sanctuary, the property developer's wholly owned unit, yesterday bought all seven strata commercial units in the freehold development from Valewood Investments, the developer said in a statement last night.

Home to McDonald's Singapore's corporate headquarters, Cold Storage and a popular McDonald's outlet, the two-storey commercial building sits on a 5,534.8 square metre site zoned for commercial and residential use, with a plot ratio of three.

Situated at the junction of Bukit Timah Road and Clementi Road, the site will be walking distance from the Downtown Line's King Albert Park MRT station, which is under construction.

Oxley Holdings intends to redevelop the property jointly with Heeton Holdings, KSH Holdings and Lian Beng Group.

Heeton and KSH will each own a 42 per cent stake in Unique Rezi, which will in turn take a 30 per cent stake in Oxley Sanctuary, while Lian Beng's wholly owned unit, Luxe Developments, will take a 15 per cent stake in Oxley Sanctuary for this redevelopment.

Oxley said the $150 million purchase price was arrived at on a willing buyer-willing seller basis, after taking into account current market prices of properties in the surrounding area and its assessment of the site's redevelopment potential.

This works out to a price of $2,918 per square foot of net lettable area, based on the current lettable area of 4,776 sq m, marketing agent Knight Frank said.

Based on the potential gross floor area of 16,604 sq metres, and including an estimated development charge of $65.8 million, this works out to a land price of $1,207 per square foot per plot ratio, Knight Frank added.

Oxley said the acquisition will be funded by internal resources and bank borrowings, and is not expected to have a material impact on the company's earnings per share or net tangible assets per share for the financial year ending June 30.

Oxley closed half a cent lower yesterday at 38.5 cents a share, before the announcement.

[reporter2]

http://www.straitstimes.com/Money/St...ry_787498.html

Hot properties

Mixed development: McDonald's Place snapped up for $150m

Published on Apr 11, 2012

By Gan Yu Jia


A CONSORTIUM of small developers and builders has snapped up McDonald's Place at King Albert Park for $150 million, another sign that property players are keen on mixed developments.

Oxley Holdings holds 55 per cent of the joint venture called Unique Rezi. Its fellow investors are Kim Seng Heng Realty, Heeton Homes, Zap Piling and Luxe, a subsidiary of Lian Beng Group.

The $150 million price works out to $1,207 per sq ft per plot ratio based on the potential gross floor area of approximately 178,728 sq ft and an estimated development charge of $65.8 million.

The two-storey, 59,576 sq ft block at the junction of Bukit Timah and Clementi roads has McDonald's and Cold Storage as anchor tenants. It is also the local corporate headquarters for the fast-food giant.

Knight Frank director and head of investment Ian Loh noted yesterday that the site has a rich history dating back to the early 1930s.

'According to the National Heritage Board, this very site used to be the terminal and service depot for the Green Bus Company,' he said.

Under the 2008 Masterplan, the site is zoned for commercial and residential use at a gross plot ratio of 3.0.

Experts noted that mixed developments are gaining in popularity because the presence of commercial units offers developers some leeway amid the Government's residential cooling measures.

'Mixed developments are popular in the sense they hatch your rates across two segments,' said Mr Colin Tan, research head at Chesterton Suntec International.

'So if for some reason the residential doesn't work out or there are more cooling measures, you could possibly have more commercial elements.'

Mr Ku Swee Yong, chief executive of International Property Adviser, suggested that the attraction to mixed developments could be because 'office, industrial and residential spaces' within the next few years are 'at a high risk of oversupply'.

'One of the reasons developers are very happy to bid for (mixed developments) is that the retail segment is the only factor that is not facing a massive onslaught of supply,' he added.

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