[UPDATE] China Maple Leaf sells 11 Hillside Drive to NPS International for $80 mil

By
/ EdgeProp Singapore
|
March 4, 2022 5:30 AM SGT
The property at 11 Hillside Drive that is being used as an international school has just changed hands for $80 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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SINGAPORE (EDGEPROP) - Hong Kong-listed China Maple Leaf Educational Systems Ltd announced on the evening of Mar 3, that it has agreed to sell its property at 11 Hillside Drive, off Kovan Road, for $80 million. According to sources, the deal was brokered by JLL.
The buyer is NPS International School, an India-based international school incorporated in Singapore in 2007. It has a campus at Chai Chee Lane in the east, with an enrolment of 1,800 students from Nursery to Grade 12.
Meanwhile, China Maple Leaf is one of the leading international school operators in the PRC with 26 years of experience. China Maple Leaf had acquired Canadian International School in 2020. The group operates international schools in Southeast Asia under the “Canadian International School” and “Kingsley International School” brands.
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HILLSIDE WORLD ACADEMY - EDGEPROP SINGAPORE
On the site are four blocks of one- and two-storeys with a total gross floor area of 46,753 sq ft. Within the grounds is an outdoor deck, basketball court, mini-football playing area and a landscaped pool (Photo: Samuel Isaac Chua/EdgeProp SIngapore)
In Singapore, Canadian International School has a campus in the east at Tanjong Katong Road with about 5,000 students, while the other in the west is the Lakeside campus with a capacity of 650 students.
According to China Maple Leaf, the property at 11 Hillside Drive has been held by the group as an investment, having acquired it in 2016 for $68 million. The acquisition was made through the purchase of the entire issued share capital of the previous owner, Lucrum Development.
The previous seller, Lucrum Fund, is part of private-equity firm Lucrum Capital, which in turn, had purchased the property at 11 Hillside Drive for $35 million back in 2012. Lucrum subsequently spent another $5 million on refurbishments and asset enhancement works as the buildings were built more than 70 years ago.
HILLSIDE WORLD ACADEMY - EDGEPROP SINGAPORE
The 81,468 sq ft site has a 103-year lease from Nov 2012. However, the underlying 999-year leasehold title (from 1878) for the land is held by The Lady Superior of the Convent of the Holy Infant Jesus in Penang (Photo: Samuel Isaac Chua/EdgeProp SIngapore)
Although the site has approval to operate permanently as a school, under the URA Master Plan 2014, it is zoned for residential use with a plot ratio of 1.4. It could be redeveloped into a 100-unit, low-rise private condominium with an average unit size of 1,000 sq ft.
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Completion of the deal is therefore conditional upon the purchaser obtaining the additional buyer’s stamp duty (ABSD) remission within four weeks of the disposal date.
According to the announcement, the property at 11 Hillside was valued at $69 million as at Feb 15, 2022.
The 81,468 sq ft site has a 103-year lease from Nov 2012. However, the underlying 999-year leasehold title (from 1878) for the land is held by The Lady Superior of the Convent of the Holy Infant Jesus in Penang.
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On the site are four blocks of one- and two-storeys with a total gross floor area of 46,753 sq ft. Within the grounds is an outdoor deck, basketball court, mini-football playing area and a landscaped pool. There are 30 classrooms, including a music studio, science labs and art studios, a multi-purpose hall, self study room as well as a design and technology room.
The property at 11 Hillside Drive is currently leased to Hillside World Academy, an international school operator, at a monthly rent of $242,000. The lease will expire on June 30, 2022. According to China Maple Leaf, the rental income in 2020 totalled $2.2 million, while in 2021, it was $2.86 million, with net profit after tax of $1.848 million and $2.684 million respectively.
This will be the second time that the property has changed hands since 2012. For China Maple Leaf, at $80 million, it is 17.65% higher than its purchase price six years ago.
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