Gillman Heights

CAPITALAND and Hotel Properties Ltd (HPL) separately said yesterday that the Strata Titles Board (STB) had given the green light for the en bloc sale of Gillman Heights Condominium. Both cited notification by the vendors’ solicitors that approval was given yesterday.

Gillman Heights was sold in February for $548 million, or $19 million above the property’s reserve price, to a joint venture formed by CapitaLand, HPL subsidiary HPL Orchard Place Pte Ltd, and two private funds.

Gillman Heights, on Alexandra Road, covers an area of 836,432 square feet and is a 99-year leasehold site. It has a 2.1 plot ratio.

CapitaLand plans to turn the site into a distinctive residential landmark, with about 1,200 homes.

Earlier this month, the much publicised Horizon Towers’ en bloc sale was finally approved by STB, after several stops and starts along the way. The delay stemmed from various owners being dissatisfied with the $500 million sale price as the property market began to flourish and property prices started to appreciate steeply, shortly after the sale.

The buyers for the property are HPL and partners Morgan Stanley Real Estate and Qatar Investment Authority.

Another major en bloc sale that was approved this month was that of Farrer Court. In June, a consortium - comprising CapitaLand, HPL and US-based Wachovia Development Corporation - purchased Farrer Court for the massive sum of around $1.34 billion, the biggest amount ever garnered for a collective sale.

The privatised HUDC estate has 618 existing apartments of two sizes - 1,615 square feet and 1,453 square feet. A 36-storey condominium with about 1,500 apartments will be built and it is expected to be launched in the first half of 2009.

Source : Business Times - 22 Dec 2007