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Thread: CapitaLand buys Gillman Heights for $548 million

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    Default Singapore's CapitaLand says pays $356 mln to redevelop site

    Tuesday February 6, 5:54 PM

    Singapore's CapitaLand says pays $356 mln to redevelop site


    SINGAPORE, Feb 6 (Reuters) - CapitaLand , Southeast Asia's largest property developer, said on Tuesday that it had paid S$548 million ($356 million) to buy an existing residential project for redevelopment.

    The company, controlled by Singapore state investor Temasek Holdings [TEM.UL], said it had acquired the 22-year-old development for about S$363 per square foot per plot ratio.

    A rebound in private property prices has prompted developers in the city-state to buy up residential buildings in prime areas in order to tear them down and replace them with more profitable, high-rise housing.

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    SINGAPORE (Dow Jones)--Property developer CapitaLand Ltd. (C31.SG) Tuesday said it will pay S$548 million for a condominium site along Alexandra Road, near Singapore's Sentosa island resort.

    In a statement, CapitaLand said it plans to redevelop the site into a 24-floor condominium with 1,200 units.

    The company said it plans to launch the project for sale in 2008.

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    Default Re: Singapore's CapitaLand says pays $356 mln to redevelop site


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    Default Re: Singapore's CapitaLand says pays $356 mln to redevelop site

    The project name is Gillman Heights.
    Last edited by Madeira; 06-02-07 at 20:33.

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    Smile Re: Singapore's CapitaLand says pays $356 mln to redevelop site

    Eventually another big HUDC site succeeds in closing an enbloc sale!

    Lucky owners!

  6. #6
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    Default Re: Singapore's CapitaLand says pays $356 mln to redevelop site

    ...while the world waits for the Farrer Court enbloc... it is going to be the biggest en bloc in district 10!!!

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    Default CapitaLand acquires Gillman Heights for S$548m in collective sale

    CapitaLand acquires Gillman Heights for S$548m in collective sale

    By Johnson Choo, Channel NewsAsia | Posted: 06 February 2007 2042 hrs


    SINGAPORE : CapitaLand has sealed a deal to acquire Gillman Heights Condominium for S$548 million.

    The former HUDC development was first placed on the en-bloc market in July last year but residents did not receive any offers that they could accept until now.

    When Gillman Heights was put up for sale six months ago, the frontrunners were seen to include developers like Frasers Centrepoint, MCL Land and Guocoland.

    CapitaLand did not even figure in the picture then.

    But sources told Channel NewsAsia that CapitaLand made a late entry last Friday.

    Its offer was conveyed through a broker, but it was turned down.

    CapitaLand then decided to reveal its identity on Monday and met with the residents.

    After a lengthy discussion, the deal was finally sealed on Tuesday morning at about 5am, with the residents getting almost S$19 million more than their last known offer.

    The amount is inclusive of a differential premium of S$90 million to top up the lease to 99 years and maximise the use of the plot ratio from the present 1.65 to 2.1.

    There are 607 apartments in Gillman - about 1,700 and 1,950 square feet each, and one shop unit.

    Based on a S$363 per square foot per plot ratio, the residents will be compensated between S$880,000 to S$950,000 per unit.

    Property analysts say the acquisition reflects an improving market sentiment over the mid-tier market.

    With over 80 percent of the owners supporting the sale, the transaction is expected to be completed by the end of this year.

    Residents say they are now working on getting the support of the remaining residents.

    CapitaLand says it plans on building a 24-storey condominium with about 1,200 units on the site, and the first phase is planned to be ready for launch next year. - CNA/ms

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    Default CapitaLand buys Gillman Heights for $548 million

    Singapore Companies
    Published February 7, 2007

    CapitaLand buys Gillman Heights for $548 million

    The deal will enable the group to cater to the 'high-mid' market segment

    By KALPANA RASHIWALA


    SIGNALLING its confidence in prospects for the residential market outside Singapore's prime districts, CapitaLand yesterday announced it has bought Gillman Heights Condominium in the Alexandra Rd area for $548 million.



    Gillman Heights: Its price tag of $548m sets a new record in terms of absolute dollars for a collective sale


    The acquisition will drastically change the profile of the listed property giant's Singapore residential landbank, which is now predominantly in the prime districts and high-end sector.

    The acquisition cost for the Gillman Heights collective sale works out to $363 per square foot (psf) of potential gross floor area.

    This includes the approximately $90 million CapitaLand will have to pay the state to top up the site's lease to 99 years from a balance term of about 78 years, and to utilise the 2.1 plot ratio - the ratio of potential gross floor area (GFA) to land area.

    CapitaLand will develop about 1,200 residential units on the site.

    The first phase of the 24-storey project is slated for launch next year.

    Market watchers reckon CapitaLand's breakeven cost for the new project could be about $700 psf.

    CapitaLand said the acquisition was brokered by DTZ Debenham Tie Leung.

    Gillman Heights, a privatised former HUDC estate, has a land area of 836,432 sq ft - the biggest for a collective sale transaction so far, narrowly outdoing the previous record of 809,037 sq ft held by Waterfront View condo at Bedok, the en bloc sale of which was also brokered by DTZ.

    The $548 million price for Gillman Heights also sets a new record in terms of absolute dollars for a collective sale, toppling the $500 million achieved just last month for Horizon Towers in the Leonie Hill area.

    Explaining CapitaLand's decision to acquire Gillman Heights, group president and CEO Liew Mun Leong said the deal will enable the group to cater to the housing needs of the 'high-mid' market segment. About 80 per cent of the group's existing Singapore residential landbank of about 2 million sq ft of potential GFA is in the prime and high-end sectors - such as at Orchard Turn, Dragon View Park in the Jalan Mutiara/River Valley area, the former ANA hotel site at Nassim Hill and Silver Tower in Cairnhill.

    Gillman Heights will add 1.7 million sq ft of potential GFA, boosting CapitaLand's Singapore residential landbank to almost 4 million sq ft.

    'Gillman Heights, given its excellent location near good schools, tertiary and research institutions, will enable us to provide well-designed homes to cater to professionals and their families,' Mr Liew said.

    Gillman Heights now comprises 607 apartments and one shop unit.

    NRA Real Estate, the marketing agent for the property, says apartment owners will receive about $870,000 to $950,000 per unit - some 40-55 per cent more than they would have got had they sold on an individual basis.

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    Default CapitaLand pays $548m for Gillman Heights

    Feb 7, 2007

    CapitaLand pays $548m for Gillman Heights


    THE huge Gillman Heights estate, which failed to find a buyer at its tender last August, was picked up by property giant CapitaLand yesterday for a whopping $548 million.

    The amount is $19 million above the estate's reserve price, which is also what its owners demanded last year.

    The National University of Singapore, which owns 305 units at the former HUDC estate along Alexander Road, will reap more than $250 million from the sale.

    It uses the Gillman Heights apartments for off-campus accommodation for staff and graduate students.

    Other owners will each get about $890,000 for the apartments and about $950,000 for the bigger two-storey units.

    The sale is the largest residential collective sale in terms of value, land size and number of units, said Ms Tang Wei Leng of DTZ Debenham Tie Leung, which represented CapitaLand in the negotiations.

    The estate, which covers 836,432 sq ft, has 607 apartments and one shop.

    CapitaLand will build a 24-storey project with about 1,200 units. 'We plan to have the first phase ready for launch in 2008,' said Ms Patricia Chia, chief executive of CapitaLand Residential Singapore.

    The sale was done via private negotiation, with DTZ Debenham Tie Leung (SEA) representing the buyer and NRA Real Estate representing the sellers.

    DTZ entered the picture after the huge estate failed to attract any buyers at its tender last August.

    However, the property market has picked up significantly since then, enabling it to attract the higher offer.

    The Gillman Heights price translates to about $363 per sq ft per plot ratio. This includes a $90 million payment to top up the lease to 99 years, from about 77 years, and increase the plot ratio to 2.1.

    Waterfront View, at 809,037 sq ft and with 583 units, had held the title as the largest former HUDC collective sale. It sold for $385 million in the middle of last year.

    Meanwhile, owners of other privatised HUDC estates such as Tampines Court, Lakeview, Pine Grove and Farrer Court continue to work towards collective sales.

    About 70 per cent of Farrer Court owners have backed a collective sale for $900 million, excluding additional costs such as a hefty development charge.

    Tomorrow, Mount Everest Properties will launch One Balmoral at $130 million for sale by tender.

    JOYCE TEO

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