Showflat next to Hougang plaza open field. May launch soon.
http://www.themidtown.net/2013/03/th...ve-it.html?m=1
Showflat next to Hougang plaza open field. May launch soon.
http://www.themidtown.net/2013/03/th...ve-it.html?m=1
Last edited by star; 22-03-13 at 04:30.
This will be a well coveted project with so many nearby amenities. What is the expected psf? 1250psf?Originally Posted by star
if price correctly, it will be a sold out project!
Well.. More info out end of month... Seems like a lot mixed development projects coming up...there's this, former Hong Leong Gardens and then King Albert's Park that Mac building...
Who's the developer?
This will sell if package properly just like the earlier projects like hillion.Originally Posted by ZeeWee
This location is definitely better than Hillion. Are they likely to tear down hougang plaza and build a condo above a new shopping centre?
Time for cosmetic surgery. Just a face lift will do.Originally Posted by Reuben
isnt this the so called Remaking Hougang thingy?
it will be like bedok, amk, clementi hubs right? shopping cum interchange cum resi cum cum cum....
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Is this high rise or confined to 5 - 6 storeys ?
Developer is singland? Minimum is 598 sqft. Is this FH?
Developer is Oxley.Originally Posted by viceroy
Briefing next wed.. seems like launching soon
Oxley seems to like hougang/kovan area alotOriginally Posted by star
Naung Residence is still 41/60 unsold. This development will bring in more competition and suffocate its sales completely.
They have the vibes for d19. How come it's not called Vibes@hougang?Originally Posted by Liverpool00
Naung was way overpriced at 1500psf ++ during launch.Originally Posted by Kanarazu
this one may stun us at 1600-1700psf!Originally Posted by azeoprop
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you haven't brush your teeth this morning riteOriginally Posted by mcmlxxvi
This should price close to kovan residences.Originally Posted by mcmlxxvi
You mean Kovan Regency? That will be 1200-1450 psf.Originally Posted by Rosy
For immediate release 3 May 2012
NEWS RELEASE
CapitaMall Trust sells Hougang Plaza for S$119.1 million
Expected to realise net gain of approximately S$83.8 million
Singapore, 3 May 2012 – CapitaMall Trust Management Limited (CMTML), the manager of CapitaMall Trust (CMT), announced today that CMT, through its trustee, HSBC Institutional Trust Services (Singapore) Limited, has entered into an agreement to sell its property, Hougang Plaza, to Oxley Bloom Pte. Ltd. for a total consideration of approximately S$119.1 million.
Located in Hougang Central, Hougang Plaza is sited on land with a lease expiring on or about 28 February 2090. It is a three-storey shopping mall with a net lettable area of 75,353 square feet. The mall has a committed occupancy of 100.0% as at 31 March 2012, and contributed about 0.5% to the net property income of CMT Group for the first quarter ended 31 March 2012. Its major tenants include Kopitiam, Furniture & Furnishings, K Box and Cold Storage.
CMT acquired 96.7% of Hougang Plaza’s strata area in 2005 and the remaining 3.3% in 2006 for a total of S$49.1 million. Based on the latest independent valuation as at 31 December 2011, the property is valued at S$34.0 million. CMT will realise a net gain of approximately S$83.8 million from the sale of Hougang Plaza after taking into account the divestment fee and other divestment related expenses.
Mr Simon Ho, CEO of CMTML, said, “After reviewing all options for Hougang Plaza, we believe that a sale of the asset would unlock higher value for our unitholders. If we had opted to retain the asset, we would have to commit significant capital expenditure over the next few years to maintain the mall. The net sale proceeds of approximately S$117.8 million will provide CMT with greater financial flexibility for refinancing or to take advantage of any good acquisition opportunities.”
The sale of Hougang Plaza is expected to be completed on or about 13 June 2012. Upon completion of this transaction, CMT will have a portfolio of 15 operational shopping malls in Singapore valued at approximately S$7.8 billion.
CMT’s Hougang Plaza Goes To Oxley For $119m
OXLEY Holdings, fresh from its purchase of McDonald’s Place, has snapped up Hougang Plaza for $119.1 million from CapitaMall Trust (CMT).
In a statement issued to the Singapore Exchange yesterday, CMT said that it has sold the three-storey shopping mall located in Hougang Central to Oxley Bloom, a fully-owned subsidiary of Oxley Holdings. Oxley Bloom will pay for the acquisition in cash, which it said will come through a combination of internal resources and external borrowings.
Oxley Holdings said it intends to enter into a formal agreement with Lian Beng Land which will see the latter become a joint venture partner in redeveloping Hougang Plaza. Lian Beng will do so by taking up a 50 per cent stake in Oxley Bloom.
The acquisition price of Hougang Plaza is more than three times the market valuation of the property, which was put at $34 million as at Dec 31, 2011, by Knight Frank. The book value of the property is also $34 million.
When contacted, Oxley Holdings said that it plans to turn the shopping mall – which currently has a net lettable area of 75,353 square feet, and a land area of approximately 57,047 square feet – into a mixed residential cum commercial development. This is subject to approval from the Urban Redevelopment Authority.
Hougang Plaza has a leasehold tenure of 99 years, with effect from March 1, 1991.
In April, Oxley Holdings bought the iconic McDonald’s Place at King Albert Park for $150 million. The freehold, 5,534.8 square metre site that the two-storey commercial building sits on is zoned for commercial and residential use.
Ashish Manchharam, head of investments in South East Asia at Jones Lang LaSalle, which acted as property consultant to CMT for the Hougang Plaza deal, said: “Hougang Plaza received strong interest from the market. A new development on the site is expected to be well received given the location, which is walking distance to the Hougang MRT station and within proximity to amenities.”
CMT expects to realise a net gain of about $83.3 million from the sale of Hougang Plaza, after taking into account the divestment fee and divestment-related expenses.
“The net sale proceeds of approximately $117.8 million will provide CMT with greater financial flexibility to pursue possible acquisition opportunities and/or to repay debt,” it said in a statement.
CMT added that the sale is not expected to have any material effect on the net asset value and distribution per unit for FY2011.
Oxley Holdings said its purchase is not expected to have a material impact on the earnings per share or net tangible assets per share of the company for the current financial year ending June 2012.
Yesterday, units of CMT closed 0.6 per cent higher at $1.815. Oxley’s shares climbed 1.3 per cent to 38 cents.
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May 21, 2012Leave a reply
Small plot of land. Even at GFR 3.0 the GFAand bonus GFA is approximately 190,000 sqft. Assuming lettable space remained unchanged at 75,000 then number of residential units will be approx 125 units.
so confirm guarantee chop sign gonna b mm.Originally Posted by Kanarazu
1600psf not impossible.. for say 344sf.
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Most probably 420sqft mm 2 bedders like one dusun.
I don't know. I only know you didn't brush your teeth this morning 1600 to 1700 too high Liao. Realistic should be 1250 to 1450 psf.Originally Posted by mcmlxxvi
In mixed development there is a chance that commercial units are subsidizing the residential units hence I think prices will be reasonable for the residential units. I think it's also about there.Originally Posted by Eh
looks nice