Bishopswalk site goes to Kajima for $134m

Kajima Overseas Asia has bought a residential redevelopment site at 2-50 Bishopswalk for $134 million through a collective sale.

The price for the 69,189 sq ft District 10 site works out to $1,544 per square foot per plot ratio (psf ppr). The site has a 1.4 plot ratio and a five-storey height limit.

The estimated breakeven price for a new condo is about $1,900 to $2,000 psf. The development charge (DC) is estimated at $15.58 million.

CB Richard Ellis, which brokered the deal, said seven developers took part in a tender that closed on April 12.Kajima’s vice-managing director Masao Hashimoto said: ‘This acquisition reflects our confidence in the
Singapore market and our plans to expand our portfolio based on our development experience worldwide.’

Kajima also acquired Balmoral View in August 2006 and will launch a new 40-unit development there in Q3 this year.

Also in District 10 is City Towers, which is for sale through an expressions-of-interest exercise with an indicative price of $239.8 million. This works out to be about $1,100 psf ppr including a development charge of around $1.7 million.

The 104,535 sq ft site has a plot ratio of 2.1 and a 24-storey height restriction. Knight Frank, which is brokering the deal, says it is possible to build a 173-unit development with units of about 1,200 sq ft each.

Jones Lang LaSalle (JLL) is marketing Gilstead View in District 11 for sale by tender, with an indicative price of $94 million to $99 million or $950-$1,000 psf ppr.

The 35,510 sq ft has a plot ratio of 2.8 and a 30-storey building height.

JLL says a 75-unit condominium with units of about 1,300 sq ft each can be built.

JLL regional director and head of investments Lui Seng Fatt said: ‘With the very positive market sentiments in District 9, 10 and 11 and a strong demand for prime residential apartments, we are confident that there will be an equally strong interest in this site, as shown in recent transactions.’

Source: The Business Times, 17 April 2007