RECALLING: November 19 2007

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Robin Road collective sale site owners eye $138 million

The owners of three adjoining properties at Robin Drive (off Bukit Timah Road) are selling their properties in a joint collective sale. They are the majority owners of Robin Court, Robin Star and the sole owner of No 1 Robin Drive. After consolidating the three plots — with areas ranging from 8,839 to 31,679 sq ft — a developer could build on an aggregate land area of 64,878 sq ft. This is sufficient to build a medium-scale residential project of around 43 apartments averaging 2,000 sq ft each. The indicative price range for the combined plots is from $128 to $138 million, reflecting $1,500 to $1,600 psf per plot ratio (ppr), including a development charge of around $8 million. The tender for the three properties closes at 2.30pm on Dec 12. The marketing agent for the three sites is Credo Real Estate.

Source: CREDO

Fontaine Parry officially launched

OUB Centre Ltd’s Fontaine Parry condominium development located at Poh Huat Road near Kovan MRT saw all 65 units, released in private previews, snapped up within a week at an average selling price of $850 psf. The 125-unit, five-storey condominium development was officially launched last weekend (Nov 17 to 18) with units ranging from 876 sq ft two-bedroom apartments to 2,119 sq ft four-bedroom penthouses.

The official launch will offer premium units at an average of $930 psf, says Peter Ow, executive director of Knight Frank’s residential department, which is marketing the project. The deferred payment scheme is available.

Three bids for Enggor site

The second residential parcel (Parcel B) at Enggor site drew three bids, compared to the two bids received for Parcel A a fortnight ago. However, the top bid of $717 psf ppr submitted by Allgreen Properties for this site is about 16% below the top bid put in by Far East Organization for Parcel A, observes Li Hiaw Ho, executive director of CBRE Research. This translates to a break-even point of $1,200 psf for the future project.

URA releases Tanah Merah site

URA has released a second site next to the Tanah Merah MRT station on the reserve list. The site has a land area of 106,298.9 sq ft and a maximum gross floor area (GFA) of 297,646.9 sq ft. The neighbouring site at Tanah Merah Kechil Avenue was sold to NTUC Choice Homes and Wing Tai in April last year for $318 psf ppr. The site was later launched as Casa Merah in April this year, and was fully sold within a week. Transaction prices in the sub-sale market have hit a high of $700 to $800 psf as at 3Q2007.

Knight Frank’s director of consultancy and research, Nicholas Mak, estimates pricing for the new site in Tanah Merah Kechil to be in the range of $85.8 to $96 million, which translates to $288 to $323 psf ppr.

October residential sales

Last month, the total number of units launched was 629 units versus 590 units sold, says Knight Frank Research in a report. This was a 10.4% and 11.5% increase, respectively, from the previous month, says Nicholas Mak, director of consultancy and research at the property consulting firm.

Mak also observed that the number of units sold in the rest of central region (RCR) and outside central region (OCR) increased while those in the core central region (CCR) dropped in October. RCR saw the greatest increase in the number of units sold, rising 122.7%, while CCR saw a 53.4% drop in the number of units sold. The drop in the CCR can be attributed to the stock market turbulence, US subprime problems and credit crunch, which has also affected foreign investor sentiment, adds Mak. Median transacted price for new private residential units edged up 3.3% to $992 psf in October compared to $960 psf in September.

Ho Bee posts record profit

Property group Ho Bee Investment has announced a record net profit after tax and minority interests of $233.4 million for the nine months ended Sept 30. This is a five-fold increase from the $47.5 million registered in the previous corresponding period. Group turnover more than doubled to hit a new high of $535.4 million — up 134% from the $229 million achieved over the same period last year. Earnings per share increased 361% to 31.7 cents. Revenue from property development swelled to $522.1 million (up 137%) on the back of sales from residential projects Coral Island, Paradise Island and The Coast in Sentosa Cove; Orange Grove Residences; Montview; Vertis; and Quinterra.

GMG Building for sale

GMG Building at 108 Robinson Road is again up for sale through expressions of interest. The building was sold to Robinson Land at the end of last year for $48 million. The 12-storey freehold building sits on a 5,549 sq ft site and has a total strata area of 54,832 sq ft. Net lettable area (NLA) is 54,895 sq ft with 11 strata certificates of title. The building, located mid-way between the Raffles Place and Tanjong Pagar MRT stations, is zoned as commercial with a maximum building height of 35 storeys. The building is being sold completely refurbished and with vacant possession. It is expected to fetch around $2,600 psf over the total strata area, which implies a price tag of around $142.5 million. Submissions close at 4pm on Dec 5. DTZ Debenham Tie Leung is marketing the project.

Amara’s net profit surges to $6.9 million

Amara Holdings’ net profit after tax for the nine months ended Sept 30 surged to $6.9 million from $300,000 in the corresponding period last year. The increase in profit was driven by a 70% rise in revenue to $91.6 million from $53.8 million. The group benefited from the strong property market and tourism industry. Commenting on the results, the group’s CEO Albert Teo said: “The positive performance of the hotel industry has augured well for our core hotel business. We are confident of riding on further boost to the tourism industry with high-profile projects like the two integrated resorts and the redevelopment of the Marina Bay project.”

MI-REIT pays $39 million for two warehouses

MacarthurCook Industrial Real Estate Investment Trust (MI-REIT) has signed two sale and purchase agreements to acquire two office and warehouse properties for $39.1 million. BTH Global and Success Global will lease back the properties at 61 Yishun Industrial Park A and 103 Defu Lane 10. Both lessees are wholly owned subsidiaries of Ban Teck Han Enterprises, which has diversified interests in food franchising, wine and spirits distribution and parallel car import distribution. The property at 61 Yishun Industrial Park A is a purpose-built five-storey office and warehouse facility with an NLA of 144,994 sq ft. It is valued at $24.6 million. The Defu Lane property is a three-storey office and warehouse facility with a NLA of 90,000 sq ft and valued at $14.5 million. 

OFFSHORE

Keppel Land to develop large-scale residential project in Shanghai

Keppel Land, acquired a 100% stake in Shanghai Hongda Property Development Co Ltd, which owns a 26.4ha residential site in Xinchang Town, Nanhui District in southeastern Shanghai. The acquisition of Shanghai Hongda amounted to 70 million renminbi ($13.6 million) and it would make the company an indirect subsidiary of Keppel Land. Keppel Land plans to develop the site into a mixed residential development with 3,000 homes in phases over the next five years. The development will also be complemented by lifestyle amenities such as a clubhouse and retail components.

MapletreeLog acquires $31 million China property

Mapletree Logistics Trust (MapletreeLog) has signed a Reservation Agreement to acquire two warehouses in Shanghai for $30.8 million. The two linked warehouses (one six-storey and one three-storey building) have a GFA of 405,780 sq ft. It is in the Wai Gao Qiao Free Trade Zone, with easy access to the Hongqiao and the Pudong international airports and downtown Shanghai. The vendor is Integrated Shun Hing (Shanghai) Logistics, a subsidiary of ISH Logistics Group. ISH is a joint venture between Integrated Logistics Bhd of Malaysia and the Shun Hing Group of Hong Kong.

Ascott trust buys 18 Tokyo apartment properties

Ascott Residence Trust (ART) has signed a conditional sale and purchase agreement to buy 18 rental housing properties in Tokyo from a local private equity firm for $158.6 million. The properties comprise 509 units across eight wards. They were acquired at an estimated annualised property yield of 4.1% for next year. All 18 properties will be managed by Ascott International Management Japan, which is a joint venture between The Ascott Group and Mitsubishi Estate, one of Japan’s largest real estate developers. 

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