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Thread: Anderson 18 in Ardmore area sold for S$477.7m

  1. #1
    ryan
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    Default Anderson 18 in Ardmore area sold for S$477.7m

    Anderson 18 in Ardmore area sold for S$477.7m

    Posted: 05 March 2007 2249 hrs


    SINGAPORE: Anderson 18 in the Ardmore area has been sold for S$477.7 million through an en-bloc deal to a joint venture company formed by City Developments and Wing Tai Holdings.

    Together with development charges, it gives the freehold site a land value of S$1,650 per square foot per plot ratio, making it the most valuable land in the coveted Ardmore area.

    The existing Anderson 18 development comprises one tower block of 71 residential apartments with sizes ranging from 258 square metres to 268 square metres.

    Under Master Plan 2003, the land is zoned for residential use at a plot ratio of 2.8 with a 36-storey height control.


    - CNA/so

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    Default CityDev, Wing Tai buy Anderson 18 for $477.7m

    Singapore Companies
    Published March 6, 2007

    CityDev, Wing Tai buy Anderson 18 for $477.7m

    Not known if tie-up extends to Wing Tai's adjacent Ardmore Point site


    By KALPANA RASHIWALA


    CITY Developments and Wing Tai have teamed up to buy Anderson 18 for $477.7 million, or $1,650 per square foot (psf) of potential gross floor area, inclusive of an estimated $40.11 million development charge.



    Site appeal: Anderson 18 is possibly the last, large piece of prime real estate in the prestigious Ardmore Park area available for redevelopment


    Knight Frank brokered the deal for the collective sale of the 112,097 sq ft freehold site.

    The unit land price for Anderson 18's collective sale surpasses the $1,369 psf per plot ratio that Wing Tai paid for Ardmore Point next door in October last year, but is still shy of the islandwide record price for land - of $1,735 psf per plot ratio set by Overseas Union Enterprise (OUE) in December for its bid for The Parisian at Angullia Park.

    In fact, market watchers said the unit land price for The Parisian may be even higher as OUE may not have locked in the development charge payable for redeveloping the site before the latest revision in rates took effect on March 1.

    Wing Tai and CityDev, who are taking equal stakes in the Anderson 18 project, were both silent in their announcements to the Singapore Exchange yesterday on whether their joint venture for Anderson 18 would extend to the Ardmore Point plot that Wing Tai bought earlier.

    When contacted, Wing Tai deputy chairman Edmund Cheng said: 'Frankly, we've not even had a chance to discuss this. We've not thought about it at all. We have to evaluate the matter.'

    BT reported last month, citing market watchers, that it makes sense for CityDev to seek a stake in Ardmore Point and join Wing Tai in enjoying a lower average land cost for the two plots which add up to a combined 172,628 sq ft of land. This is big enough to be redeveloped into a new condo with about 240 units averaging 2,000 sq ft.

    In addition, a new project on the combined site would also boast a more prestigious Ardmore Park address.

    Both plots are freehold and zoned for residential use with a 2.8 plot ratio (ratio of potential gross floor area to land area) and 36-storey maximum height.

    The Anderson 18 site alone can be redeveloped into a new luxury condo with about 150 units averaging 2,000 sq ft and a break-even cost of about $2,300 psf, said market watchers. Knight Frank managing director Tan Tiong Cheng said both CityDev and Wing Tai have the track record to develop a 'spectacular condo' in the highly sought after location that will command global investor attention.

    CityDev managing director Kwek Leng Joo said: 'Anderson 18 is possibly the last, large piece of very prime real estate in this exquisite residential enclave available for redevelopment.'

    Mr Cheng of Wing Tai said: 'Our vision is to develop this site into one of the best residential developments in the world. We're excited about working with CityDev to create something very unique, with a 'wow' factor that will appeal to international investors.'

    Owners of Anderson 18's existing 71 apartments will receive sums of $6.7 million to $6.8 million per unit - or about double the $3.4 million that the last transacted unit in the development fetched in May 2006. The collective sale is subject to approval from the Strata Titles Board.

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    Default Anderson 18 owners to get $6.75m each from condo sale

    March 6, 2007

    Anderson 18 owners to get $6.75m each from condo sale

    By Joyce Teo, Property Correspondent


    LUCKY owners at the Anderson 18 condominium will each reap around $6.75 million for their units from the collective sale of their prime Ardmore area development.

    The price represents a huge jackpot for the 71 owners, given that the last unit sold at the condo reaped a considerably lower price of $3.4 million last May, said property firm Knight Frank yesterday.

    The en bloc buyer is a joint venture of City Developments (CDL) and Wing Tai, which will pay $477.7 million for the 10,414 sq m freehold estate near Raffles Girls Secondary School. There is also a $40.11 million development charge that brings the total outlay to $517.8 million.

    The bumper price, brokered by property consultancy Knight Frank, easily trumps anything else in the Ardmore area.

    Last month, CapitaLand bought Gillman Heights for a heftier $548 million, but that was for a huge development with 607 units and one shop.

    Anderson 18's total price works out to a land value of $1,650 per sq ft (psf) of potential gross floor area, way above the $1,369 psf price achieved for the neighbouring Ardmore Point last October.

    The sale of Anderson 18 is likely to make it the second most expensive residential site in Singapore, after The Parisian in Angullia Park, which carried a price tag of $1,735 psf of potential gross floor area.

    Knight Frank said a new development of up to 36 storeys on the Anderson 18 site will offer unobstructed views of low-rise developments from Shangri-La Hotel to Bukit Timah Hill.

    The site's break-even cost is projected at about $2,300 psf.

    It would be aimed at wealthy individuals looking to use Singapore as a base. This is because high-end residential prices here still look attractive compared with such cities as Hong Kong, London and New York, said Knight Frank managing director Tan Tiong Cheng.

    In a separate statement, another prime freehold site Grange Heights has been put up for sale by expression of interest.

    Jones Lang LaSalle, which is marketing the 136,678 sq ft site, said Grange Heights owners are expecting a price close to that achieved by The Parisian. Developers have to indicate their interest in the 120-unit development in district 9 by March 29.



    --------------------------------------------------------------------------------


    A CDL-Wing Tai venture is paying $477.7 million for the Anderson 18 condominium.

  4. #4
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    Default Re: Anderson 18 in Ardmore area sold for S$477.7m

    5 January 2007

    JOINT ACQUISITION OF A PRIME FREEHOLD RESIDENTIAL SITE ALONG ANDERSON
    ROAD, IN THE PRESTIGIOUS ARDMORE PARK AREA


    City Developments Limited (CDL) and Wing Tai Land Pte Ltd have jointly acquired Anderson 18, a
    prime freehold residential site in district 10 for S$477.7 million excluding a development charge of
    S$40.1 million. The acquisition subject to the approval of the Strata Title Board "STB" was made
    under Summervale Properties Pte Ltd, a 50:50 joint venture (JV) held by the two leading property
    developers here.

    Strategically located along Anderson Road, amongst one of Singapore's most prestigious
    addresses, Anderson 18 is tucked away in a quiet residential enclave and yet is just a few minutes
    walk away from Orchard Road. In the vicinity are top schools and institutions, as well as
    prestigious clubs such as The Tanglin Club and The American Club. In addition, Anderson 18 is in
    close proximity to the Orchard Road shopping belt.

    The Anderson 18 site enjoys prominent frontage of approximately 90 metres along Anderson
    Road, and has a land area of approximately 112,098 square feet. Designated for residential use at
    a plot ratio of 2.8, the site can be redeveloped into a 36-storey luxury condominium. Details of the
    apartment sizes will be determined at a later date.

    The joint acquisition of this sizable land parcel by CDL and Wing Tai Land in the prestigious
    Ardmore Park area represents an exciting opportunity for the creation of a residential project
    offering unsurpassed luxury, by drawing upon the expertise and strengths of both developers in
    luxury residences * as evinced by landmark projects in the site's vicinity such as CDL's St. Regis
    Residences and Wing Tai's Draycott 8.

    "Anderson 18 is possibly the last, large piece of very prime real estate in this exquisite residential
    enclave available for re-development. With the growing demand for luxury residences in district
    10, we look forward to unveiling yet another iconic residential development. We are pleased to
    have an opportunity once again to work with Wing Tai Land in this JV project. We are confident
    that our joint expertise will enable us to bring forth a bold and exceptional imprint on Singapore's
    luxury residential property market. One that would befit such a prestigious real estate," said Mr
    Kwek Leng Joo, CDL's Managing Director.

    Mr Edmund Cheng, Deputy Chairman of Wing Tai Holdings said," Endowed with such a prime
    address, prominent frontage and good land size, the potential of the site is tremendous that will
    allow us to create a unique product of international quality and standard. We want to extract the
    best attributes of this site and deliver an immaculate product truly aligning our vision. Global
    investors and homeowners will benefit from the steep experience of both CDL and Wing Tai who
    strongly believe in providing only the best. We are confident that this development will propel us to
    the highest level on the international residential arena."

    About City Developments Limited
    City Developments Limited (CDL) is an international property and hotel conglomerate involved in
    real estate development and investment, hotel ownership and operations and provision of
    hospitality solutions. An industry leader, CDL has been pioneering industry initiatives and
    benchmarks for over four decades. CDL has a presence in 21 countries with over 250 subsidiaries
    and associated companies, including six companies listed on the stock exchanges of Hong Kong,
    London, New Zealand, Philippines and Singapore.

    About Wing Tai Land
    Wing Tai Land Pte Ltd is a leading property investment and management company with an
    established track record of quality developments spanning Singapore, Malaysia, Hong Kong,
    China and Indonesia. It is a wholly-owned subsidiary of Wing Tai Holdings Limited and a member
    of WingTai Asia, a regional network of publicly-listed companies, which also includes DNP
    Holdings in Malaysia and USI Holdings in Hong Kong, each involved in a diversity of business
    ventures.

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