RECALLING: July 16 2007
By Nova Theresianto
/ The Edge Property |
Sentosa Cove releases prime bungalow plots in South Cove for sale
Last Friday, Sentosa Cove launched for sale four bungalow land parcels — one overlooks the fairways of Sentosa Golf Club’s Tanjong Golf Course and the rest have moorings for yachts in their backyards. The land parcels range from 9,365 to 10,764 sq ft, and owners have the option of amalgamating two adjoining land parcels by bidding for two instead of just one parcel. Only 20 of 115 bungalow parcels in the Southern Cove (excluding Sandy and Pearl Islands) are available for sale.
Currently, over 89% of Sentosa Cove has been sold with over 120 families having moved into their new homes. According to the news release, “the decision will be based solely on price”, and the closing date for submission of bids is July 25 at Sentosa Cove’s Sales and Information Centre. The latest benchmark price achieved for Sentosa Cove’s waterway bungalow land parcels was $960 psf and fairway bungalow land parcels at $910 psf.
Source: Sentosa Cove
Landmark Tower for sale at $300 million
A 38-storey residential block with a total of 139 apartments called Landmark Tower located at 173 Chin Swee Road was put up for sale by public tender on July 16. The indicative land value of the 60,821 sq ft, 99-year leasehold site is $300 million, and the bidder can pay another $31 million to top up the lease. With that, the price will work out to $1,472 psf per plot ratio (ppr). The site is in the vicinity of the Singapore River and Pearls Hill City Park and located just outside the CBD. It can be redeveloped into a condo with 150 apartments of 1,500 sq ft each.
Source: Colliers
$115 million for a bungalow, anyone?
A bungalow that sits on 17,974 sq ft of freehold land in the posh Claymore Road, off Orchard Road was put up for sale by marketing agent Credo Real Estate. The site has a potential gross plot ratio (gpr) of 2.8 under the current master plan. The price tag is $115 million, including a $26.67 million development charge, which works out to an average of $2,815 psf ppr.
The land has the potential to be redeveloped into 20 luxury residential suites averaging 2,400 sq ft each or 10 sky villas of close to 5,000 sq ft each, and the breakeven cost is likely to be about $3,700 psf. The tender closes on Aug 2.
Source: CREDO
Keck Seng Tower for $240 million
The 23-year-old Keck Seng Tower at 133 Cecil Street has been put up for sale with an indicative price of $240 million, or $2,000 psf ppr. The 99-year leasehold (with effect from March 29, 1980) building has a land area of 17,322 sq ft and a total gross floor area (GFA) of 173,535 sq ft. It is a commercial building with retail shops in the basement and the first and mezzanine floors, and offices from the third to 18th floors. The development also has 122 car park lots on the third to sixth floors. Under the current 2003 Master Plan, the site is zoned for commercial use and has an allowable gpr of 11.2+ and a maximum height of 30 storeys.
According to the marketing agent Colliers International’s managing director, Dennis Yeo, the property has a 98% occupancy rate, with the last transacted rent at $6 psf per month. The asking rent has been upped to $6.50 psf. The successful buyer can choose either to refurbish or redevelop the development up to a GFA of 198,000 sq ft, adds Yeo.
Source: The Edge Singapore
Soilbuild buys Ruby Plaza for $69 million
Listed boutique developer Soilbuild Group Holdings acquired Ruby Plaza at 205 Balestier Road for $69 million through a collective sale last week. The cost works out to $582 psf ppr. The 39,494 sq ft freehold site can be redeveloped into a 36-storey commercial and residential development with a gpr of 3. Up to 40% of the maximum GFA, or 47,393 sq ft, is zoned for commercial space. Soilbuild intends to acquire the adjoining state land of 1,615 sq ft, which will enlarge the site area to 41,107 sq ft. The consensus of more than 80% of the owners in the 125-unit commercial and residential apartment units at the 11-storey Ruby Plaza has been obtained.
Earlier in the week, Soilbuild announced that, given the strong investor interest, it would issue $60 million worth of convertible bonds to help fund its growth. The bonds are convertible into new Soilbuild ordinary shares at a conversion price of $2.0182 per new share, which is a 28% premium above the 30-day volume weighted average price of Soilbuild shares. The Singapore dollar-denominated bonds will bear a coupon rate of 1% per annum payable semi-annually and will mature in four years.
Margate Mansion going for $63.8 million
A freehold development at 12 Margate Road (off the prime residential district of Meyer Road) has been put up for sale by tender. Called Margate Mansion, the development sits on a 34,804 sq ft site zoned for residential use with a gpr of 2.1 and a maximum height of 24 storeys. The asking price for the development is $63.8 million, or $929 psf ppr. At that price, the potential developer can expect to break even at $1,330 psf. Recent new launches have been averaging at least $1,600 psf, says Charles Hoon, director of investment properties at CB Richard Ellis, which is marketing the project. The tender for the project will close on Aug 8.
OFFSHORE
Mapletree Investment buys Malaysian properties for $75.5 million
Wholly owned subsidiary of Temasek Holdings, Mapletree Investments Pte Ltd, has made its first regional acquisition through its subsidiary, Mapletree Industrial Fund Management Pte Ltd. The acquisition consists of two properties totalling $75.5 million. The first property is located at 11 Jalan Persiaran Teknologi, Johor Technology Park, and was acquired for RM80 million ($35 million). The second property is located at Lots 8 and 9, Technology Park Malaysia, in Kuala Lumpur, and was acquired for RM91.5 million. “These acquisitions are an important part of our strategy to expand our investment beyond Singapore,” says Hiew Yoon Khong, CEO of Mapletree.
CapitaLand JV with Vanke
CapitaLand’s retail subsidiary, CapitaLand Retail Ltd, signed a cooperative agreement with China’s largest residential property developer, China Vanke Co Ltd, to increase the potential pipeline of retail mall assets in China.
Under the agreement, CapitaLand will formulate the retail asset plan of all identified retail components that are being developed or will be developed within Vanke’s residential townships. The joint venture (JV) is expected to raise the standard of residential township projects to be on a par with international township developments, where residential and retail components are well laid-out and seamlessly connected.
IPC Corp to develop project in Yantai City
Singapore Exchange-listed conglomerate IPC Corp Ltd, through its subsidiary Zhuhai IPC Property Development Co, has entered into an agreement to develop a commercial and residential development on a 8,094,461 sq ft site in Yantai City, China with Yantai City Laishan District Dongbozi Enterprise Co Ltd. The total GFA of the development will be about 15.1 million sq ft. The entire Dongbozi Project is expected to take at least five years to complete.
Keppel Land strengthens its ground in Vietnam
Keppel Land strikes again for the third time this year in Ho Chi Minh City (HCMC). It is building a second residential township with an estimated GFA of 28 million sq ft on a 509ha site in the fast-growing Dong Nai Province, 28km northeast of HCMC. The total investment capital for the initial stage of the project, which will be completed in phases, is US$357 million ($541 million) for a 193ha parcel. Keppel Land will take a 45% stake in the JV project with a total registered capital of US$72 million, while its partners Dong Nai General Agriculture Service United Cooperative and Vietcombank Fund Management will jointly take up the remaining stake.
In Hanoi, Keppel Land has signed a memorandum of understanding to form JV companies to develop two modern residential townships, one of which is located in Sai Dong in the Long Bien District, 6km from Hanoi’s CBD. The other residential township will be in North Thang Long in Dong Anh District, with two parcels totalling 949ha, located along the highway leading from Hanoi city to the international airport and 18km from the CBD.
Source: Keppel Land
E&O Property showcases KL property in Singapore
Bursa Malaysia-listed E&O Property Development showcased its recently completed Dua Residency luxury penthouses, near Kuala Lumpur’s iconic Petronas Twin Towers, at The Four Seasons Hotel Singapore over the weekend of July 14 and 15.
Designed by Singapore’s SCDA Architects, Dua Residency has two 20-storey towers with a total of 288 units. Its penthouses are priced from $2.45 million, with a built-up area of 5,427 sq ft to 6,033 sq ft.
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