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Thread: Goodwood Residence (D10, Freehold, Guocoland)

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    Default Goodwood Residence (D10, Freehold, Guocoland)

    Goodwood Residence, Singapore

    GuocoLand Limited refers to the joint press release issued by the Company and Kuwait Finance House (Malaysia) Berhad on 18th December 2007, in relation to the sale of 97 units in Goodwood Residence to a fund company managed by KFHMB.

    The Company wishes to inform that the 97 options were not exercised and consequently, have lapsed. Nonetheless, the parties are presently in discussions, with a view to a grant of fresh options for units in the development.

    The expiry of the options will not have any material financial effect on the GLL Groupís net tangible assets per share or earnings per share, for the current financial year ending 30 June 2008.

    The current private residential property market appears to be cautious in Singapore.

    Goodwood Residence is a premier freehold development, with only 210 exclusive units on a large 24,845 square metre estate fronting the expansive Goodwood Hill.

    The units at Goodwood Residence will be marketed selectively at a later date. (They were supposed to launch this project in Nov 2007, but held back because of poor market sentiments).

    Dated this 10th day of March 2008
    By Order of the Board
    Dawn Pamela Lum
    Group Company Secretary

    Submitted by Dawn Pamela Lum, Group Company Secretary on 10/03/2008 to the SGX-ST

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    Default Re: Goodwood Residence (D10, Freehold, Guocoland)

    KFH allows options for 97 Goodwood Residence units to lapse
    By Channel NewsAsia | Posted: 10 March 2008 2007 hrs

    SINGAPORE: Kuwait Finance House (KFH) has allowed options to acquire 97 units of the high-end Goodwood Residence to lapse.

    The deal would have been worth S$818 million for developer GuocoLand, which has said that Singapore's property market appears to be cautious.

    The developer had granted Kuwait Finance House the options back in December.

    In a filing to the Singapore Exchange, GuocoLand said the two parties are in talks about fresh options for the units in the development.

    Goodwood Residence, located near the Orchard Road shopping belt, is a high-end residential development with 210 units in two towers. - CNA/ac

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    Default Re: Goodwood Residence (D10, Freehold, Guocoland)

    Quote Originally Posted by ahlahdin
    KFH allows options for 97 Goodwood Residence units to lapse
    By Channel NewsAsia | Posted: 10 March 2008 2007 hrs

    SINGAPORE: Kuwait Finance House (KFH) has allowed options to acquire 97 units of the high-end Goodwood Residence to lapse.

    The deal would have been worth S$818 million for developer GuocoLand, which has said that Singapore's property market appears to be cautious.

    The developer had granted Kuwait Finance House the options back in December.

    In a filing to the Singapore Exchange, GuocoLand said the two parties are in talks about fresh options for the units in the development.

    Goodwood Residence, located near the Orchard Road shopping belt, is a high-end residential development with 210 units in two towers. - CNA/ac
    THE GAME IS OVER. FLIPPERS AND SPECULATORS FLEEING. THE ARTICLE SUMS IT UP. RUN RUN BEFORE YOU LOSE MORE.

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    Default Re: Goodwood Residence (D10, Freehold, Guocoland)

    Quote Originally Posted by Unregistered
    THE GAME IS OVER. FLIPPERS AND SPECULATORS FLEEING. THE ARTICLE SUMS IT UP. RUN RUN BEFORE YOU LOSE MORE.
    I am going in to buy because I am not a flipper.

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    Default Re: Goodwood Residence (D10, Freehold, Guocoland)

    March 11, 2008

    Kuwait fund pulls out of bulk purchase of high-end homes

    It allows options for 97 condo units at Goodwood Residence to lapse

    By Joyce Teo, Property Correspondent


    SURPRISE EXIT: Kuwait Finance House could end up paying multimillion dollars in penalties to developer GuocoLand for letting its options to buy Goodwood Residence units lapse. Its move raises concerns that the property sector may be heading for a downturn. -- PHOTO: GUOCOLAND

    A KUWAIT bank fund that agreed in December to buy 97 units at posh Goodwood Residence for $818.4 million has let the purchase option lapse.

    Kuwait Finance House has given no reason for the move, which could result in the firm having to pay developer GuocoLand multimillion-dollar penalties.

    It could also be the first time a foreign institutional investor in Singapore has pulled out of such a deal, raising concerns that the property market, already hit by weaker sentiment, may be heading into a downturn.

    'While the current market is cautiously optimistic, news of such a pullout might cause it to turn more cautious,' said Cushman and Wakefield managing director Donald Han.

    GuocoLand did not provide a direct reason for the lapse but said in a statement yesterday that the private residential market in Singapore appears cautious.

    The developer also said it is in talks with Kuwait Finance House, an Islamic investment bank, with 'a view to a grant of fresh options for units in the development'.

    The firm declined to comment further, citing ongoing talks. Kuwait Finance House also declined comment for the same reason.

    Kuwait Finance House's huge deal was for 97 four-bedders ranging from 2,500 sq ft to 3,900 sq ft at the former Casa Rosita site in Bukit Timah Road, near Newton Circus.

    The condo has 210 freehold units on a large 24,845 sq m site fronting Goodwood Hill. The Kuwait fund's purchase would have been the single-largest purchase of residential units under construction in Singapore.

    Kuwait Finance House had agreed to buy the units at a median price of $3,200 per sq ft (psf), which would have set price benchmarks for the area. Industry sources said the price was way too high, considering that bulk purchases typically come with a discount.

    'If it were to have bought at an average of, say, $2,700 psf last December, it would still be a record for the Newton Circus area,' said an industry source who declined to be named.

    'If it had held on for 15 to 20 years and leased the units for up to a 5 per cent yield, it may have been able to justify the deal. But if it had wanted to buy and sell, why didn't it bargain for a rock-bottom price as the property had not been launched?'

    It is believed that Kuwait Finance House was keen on flipping the units as they were marketed in Dubai recently, but the sale campaign was unsuccessful.

    Another industry source, who declined to be named, said: 'The pullout may be due to the terms of the deal. The buyer could have realised that it had bought at a higher-than-expected price, had problems flipping the units and wanted to cut its losses.

    'It could also reflect the current market and the possibility that the property market may stagnate in the next two to three years.'

    The stale market appeared to have led GuocoLand to put off the launch of Goodwood Residence, scheduled initially for the first quarter.

    Many developers are following suit, delaying launches until keen interest returns to the sector, which is in the doldrums with buyers and sellers staying on the sidelines.

    A GuocoLand spokesman said: 'We would be tapping selected overseas markets when we decide to launch Goodwood Residence at a later date.'

    It added in its statement that the expiry of the options will not have any material financial effect on its net tangible assets per share or earnings per share for the financial year ending June 30.

    [email protected]


    Opting out

    # Kuwait Finance House's $818.4 million deal was for 97 four-bedders ranging from 2,500 sq ft to 3,900 sq ft at the former Casa Rosita site in Bukit Timah Road, near Newton Circus.

    # It had agreed to buy the units at a median price of $3,200 psf, which would have set price benchmarks for the area. Sources say the price was too high, considering that bulk purchases typically come with discounts.

    # It is believed that Kuwait Finance House was keen on flipping the units as they were marketed in Dubai recently, but the sale campaign was unsuccessful.

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    Default Re: Goodwood Residence (D10, Freehold, Guocoland)

    March 24, 2008

    Kuwaiti firm still in talks over mega deal


    REVIEWING TERMS: GuocoLand might grant fresh options to Kuwaiti investment bank KFH for 97 units at the freehold Goodwood Residence, as the deal agreed on in December has lapsed.

    A MAJOR $818.4 million residential property deal that fell through recently could be revived.

    The potential buyer, Kuwait Finance House (KFH), said last week it was still in talks to buy the 97 units at GuocoLand's freehold Goodwood Residence.

    KFH said it had a positive view of the outlook for Singapore's property market.

    A fund to be managed by the Islamic investment bank had agreed on the deal last December.

    However, KFH did not exercise its purchase options, which lapsed, GuocoLand said on March 10. It also said the parties were in talks 'with a view to a grant of fresh options for units in the development'.

    Last week, KFH said it was still in talks with GuocoLand with respect to the 'terms of the purchase', which are being reviewed by both parties. Industry sources had speculated that KFH wanted out as the price was too high.

    KFH had done the deal at a median price of $3,200 per sq ft (psf), when nearby projects in the Bukit Timah/Newton Circus area were going for an average price of $2,500 psf or below.

    KFH said it was upbeat about Singapore, given the Republic's status as a financial hub, the integrated resorts and the introduction of events such as Formula One.

    'The current cautious sentiment driven by external factors will abate in due time and, as a global city, Singapore will remain an investment destination for international real estate investors,' KFH said.

    JOYCE TEO

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    Default Re: Goodwood Residence (D10, Freehold, Guocoland)

    Quote Originally Posted by mr funny
    March 24, 2008

    Kuwaiti firm still in talks over mega deal


    REVIEWING TERMS: GuocoLand might grant fresh options to Kuwaiti investment bank KFH for 97 units at the freehold Goodwood Residence, as the deal agreed on in December has lapsed.

    A MAJOR $818.4 million residential property deal that fell through recently could be revived.

    The potential buyer, Kuwait Finance House (KFH), said last week it was still in talks to buy the 97 units at GuocoLand's freehold Goodwood Residence.

    KFH said it had a positive view of the outlook for Singapore's property market.

    A fund to be managed by the Islamic investment bank had agreed on the deal last December.

    However, KFH did not exercise its purchase options, which lapsed, GuocoLand said on March 10. It also said the parties were in talks 'with a view to a grant of fresh options for units in the development'.

    Last week, KFH said it was still in talks with GuocoLand with respect to the 'terms of the purchase', which are being reviewed by both parties. Industry sources had speculated that KFH wanted out as the price was too high.

    KFH had done the deal at a median price of $3,200 per sq ft (psf), when nearby projects in the Bukit Timah/Newton Circus area were going for an average price of $2,500 psf or below.

    KFH said it was upbeat about Singapore, given the Republic's status as a financial hub, the integrated resorts and the introduction of events such as Formula One.

    'The current cautious sentiment driven by external factors will abate in due time and, as a global city, Singapore will remain an investment destination for international real estate investors,' KFH said.

    JOYCE TEO
    Given the market sentiment I think they can get a good bargain...2000psf possible?

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    Default Re: Goodwood Residence (D10, Freehold, Guocoland)

    Quote Originally Posted by Unregistered
    Given the market sentiment I think they can get a good bargain...2000psf possible?
    You think GuccoLand will sell at $2,000psf? No way what.

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    http://www.straitstimes.com/Money/St...ry_253744.html

    July 2, 2008

    Kuwait fund buys just 36 Goodwood Residence units

    It is not taking 97 units as it originally agreed to in Dec, and is also paying less

    By Joyce Teo, Property Correspondent


    KUWAIT Finance House (KFH) has ended up buying only 36 units in the posh Goodwood Residence, not the 97 it had wanted initially - and it is paying a lower price.

    The Islamic banking group has paid $2,800 per sq ft (psf) for the apartments near Newton Circus - $400 psf below the price it agreed to in December when the property market was in full bloom.

    The price at the time was a record for the area. The sale of the 97 units would have cost KFH about $818 million, which would have been the single largest purchase of residential units under construction in Singapore.

    The sale also reflected the zest of foreign institutional funds to pump money into the then-dazzling property sector, a trend that has since slowed.

    But the record-setting deal collapsed in March when developer GuocoLand said KFH had not exercised its option.

    GuocoLand also said that it was in talks with the group over the grant of a fresh option for units in the 210-unit project being built at the former Casa Rosita site in Bukit Timah Road.

    News of the option lapse hurt market sentiment, which was already weakening. GuocoLand itself said in a March statement that the private residential market in Singapore appeared cautious.

    Market watchers speculated then that KFH had pulled out because it realised it had paid too much for the units and figured that reselling them quickly at a profit could be a difficult task.

    Analyst estimates as to what a fair price for the apartments might be ranged from as low as $2,000 psf to nearly $2,900 psf.

    KFH has bought two- and four-bedroom apartments and one penthouse unit, according to market sources. Its initial deal was for only four-bedroom units.

    The sale price of $2,800 psf is still a benchmark for the Newton Circus area, said Savills Singapore's director of marketing and business development, Mr Ku Swee Yong. The transaction also reflects KFH's continued confidence in Singapore, he added.

    Cushman & Wakefield managing director Donald Han added: 'It is a reasonable price, given today's market and considering the high quality specifications of the project.'

    GuocoLand declined to comment on the transaction. It has yet to launch Goodwood Residence, something originally planned for the first quarter this year.

    Guocoland's stock rose one cent to $2.19 yesterday with 737,000 shares changing hands.

    The shares have fallen 61 per cent this year.

    [email protected]

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    Private Residential Units Sold in the Month of June 2008

    Project Name ........... Locality . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    Goodwood Residence . CCR ....... 36 .............................. 2,800 ............ 2,800 ............ 2,800

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