RECALLING: October 29 2007

By EdgeProp / The Edge Property | October 28, 2017 12:00 PM SGT
SLA to launch Woodlands site for sale
The Singapore Land Authority has launched for sale a parcel of land for a residential development at Woodlands Avenue 2/Rosewood Drive. Rosewood@ Woodlands is 172,223 sq ft with a gross plot ratio of 1.4 that can be developed into a five-storey condominium with a gross floor area of 241,112 sq ft. Media reports suggest rents in the Woodlands and Mandai area have surged up to 30% in 3Q. The tender closes on Nov 20.
Amber Glades for collective sale at $145 million
Colliers is selling a freehold residential site at 30 and 32 Amber Gardens by public tender. The corner-plot off Amber Road is 40,917 sq ft with a gross plot ratio of 2.8. Amber Glades, near East Coast Parkway, comprises two 10-storey tower blocks with 63 units. The indicative price is around $145 million. Eighty eight units averaging 1,300 sq ft could be accommodated in the redevelopment. The tender closes at 3pm on Dec 5.
MI-REIT adds warehouse to portfolio
MacarthurCook Industrial Real Estate Investment Trust (MI-REIT) has signed a conditional call option agreement to buy a logistics and warehouse building from Prologis Singapore for $20.8 million. The fourstorey property on 95,726 sq ft of land, at 11 Changi South Street 3, will be sub-leased to its current tenant Builders Shop for the remainder of the existing 10-year lease term. MI-REIT now has total investments of more than $500.9 million in 16 properties. Meanwhile, MI-REIT has announced a distributable income of $4.8 million, or distribution per unit (DPU) of 1.86 cents for 2Q ended Sept 30.
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Second try for collective sale
Rich East Garden, a redevelopment site comprising 40 units at Upper East Coast Road, has again been released for sale by tender through Credo. The 105,000 sq ft property was unsuccessfully put up for sale in July before market sentiment turned cautious. Credo says the site could be configured into 100 apartments averaging 1,400 sq ft with an allowable height of five storeys and gross plot ratio of 1.4. The indicative price is $90 million to $95 million, translating to $619 to $653 psf per plot ratio (ppr), including development charges of around $776,000. The tender closes at 2.30pm on Nov 21.
FCT ends year 12% above forecast
Frasers Centrepoint Trust has completed its first full year of operations with a DPU of 6.55 cents — 12% above forecast. FCT’s distributable income for 4Q2007 (from July 1 to Sept 30) was $10.3 million, 13.5% higher than the forecasted $9.1 million, giving a DPU of 1.67 cents. In spite of the Anchorpoint asset-enhancement programme which began in May, average occupancy of FCT’s portfolio was 94.5%. Causeway Point and Northpoint achieved occupancies of 99.9% and 100% respectively. FCT has entered into a put and call option with Yishun Development, a wholly owned subsidiary of FCT’s sponsor, Frasers Centrepoint Ltd, to acquire Northpoint 2 for between $139.5 million and $170.5 million.
URA to launch shophouses tender
URA will launch the public tender for a commercial site at Jalan Sultan after receiving a bid for $7.8 million. The 0.14ha property, near Kampong Glam, has 17 units of two-storey conservation shophouses that the buyer must restore. The site is suitable for hotel or office use.
Science Park to get $400 million injection
Ascendas has unveiled a $400 million master plan to redevelop Singapore’s first research and development hub, the Singapore Science Park. The redevelopment plan, to be carried out in stages over 10 years, will include “green fingers”, or park connectors, to create a continuous flow between the three science park locations and the adjacent Kent Ridge Park. The first phase will begin in November on two sites with a total gross floor area of 932,185 sq ft. Meanwhile, the Ascendas India Trust has announced a DPU of 2.95 cents for the half year ended Sept 30. Distributable income for the half year was $22.2 million — 17% above forecast. The trust has a diversified portfolio of four IT parks in Bangalore, Chennai and Hyderabad.
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Source: Ascendas

Hiap Hoe joint venture pays $138 million for The Aspine
Hiap Hoe’s joint-venture company, Hiap Hoe Super- Bowl JV, is the highest bidder for freehold residential condominium The Aspine, paying $138 million. The 46,104 sq ft property along Balmoral Road has a five-storey block with 35 units. With a plot ratio of 1.6 and an estimated gross floor area of 73,767 sq ft, the purchase price works out to $1,870 psf ppr. The site could accommodate 49 units averaging 1,500 sq ft. Hiap Hoe will take a 60% stake and SuperBowl Holdings the remaining 40%. This is Hiap Hoe’s fourth en bloc acquisition this year, raising the group’s landbank to more than 600,000 sq ft in gross floor area. The sale was handled by Newman & Goh which has also sold Toho Garden at Yio Chu Kang Road, for $62.5 million to GLL Ventures, a wholly owned subsidiary of GuocoLand. With a freehold land size of 86,881 sq ft, the site could be redeveloped to around 80 units averaging 1,500 sq ft at a plot ratio of 1.4.
CCT posts strong growth
CapitaCommerical Trust has reported a distributable income for 3Q to $29.6 million — 53% more than the $19.4 million for the corresponding period in 2006. The 3Q DPU is 2.14 cents, or 12.6% higher than the forecast DPU of 1.90 cents. Higher rental income from existing buildings plus contributions from Raffles City, bought last year, boosted the bottom line. Future DPU growth will likely come from rental reversions — more than half of the existing leases expire within two years. Rents at the trust’s prime office locations have passed Singapore’s highest rental rate of $11.50 psf per month achieved during the office market peak in 1990.
Apartments boost Keppel Land’s bottom line
Keppel Land has reported net earnings of $81.8 million for 3Q2007 — equivalent to a 30% q-o-q rise. Strong residential sales have boosted net earnings for the nine months ended Sept 30 to $207.3 million, up 74% from $119 million achieved in the same period last year. Keppel Land has sold 750 residential units in Singapore over the past nine months. Sales were especially strong at Reflections at Keppel Bay where 600 launched units were sold out.
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OFFSHORE
Ascott buys second Japan property
The Ascott Group and its long-standing partner Mitsubishi Estate Co Ltd (MEC) will jointly buy a prime site in Kyoto, Japan, to develop a 126-unit serviced residence. Ascott will take a 40% equity stake and invest around $20.6 million. MEC will hold the remaining 60%. Ascott will also manage the property, to be called Citadines Kyoto Gojo, scheduled to open in 1H2010. The property is Ascott’s second Citadines in Japan, following Citadines Tokyo Shinjuku, that will open in 1H2009. Meanwhile, Ascott Residence Trust, has achieved a unitholders’ distribution of $12 million from July 1 to Sept 30, an 84% increase over the same period last year. DPU is 1.99 cents, an increase of 39% over 3Q2006.

Source: Ascott

Aloft lands in Bangkok
AloftSM hotels is partnering with TCC Land Leisure, a wholly owned subsidiary of TCC Land, to open an aloft hotel in Bangkok. aloft is the new lifestyle brand of Starwood Hotels & Resorts. The 130-room aloft Bangkok-Silom will open in early 2009. The brand was launched in late 2006 and has since signed more than 50 contracts. Signatures include ultra-comfortable beds, large stylish bathrooms and atmospheric public spaces.
Makeover for Holiday Inn
InterContinental Hotels Group will relaunch the Holiday Inn brand which comprises Holiday Inn and Holiday Inn Express. Changes will include a new service promise, a redesigned welcome experience and updated rooms with signature bedding and bathroom products. The first Asia-Pacific new-look hotels are expected in China, Thailand and Australia by 2Q2008. Holiday Inn is one of the world’s most recognised hotel brands with more than 400,000 rooms across 3,125 hotels and an additional 110,000 rooms in the pipeline.
CapitaLand Zhixin acquires three China sites
Sichuan CapitaLand Zhixin, the joint-venture company formed between CapitaLand and Chengdu Zhixin Industrial Co, has acquired three adjacent land parcels in Chengdu City, Sichuan Province, for $137.4 million. The three sites, in the picturesque Wenjiang District, total 9.93 million sq ft and could yield a gross floor area of 13.7 million sq ft. The partners plan to amalgamate the three sites and develop a scenic township of around 7,400 homes, a theme park, retail facilities, a five-star hotel and luxurious serviced villas by 2013.

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