RECALLING: November 26 2007

By EdgeProp / EdgeProp | November 25, 2017 9:30 AM SGT
Four strata floors at Arcade for sale
Four strata office floors with a total area of 32,120 sq ft in the 20-storey The Arcade commercial building has been put up for sale by expression of interest. CB Richard Ellis and Jones Lang LaSalle are jointly marketing the property on behalf of its vendors. The floor area represents 17.69% in the development, which has a threestorey retail podium and office tower. The development has a mix of 99- year and 999-year leasehold interests. About 60% of the current leases will expire next year, and substantial rental appreciation can be expected. There could also be redevelopment potential as the current plot ratio is only eight while the maximum potential plot ratio is 13.86. The vendor, a local private investor, is looking at a guide price of $2,500 to $2,800 psf. The expression of interest will close on Dec 7.

Source: CBRE

URA awards office and residential tenders
The URA has awarded the tender for the transitional office site at Tampines Concourse — Tampines Ave 5 to Glades Properties, a unit of City Developments Ltd. The winning tender for the 124,000 sq ft site with a 15-year lease was $10 million. Meanwhile, the URA has awarded the tender for the residential site at Enggor Street to Allgreen Properties, which submitted the highest bid of $180.8 million. The 30,000 sq ft site (Land Parcel B) has a permissible gross floor area (GFA) of 252,100 sq ft and a 99-year lease.

Source: Savills

Amber Residences release sells out
All 70 units offered in Phase One of Amber Residences in the East Coast were snapped up in a private preview (top) last weekend, reports Savills. The Voda Land development on Amber Road notched an average price of $1,650 psf, with some high-floor apartments exceeding $1,800 psf. Most buyers were locals. Amber Residences is a single 21-storey block with 114 two to four-bedroom apartments ranging from 1,163 to 2,217 sq ft. There are also six penthouses.
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Rosewood@Woodlands attracts $56m bid
The Singapore Land Authority (SLA) has attracted eight bids for the residential development at Woodlands Avenue 2 — Rosewood Drive. Bids for the 172,223 sq ft site with a plot ratio of 1.4 ranged from $36.4 million to $56 million. The highest bid is from EL Development, which is reportedly a unit belonging to Evan Lim & Co Pte Ltd, a privately held building and construction company. The company that wins the tender can build a condominium of up to five storeys with a GFA of 241,112 sq ft. The winning bid will be announced shortly.
URA accepts $187m application for residential site
The URA has accepted an application from a developer to put up the reserve site at Simei Street 4 for public tender. The developer has committed to bid at least $187 million for the 3.22ha residential site near Simei MRT station. A maximum gross floor area of 797,459 sq ft is permitted. The tender will be released within the next two weeks. Meanwhile, the URA has launched a residential land parcel at Alexandra Road after a developer committed to bid at least $220.7 million for the 0.86ha site. Located near the Redhill MRT station, the property has a maximum GFA of 451,442 sq ft. The tender will close at noon on Dec 27.
Adjoining collective sale sites fetche $120m
Five adjoining enbloc developments have been sold collectively by Credo for $120 million. The properties near Thomson Road — Norfolk Court, Mergui Lodge, Northern Mansion, Mergui Court and The Mergui — were sold to Kim Seng Heng Realty, a subsidiary of KSH Holdings. Individual land areas range from 10,061 to 18,524 sq ft for a total of around 87,000 sq ft. The developer could build around 200 units, up to 30 floors. The sale price reflects $580 psf per plot ratio, before factoring in the state land in between which could be amalgamated.
From Ginza Plaza to West Coast Plaza
Far East Organization will be refurbishing the 16-year-old Ginza Plaza shopping mall at a cost of $26 million. As part of the revamp and repositioning, the mall will also be renamed West Coast Plaza. It will have a total net lettable area of 156,681 sq ft offering around 188 shops. The serviced apartment above the shopping mall will continue to operate throughout the refurbishment, which is expected to be completed by 3Q2008.
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Source: Far East Organization

OFFSHORE
CapitaLand sets up US$600m India fund
CapitaLand Ltd announced last week that it has successfully established its first private property fund, called CapitaRetail India Development Fund with a fund size of about US$600 million ($880 million) to invest in retail developments in India. CapitaLand holds a 45% stake amounting to $400 million in the fund, while the remaining stakes are held by institutional investors such as insurance companies, pension funds and corporations.
Singapore has fastest growing office rents
Singapore led the list of markets with the fastest growing office rents in CB Richard Ellis Research’s semi-annual global Markets Rents survey. Occupancy costs have increased 83% during the past year. Singapore jumped from the 24th to 11th most expensive market globally. London’s West End, Mumbai, the City of London and Moscow are the top-four most expensive office markets in the world. In Europe, rents grew fastest in Moscow (65%) and Oslo (49%).
First Hilton Hotel for the Gold Coast
Raptis Group has unveiled plans for a new deluxe hotel in Surfers Paradise on Australia’s Gold Coast. The Hilton Surfers Paradise Hotel and Residences will house around 170 hotel rooms and 340 apartments. The A$700 million ($885.57 million) development will comprise dual beachside towers. The 32-level residential Boulevard Tower will be completed in late 2009 while the 57-level residential and hotel Orchid Tower will be finished in late 2010. Both towers will be managed by Hilton Hotels.
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