RECALLING: December 3 2007
By EdgeProp
/ EdgeProp |
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The Riverwalk commercial site for sale
Jones Lang LaSalle has put The Riverwalk commercial redevelopment site at 20 Upper Circular Road up for sale by tender. The 82,317 sq ft property fronting Singapore River and next to the Marina Bay Financial Centre has a gross plot ratio of up to 4.9. The site can be redeveloped into either an iconic commercial building with a gross floor area (GFA) of 403,000 sq ft or a part-commercial/part-residential development. The Riverwalk consists of 181 commercial units, ranging from 54 to 20,161 sq ft, and 118 apartments, from 818 to 3,821 sq ft, with 290 car parks. The tender closes at 3pm on Jan 22.
Source: JLL
URA releases two office sites
URA has launched two transitional office sites at Mountbatten Road and Aljunied Road-Geylang East Avenue 1. The 2.12ha site at Mountbatten Road can yield a maximum GFA of 215,285 sq ft. The land parcel at Aljunied Road is 1.88ha with a permissible GFA of 203,283 sq ft. Both sites are on 15-year leases. Knight Frank estimates the likely land price of Mountbatten Road at $125 to $130 psf per plot ratio (ppr), or $27 million to $28 million. The Aljunied Road site should attract $150 to $160 psf ppr, or $30.5 million to $32.5 million. Tenders for Mountbatten Road and Aljunied Road close at noon on Jan 9 and 16, respectively.
Cairnhill Mansion expects $443 million
Knight Frank is selling Cairnhill Mansion and a separate adjoining site through tenders. Cairnhill Mansion, on Cairnhill Road, comprises a single block of 60 apartments of about 2000 sq ft each, and a penthouse. It sits on 43,103 sq ft of freehold land and is zoned residential with a plot ratio of 2.8. There is application to confirm a higher plot ratio. The adjoining land is 19,800 sq ft with a plot ratio of 2.8 and maximum GFA of 55,435 sq ft. The price guide is at least $443.6 million ($2,800 psf ppr) for Cairnhill Mansion and $139.4 million ($2,800 psf ppr) for the adjoining land. Both tenders close at 4pm on Jan 15.
Source: Knight Frank
Prime Raffles Place retail podium offered
A prime retail podium at Malacca Street (below), opposite Republic Plaza 2 in Raffles Place, is being put up for sale by Cushman & Wakefield. The 999-year leasehold property consists of ground and basement floors with direct road frontage. The vendor is an investment holding company. Average gross rent for Raffles Place ground-floor retail is $20 to $30 psf, with basement rent at between $15 and $25 psf. Recent transactions at The Arcade show retail prices transacting between $4,900 and $5,300 psf, says Donald Han, managing director of Cushman & Wakefield, which is marketing the project. Meanwhile, current asking prices for ground and second floor retail units at The Arcade are pegged between $6,000 and $7,000 psf, depending on size and orientation, he adds. The property is being sold subject to existing tenancies and by private treaty.
Source: Cushman and Wakefield
Yishun industrial site open for application
URA has released sale conditions for an industrial site at Yishun Avenue 6 (Parcel 8). The 1.43ha property has a maximum permissible gross plot ratio of 2.5, with a lease period of 60 years. It is zoned Business 1 and can be developed for a range of clean and light industrial and warehouse uses.
OFFSHORE
Keppel Land signs on for eighth Vietnam project
Keppel Land, through wholly owned subsidiary VN Investment, has entered into a joint venture to develop a 9.7ha site into a premier waterfront enclave in District 9 of Ho Chi Minh City, Vietnam. The JV partner is local property developer Hung Phu Real Estate Investment Corp. The new waterfront villa project is Keppel Land’s eight residential development in Vietnam this year. The site will yield about 140 luxury villa homes, adding to the company’s existing 25,000 homes there. The total investment capital is $82 million. The homes — for wealthy locals, expatriate communities and overseas Vietnamese — are expected to be launched in early 2009.
MI-REIT expands into Japan
MacarthurCook Industrial Real Estate Investment Trust (MI-REIT) has bought its first property in Japan, the Asahi Ohmiya Warehouse, for $29.2 million. The deal was in conjunction with establishing a strategic alliance in the Japanese industrial sector with Atlas Partners Japan (APJ), a real estate fund and asset management firm. MI-REIT will outsource the asset management of the property, located in the regional logistics and distribution hub of Saitama Prefecture in the Greater Tokyo Area, to APJ. The property is a purpose-built, four-level warehouse with an ancillary three-storey office building, used as a distribution centre for pharmaceutical products. It has a net lettable area of 97,836 sq ft.
Australians interested in Singapore REIT market
Australian fund managers recently gained insight into Singapore’s burgeoning REIT market during a seminar held at Sydney Opera House. The seminar was co-hosted by Freehills, nabCapital and Trust. Attendees were told Singapore was one of Asia’s fastest-growing REIT markets with the number of REITs increasing from seven in 2005 to 18 today, with a market capitalisation of US$19 billion ($27.5 billion). Organisers said the seminar was intended to make it easy for Australian fund managers to understand the legal and regulatory requirements and to take advantage of opportunities provided by the Singapore REIT market.
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