RECALLING: October 22 2007

By EdgeProp / EdgeProp | October 22, 2017 1:51 AM SGT
The Estoril could fetch $208 million
CB Richard Ellis (CBRE) has launched the tender for The Estoril, a prime 84,600 sq ft residential development along Holland Road. Completed in 1984, the complex has 40 three-bedroom apartments and four penthouses. Based on a $208 million price guide —$1,536 psf per plot ratio (ppr) — a developer could build a condominium of around 75 units averaging 1,800 sq ft each, up to 12 storeys. The three-bedders would fetch $4.32 million each and the penthouses at least $8.69 million, says CBRE. The tender closes at 3pm on Nov 15.

Source: CBRE

URA launches Boon Lay Way tender
URA has announced that the residential site at Boon Lay Way-Lakeside Drive is up for sale by public tender. Knight Frank says the 236,815 sq ft site could yield 660 to 700 units. Maximum gross floor area (GFA) is 828,853 sq ft. The 99-year leasehold property is adjacent to Lakeside MRT station. Knight Frank estimates the land price at $269.4 million to $310.8 million, or $325 to $375 ps ppr. These bids would make the break-even price $650 to $720 psf. The tender closes at noon on Dec 12.
Elizabeth Towers going for $673 million
Elizabeth Towers — earmarked as the next ultra-luxurious project at Mount Elizabeth — is up for sale by public tender. Agent Newman & Goh says the 54,318 sq ft site, in the heart of Orchard, could accommodate a 36-storey project — 101 units averaging 2,500 sq ft — or six-star serviced apartments. The owners are looking at $673 million, which works out to $2,666 psf ppr. Approval has been obtained from URA to build up to a plot ratio of 4.6, totalling 252,416 sq ft. The tender closes at 3pm on Nov 21.
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Sturdee Road hotel site opens for tender application
The URA hotel site at Sturdee Road is open for application. The 65,780 sq ft property is one of four new hotel sites scheduled for release for application on the reserve list in the Government land sales programme for 2H2007. Bounded by Sturdee and Beatty Roads, the land parcel is on the fringe of the city centre, next to the Jalan Besar Conservation Areaand close to Little India and Kampong Glam. The maximum permissible GFA is 197,351 sq ft and the lease is for 99 years.
Sprawling Villa delle Rose for sale
Villa delle Rose, off Holland Road, is up for sale by public tender through CBRE. The sprawling 297,132 sq ft development site overlooks the Botanic Gardens. There are currently 104 units measuring 2,800 to 3,200 sq ft. The guide price is $700 million, or $1,758 psf/ ppr. Plot ratio is 1.4, with a height restriction of four storeys. A developer could build 208 units averaging 2,000 sq ft each (break-even $2,200 to $2,300 psf). The tender closes at 3pm on Nov 16.

Source: CBRE

OFFSHORE
Raffles signs on for French classic
Raffles Hotels & Resorts has signed an agreement with Royal Monceau to manage the historic Le Royal Monceau hotel in Paris. The hotel is owned by French entrepreneur Alexandre Allard and Qatari developer Barwa Real Estate. Le Royal Monceau, which opened in 1928, will be refurbished through next year and re-open fully restored to its former glory under the creative guidance of Philippe Starck. There will be 152 luxurious rooms and suites and generous landscaped gardens. Each room will be individually designed and decorated with modern artwork and contemporary colour palates.

Source: Raffles Hotels and Resorts

CDL moves into Moscow
City Developments Ltd (CDL) has signed a US$125 million ($182.62 million) joint venture (JV) involving a hotel and conference and business facilities in Russia. CDL will take a 50% stake in Soft Proekt, which owns the Iris Congress Hotel and a nine-storey serviced apartment building in Moscow. Golden Orchard Hotels, which is linked to Dr Sudhir Gupta, the founder and chairman of Amtel Group of Companies, holds the remaining stake. The JV also plans to build a mixed use development complex on 287,556 sq ft of vacant land adjoining the existing hotel. The complex, 15km north of the city centre, will include conference and business facilities. A booming Moscow is experiencing an acute shortage of hotels rooms.
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Indian developers switching to SGX from London
Singapore Exchange (SGX) is overtaking London Stock Exchange’s Alternative Investment Market (AIM) as a favourite fund-raiser for Indian real estate companies. Top India developer DLF will raise $750 million on SGX through listing its real estate investment trust (REIT) and, in July, Ascendas India raised $331 million. Market experts predict Indian developers could raise more than $4 billion within a year. SGX was gaining favour over AIM because European investors felt there is an over-commitment to India’s real estate industry. Also, Singapore REIT listings offered better valuations to developers for investors based on annualised rents.
Banyan Tree Angsana makes debut in Dubai
Banyan Tree has signed a management contract for its first Banyan Tree-branded development in Dubai in the United Arab Emirates (UAE). The Banyan Tree Meydan, being developed by Meydan LLC, will be positioned as the first golf and equestrian resort in the Middle East and will include 60 pool villas. The resort is adjacent to the Meydan Golf Course and has easy access to the Meydan Racecourse. Banyan Tree has also announced the opening of its first property in the UAE, Angsana Hotel and Suites Dubai. There are two towers — residence suites tower and hotel tower — with a total of 781 rooms. Banyan Tree has 11 properties scheduled to open in the Middle East over the next few years.
Deserted Portsmouth sea fort seeks creative owner
Knight Frank has been appointed to sell No Man’s Land Fort, a redundant sea fort 4.8km from Portsmouth, England. Listed as an English Heritage Scheduled Ancient Monument, the fort in the Solent has been empty for two years and awaits restoration as a private home or commercial venture. The massive circular concrete fort measures 200ft in diameter and has a gross internal area of 55,994 sq ft. It was built between 1865 and 1880 as one of four sea forts to guard against French invasion. — Compiled by Mark Henderson
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