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  1. #31
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    Thumbs up Soilbuild beefs up Balestier presence

    Singapore Companies
    Published June 22, 2006


    Soilbuild beefs up Balestier presence
    Group signs options to buy properties worth $44.5m


    By CRYSTAL NEO


    SOILBUILD Group Holdings is expanding its presence in the Balestier Road area. The group said yesterday that it has signed various options to purchase properties worth $44.5 million through its wholly owned subsidiary SB (Blueteak) Development Pte Ltd.

    They include 24 units of apartments under a collective sale in Minbu Road and Martaban Road and adjacent terrace houses and apartments. The owners of the 24 units who have given their sale consent will get about 70 per cent more than what they will get if they sell their units individually, said property consultants Teakhwa Real Estate. Soilbuild said it will also be acquiring certain adjoining lots.

    'Altogether, the total land size is about 4,498 sq metres and the total land cost is about $44.5 million,' said Soilbuild. 'Based on the approved plot ratio of 2.8 and an estimated development charge of $0.2 million, the cost of the land is about $329 psf per plot ratio.'

    The combined freehold site can be re-developed into a condominium of maximum 36 storeys, with about 90-100 units assuming an average size of 1,500 sq ft per unit. The breakeven cost for the new condominium development on the freehold plot is estimated to be approximately $560 psf, said Teakhwa. This new project is expected to be launched by 2007.

    'From our completed projects, we have also built up an extensive database of potential buyers and we are confident that there will be a strong demand for the new condominium units at Minbu/Mandalay Roads,' said Low Soon Sim, Soilbuild's executive director.

    This is not the first time Soilbuild has had projects in the Balestier Road area. Its other projects include the 18-storey Pinnacle 16 and Mandale Heights. Including the new purchase, Soilbuild will have four new upcoming residential property projects, including One Tree Hill Residence, the site at Bright Apartments and the recently acquired site at Cashew Road. The latest acquisition will be funded by internal resources and bank borrowings.

  2. #32
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    Property
    Published July 18, 2006

    Furama Tower fetches $76m
    Collective sales still hot in prime districts; 12-unit St Martin's Lodge priced at $30m


    By KALPANA RASHIWALA


    COLLECTIVE sales activity continues in Singapore's prime districts. Soilbuild Group Holdings has bought Furama Tower at Leonie Hill Road for $76 million or $872 per square foot per plot ratio (psf ppr) including an estimated development charge (DC) of $6.6 million.


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    Freehold sites: Buyer Soilbuild says the Furama Tower site can be redeveloped into a new condo of 45-50 units. Market watchers say St Martin's Lodge (above) should appeal to boutique developers


    Over at St Martin's Drive, St Martin's Lodge has been put up for en bloc sale. The owners' asking price of $30 million for the 19,335 sq ft freehold site works out to $1,182 psf ppr including an estimated $2 million DC.

    Both properties are freehold.

    Soilbuild's purchase price for Furama Tower is close to the $880 psf ppr that Koh Brothers and Heeton paid in April this year for the nearby Hilton Towers at Leonie Hill.

    Market watchers say the prices achieved for Furama Tower and Hilton Towers will serve to benchmark prices that developers are likely to pay for the collective sales of nearby properties like Futura, Grangeford Apartment and Horizon Towers. 'Of course, adjustments will have to be made for some factors like differing land areas of the respective properties. One could argue that the bigger sites have the potential to be redeveloped into condos with full facilities and hence, should command a premium over smallish plots,' a property consultant suggested.

    Furama Tower has a freehold land area of 33,821 sq ft and is zoned for residential use with a 2.8 plot ratio (ratio of potential maximum gross floor area to land area).

    Colliers International, which handled the sale of Furama Tower, said owners of the 33 units in the existing development will receive sums ranging from $1.75 million to $2.78 million per apartment unit while the sole penthouse owner will pocket $4.64 million. These sums are nearly 100 per cent more than the owners would have received had their units been sold one by one.

    Buyer Soilbuild says the Furama Tower site can be redeveloped into a new condo of 45 to 50 units. Development of the site and the marketing launch are expected to be next year. Soilbuild's pipeline of residential projects include the soon-to-be completed Cliften off Bukit Timah Road and the recently launched One Tree Hill Residence off Grange Road. Others include the Bright Apartments plot in Novena, a site at Cashew Road bought in May this year and various sites at Minbu/Martaban roads purchased last month.

    Market watchers say the smallish land area of the freehold St Martin's Lodge, which is being marketed by CB Richard Ellis, should make the site appealing to boutique developers. The site is next to an old bungalow that BBR Holdings group bought earlier this year.

    Garden Estates, part of Singapore's Hong Leong Group, developed the 12-unit St Martin's Lodge, which was completed only in 1994. The site is zoned for residential use with a 1.4 plot ratio and a maximum height of five storeys.

  3. #33
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    Top Print Edition Stories
    Published July 17, 2006

    Habitat One sold at record $1,228 psf ppr
    Wheelock said to be buyer; price is 40% higher than site it bought next door


    By KALPANA RASHIWALA



    (SINGAPORE) A new benchmark has been set for residential land in Singapore. The freehold Habitat One in the prime Ardmore Park location has been sold for $180 million or a unit land price of $1,228 per square foot of potential gross floor area inclusive of development charges (DC).


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    New benchmark: Market watchers suggest Wheelock may amalgamate Habitat One with its two earlier sites - Habitat II and Ardmore View - for a bigger project


    This surpasses the previous benchmark of $1,218 psf per plot ratio (psf ppr) set by the sale of Eng Lok Mansion in Napier Road earlier this year.

    The buyer of Habitat One is understood to be Wheelock Properties (Singapore). The $1,228 psf ppr being paid by the mainboard-listed property group for Habitat One is 40 per cent more than the $876 psf ppr that it paid for the next-door Habitat II in September last year.

    Wheelock had been preparing to launch a new 118-unit condo called Ardmore II on the amalgamated Ardmore View and Habitat II site in October this year.

    Market watchers suggest Wheelock may now hold back the launch plans and put the project back on the drawing board if it decides to amalgamate the latest site, Habitat One, with its two earlier sites for a bigger project. Knight Frank, which handled the collective sale of Habitat One, declined to comment.

    Market watchers also note with interest Wheelock's latest deal as it had seemed to abstain from participating in recent tenders. Some observers had lauded this as a wise decision given the toppish asking prices, especially for collective sale sites.

    'Of course, they may have special reason to make an exception for Habitat One since they had bought the next-door site Habitat II earlier at a much lower price, which serves to average down the cost of the latest purchase,' said an industry observer.

    Wheelock is said to have emerged as a last-minute surprise contender for Habitat One. It had not bid when the tender for the property closed on July 4, BT understands.

    Habitat One has a freehold land area of 54,980 sq ft and is zoned for residential use with a 2.8 plot ratio (ratio of maximum potential gross floor area to land area) and a 36-storey maximum height. An estimated DC of $9.1 million is payable. Sources say Wheelock's acquisition is exactly at the reserve price set by owners of Habitat One.

    Owners of the existing 32 units in the development will walk away with $5.625 million per unit on average, which is 70 per cent more than what the apartments would have fetched had they been sold individually.

    Other high-priced residential land deals this year include Hotel Properties' purchase of Beverly Mai at Tomlinson Road for $1,184 psf ppr and City Developments' acquisition of Lucky Tower at Grange Road for $1,134 psf ppr.

  4. #34
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    Soilbuild buys Martaban Road site from Salvation Army for S$7.1m

    10 Aug 06

    By Loh Kim Chin, Channel NewsAsia

    Soilbuild has acquired a 780 square metre site on Martaban Road from The Salvation Army for S$7.1 million.

    The site is adjacent to various sites at Minbu, Martaban and Mandalay Roads in the Novena district which Soilbuild had bought in June for about S$45 million.

    Soilbuild plans to amalgamate all the sites into a combined land area of 5,278 sq metres.

    Based on the plot ratio of 2.8 and a maximum storey height of 36, the amalgamated site can now be redeveloped into about 100 to 120 residential units, assuming an average size of 1,500 square foot per unit.

    The total acquisition cost for the various plots of land, including the development charge, works out to be S$51.6 million or S$325 per square foot per plot ratio.

  5. #35
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    Property
    Published August 17, 2006


    Kajima and UE pay $52m to buy Balmoral View
    Kajima also eyeing more residential, office and retail projects in S'pore


    By KALPANA RASHIWALA


    KAJIMA Overseas Asia, which has about $1 billion property investments in Singapore through stakes in the Millenia Singapore development and The Regent Singapore hotel, has clinched its first residential development site here through the en bloc sale of Balmoral View.


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    Project target: Kajima is looking for developments with an all-in investment cost of 'over a couple of hundred million Singapore dollars' per project, says Mr Hashimoto


    The Asia (ex-Japan) arm of Japan's Kajima Corporation is also looking to expand its presence in the Singapore property market in the residential, office and retail sectors, Kajima Overseas Asia Pte Ltd vice-managing director Masao Hashimoto said in an interview.

    Kajima teamed up with United Engineers (UE) to buy Balmoral View, located at Nos. 9-37 Balmoral Crescent, for $52 million or $733 per square foot of potential gross floor area inclusive of an estimated $7.9 million development charge. The 51,080-sq-ft freehold site is zoned for residential use with a 1.6 plot ratio and a 12-storey maximum height.

    Kajima and UE could redevelop the site into a new condo with about 40 units with an average size of 2,000 sq ft each.

    Mr Hashimoto estimates the breakeven cost for the UE-Kajima joint venture will be about $1,000 psf. The plan is to launch the project in the middle of next year.

    'Leveraging on our international network to introduce new and chic ideas to the exclusive Balmoral residential enclave, we believe that this niche boutique residential development will be well received by potential buyers,' Mr Hashimoto said.

    He describes UE as 'an old friend'. Kajima Overseas Asia was the main contractor for UE Square in the River Valley area.

    UE group managing director and CEO Jackson Yap hopes the collaboration for Balmoral View will augur more joint projects. Mr Hashimoto echoed the sentiment.

    In addition, Kajima is open to partnering other parties for projects in Singapore so long as they share Kajima's corporate aim of doing quality developments. Kajima is looking for developments with an all-in investment, including land cost, of 'over a couple of hundred million Singapore dollars' per project, Mr Hashimoto said.

    Kajima Overseas Asia is involved in construction, property development and providing architectural and engineering services. 'This, together with our in-house design arm, makes us a unique player in the Singapore property market, providing a one-stop property development solution,' Mr Hashimoto observed.

    The group's recent construction jobs in Singapore include the St Regis Residences and St Regis Hotel, the refurbishment of Clarke Quay and construction of Newton Suites.

    Kajima Overseas Asia's Singapore office is its South-east Asia headquarters. Worldwide, Kajima's property portfolio stood at about US$5 billion as at the end of last year.

    In Singapore, it has a 30 per cent stake in Millenia Singapore and a 25 per cent interest in The Regent Singapore hotel.

    Kajima Overseas Asia also owns 70 per cent of Senayan Square in Jakarta. It also has a half stake in two Hong Kong properties - Allied Kajima Building and the 512-room Novotel Century Hong Kong - as well as a 645-room hotel in the Philippines boasting views of Manila Bay. In Thailand, the group has a controlling interest in Ramaland Building, an office and hotel complex.

    Mr Hashimoto says Kajima also has a site in Phuket which it will begin developing soon into a resort, and it plans to develop additional office and mall space on some vacant land at the Senayan Square site in Jakarta. It is also looking for development sites in Hong Kong.

  6. #36
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    Default UIC buys Upper Bukit Timah en bloc site for $82m

    Property
    Published August 17, 2006

    UIC buys Upper Bukit Timah en bloc site for $82m

    By ARTHUR SIM



    UNITED Industrial Corporation (UIC) has bought a collective en bloc sale site in Upper Bukit Timah for $82.25 million, continuing its efforts to step up its residential developments.


    The site, called HJ Heights, overlooks Bukit Batok Nature Park. At 207,134 sq ft it is thought to be one of the largest freehold collective sites in the area. The selling price, together with an estimated development charge of $5.73 million works out to be $303 per sq ft per plot ratio.

    On Merbok Crescent, the site is zoned for residential use with a plot ratio of 1.4 and a five-storey building height. It can potentially accommodate about 230 units of 1,200 sq ft apartments. The breakeven price is expected to be $530-$540 psf on average.

    UIC recently launched the 562-unit condominium, One Amber, in Katong. It also has interests in an upcoming 160-unit residential development in Tiong Bahru and a 138-unit residential development on St Patrick's Road in the east.

    The latest acquisition was handled by United Premas which says that the sale has set a new benchmark for that area.

    Suzie Mok, deputy director, asset management at United Premas, said: 'As reflected by the HJ Heights sale, collective sale sites with good development potential and priced correctly will continue to interest developers, though located outside the prime districts.'

  7. #37
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    Default Nassim Park sold to Park Developments for $380m

    Singapore Companies
    Published August 31, 2006


    Nassim Park sold to Park Developments for $380m
    The JV company is owned by UOL and Kheng Leong subsidiary Russville


    By LESLIE YEE


    IN ANOTHER major collective sale transaction, a joint venture company owned by UOL Group and a subsidiary of Kheng Leong Co Pte Ltd has signed a deal to buy Nassim Park for $380 million.

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    Prime location: Nassim Park sits in an exclusive residential area surrounded by embassies, good class bungalows and high-end developments


    Including an estimated development charge of $8 million, the price works out to around $388 million or about $1,131 per square foot (psf) of potential gross floor area.

    The breakeven cost for a new development on the Nassim Park site is estimated to be between $1,600 and $1,700 psf of gross floor area.

    The joint venture company, Park Developments, is 70 per cent owned by UOL and 30 per cent owned by Kheng Leong's subsidiary, Russville.

    Kheng Leong is considered as an associate of UOL's directors Wee Cho Yaw, Wee Ee Lim and Wee Ee Chao under the listing rules.

    UOL and Russville are currently in negotiations with an unrelated third party for equity participation in Park Developments.

    Completed in 1992, Nassim Park sits on a 245,135 square feet site which is zoned for residential use with a 1.4 plot ratio (ratio of potential maximum gross floor area to land area) and a maximum height of four storeys under Master Plan 2003.

    Market players note that the price psf for such a choice location would have been steeper if the height restriction was higher as developers can sell units on upper floors at a higher price psf.

    Located along Nassim Road, Nassim Park sits in an exclusive residential area surrounded by embassies, good class bungalows and high-end developments. The site is the largest condominium site on Nassim Road.

    Michael Ng, managing director of Savills Singapore, which brokered the sale of Nassim Park, said the sale price achieved 'reflects strong demand for quality sites in prime area'.

    He added: 'Confidence in the luxury condominium segment is robust.'

    The existing Nassim Park has 104 strata-titled apartments and townhouses. The conditional agreement to sell Nassim Park to Park Developments was entered into with subsidiary proprietors of strata lots with not less than 80 per cent of the share values in Nassim Park.

    Singapore's residential property market is currently in the midst of an upcycle led by the high end of the market.

  8. #38
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    Default Shing Kwan pays $29m for St Martin's Lodge

    Property
    Published August 31, 2006


    Shing Kwan pays $29m for St Martin's Lodge
    Price for the 19,335 sq ft freeholdsite works out to $1,154 ppr


    By KALPANA RASHIWALA



    FORMER Singapore Land chairman SP Tao's Shing Kwan Group has bought St Martin's Lodge in St Martin's Drive for $29.25 million in a collective sale.

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    St Martin's Lodge: The site can be redeveloped into a new project with about 15 units averaging 1,800 sq ft


    The unit land price of the 19,335 square feet freehold site works out to $1,154 per sq ft of potential gross floor area including an estimated $2 million development charge.

    The site is zoned for residential use with a 1.4 plot ratio and a maximum height of five storeys.

    It can be redeveloped into a new project with about 15 units averaging 1,800 sq ft. Analysts estimate the breakeven cost could be $1,550 to $1,650 psf

    A company owned by Mr Tao's Shing Kwan Group was the highest bidder in a tender closed on Aug 22. CB Richard Ellis brokered the deal.

    Garden Estates, part of Singapore's Hong Leong Group, developed the 12-unit St Martin's Lodge, which was completed only in 1994. Owners of 11 of the 12 units have so far agreed to a collective sale.

    They will walk away with handsome gains, receiving $2.3 million if they own a 1,248 sq ft apartment or $2.6 million for a 1,668 sq ft unit - between 60 per cent and 100 per cent more than the units would have fetched if sold individually.

    Shing Kwan Group is looking primarily at boutique residential developments in Singapore with an all-up investment of about $50 million each.

    Cosmopolitan Development - Shing Kwan's joint venture with Mackmoor Pte Ltd, which is controlled by parties linked to Indonesia's Metropolitan group - developed 11 Amber Road, a 40-unit apartment block in Katong that is fully sold. It also developed The Quayside apartments and retail outlets along the Singapore River, and Anson House.

    Shing Kwan also has interests in China and Sri Lanka - including Shanghai Mart, Landmark Towers complex in Beijing, Mandarin Garden Hotel in Nanjing and The World Trade Center in Colombo.

  9. #39
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    Default Hiap Hoe buys District 9 site for $47m

    Singapore Companies
    Published September 1, 2006

    Hiap Hoe buys District 9 site for $47m

    By UMA SHANKARI


    PROPERTY developer Hiap Hoe Limited said yesterday that it has bought a residential site at Cavenagh Road - which was put up for en-bloc sale in July - for $46.8 million.


    The freehold site of some 43,100 square feet, which right now houses the five-storey Le Chateau consisting of 35 apartments and maisonettes, is in the prime District 9.

    Provisional planning permission has been obtained for a residential development comprising three seven-storey and one five-storey blocks, with a total of 89 units.

    'As the development is located in the city area, the directors believe that the development would have substantial development potential,' said Hiap Hoe in a statement to the Singapore Exchange.

    Hiap Hoe bought the site through its wholly owned subsidiary Yong Hock Trading (S) Pte Ltd.

    The purchase price was arrived at on a willing buyer-willing seller basis, said Hiap Hoe.

    In addition to the purchase price paid, the site comes with a development charge (previously estimated to be $290,000) and state land alienation cost of $5.8 million.

    Hiap Hoe's final cost is estimated to be about $462 per square feet per plot ratio, said Colliers International, which marketed the property.

    Colliers said that the site had attracted 'keen interest' from a number of parties before it was sold to Hiap Hoe.

    The site is next to a piece of state land of about 11,400 square feet, which Hiap Hoe could choose to buy for amalgamation.

    Hiap Hoe said that the purchase will be fully funded through internal funds and/or bank borrowings. The transaction is also not expected to have any material effect on the net tangible assets per share or earnings per share of the company for the current financial year.

    The purchase marks the second one made by Hiap Hoe in the city area recently. In February, the company said it bought a plot of vacant land at Oxford Road for $12.5 million - also for residential development.

    Hiap Hoe's shares closed unchanged at 4.5 cents yesterday.

    The company recently reported that revenue from the sales of residential development properties for the half year ended June 30 increased by 12.6 per cent to $15.2 million, up from $13.5 million in the same six months last year.

  10. #40
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    Default Chip Eng Seng tipped as buyer of Grange Tower

    Singapore Companies
    Published September 4, 2006

    Chip Eng Seng tipped as buyer of Grange Tower
    Site's reserve price of $1,200 psf ppr a new benchmark for area


    By KALPANA RASHIWALA



    CHIP Eng Seng is close to finalising a deal to buy Grange Tower through a collective sale, sources said.


    [URL=http://imageshack.us][/URL]
    Freehold site: Grange Tower can be redeveloped into a 36-storey condo with over 80 units


    The reserve price of the property - said to be about $180 million - has been met.

    This works out to $1,200 per square foot (psf) of potential gross floor area. No development charge (DC) is payable.

    'This will be a new high for the Grange Road location as prices like $1,200 psf per plot ratio are currently seen only in the super-prime Ardmore/Draycott location,' said a property market watcher.

    The deal comes just a fortnight after news broke that the tender for the nearby Horizon Towers at Leonie Hill failed to attract bids that met the owners' reserve price - which works out to $835 psf per plot ratio inclusive of an estimated $31 million land premium to top up the site's lease to 99 years from a remaining term of 72 years. Apparently, no DC is payable for Horizon Towers.

    Market watchers had suggested that part of the reason for the failure of the Horizon Towers tender, handled by First Tree Properties, is the site's huge land area of 204,742 sq ft, which increases the business risk to any potential developer.

    In contrast, the freehold Grange Tower has a smaller land area of 53,527 sq ft.

    The site is zoned for residential use with a 2.8 plot ratio and 36-storey maximum height.

    This means the site can be redeveloped into a new condo with about 83 units averaging 1,800 sq ft.

    CB Richard Ellis, which is brokering the deal, could not be contacted.

    Once it clinches Grange Tower, Chip Eng Seng may approach the Singapore Land Authority to potentially acquire a 1,632-sq-ft strip of state land in front of the property.

    Doing this will not only enhance the site's area but also lower the unit land price to the developer.

    Grange Tower is a 20-storey development comprising 76 apartments and four penthouses, completed 23 years ago.

    One of its units has an infamous owner - former Asia Pacific Breweries (APB) executive Chia Teck Leng, who is serving a 42-year jail term for using forged documents to borrow large sums in APB's name for massive gambling debts incurred overseas.

    Sources say Chip Eng Seng's property arm Chip Eng Leong Enterprise - recently renamed CEL Development - is expected to team up with a property fund for the Grange Tower purchase.

    CEL Development recently teamed up with Lehman Brothers to redevelop Venus Mansion in Cairnhill.

    Chip Eng Seng also has a stake in Ritz Residences nearby at Devonshire Road, on the former Quelin Gardens and Parc Devon plots. Its partner in this project is Keppel Land.

    Chip Eng Seng bought the Quelin Gardens plot in 2004 for $79 million or $491 psf per plot ratio inclusive of development charge.

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