FOUR condominiums will be built where the former Waterfront View estate in Bedok Reservoir Road used to be.
The first will be launched in the first quarter of next year, said developers Frasers Centrepoint and Far East Organization yesterday.
It will be called Waterfront Waves and have 405 units, of which more than half will be three- and four-bedroom apartments. More than 60 per cent of the units will also have reservoir views, the developers added.
The Straits Times understands that the other three condos will also have ‘Waterfront’ in their names and are likely to be of similar sizes.
Together known as the Waterfront collection, the four-condo development is the largest in the area to have a direct water frontage, the developers said. In all, it could have 1,600 units.
The developers are also in talks with the Public Utilities Board about ‘enhancing the neighbourhood’s communal parks and water bodies’.
Although property consultants will not disclose prices for Waterfront Waves, they believe prices may start from $700 per sq ft (psf).
Mr Ku Swee Yong, director of marketing and business development at Savills Singapore, said units on lower floors with no water views could fetch that price.
On higher floors, prices could go up to $850 psf, he added.
Frasers Centrepoint and Far East jointly bought the former HUDC site last year for about $240 psf of gross floor area.
Source : Straits Times - 21 Nov 2007
Showing posts with label FEO. Show all posts
Showing posts with label FEO. Show all posts
Wednesday, November 21, 2007
Tuesday, November 20, 2007
FAR East Organization will spend $26 million updating the 16-year old Ginza Plaza shopping mall.
FAR East Organization will spend $26 million updating the 16-year old Ginza Plaza shopping mall.
The mall, which will be renamed West Coast Plaza, is expected to be ready for business in the third quarter of 2008.
Vivienne Tan, president of Far East Retail Consultancy, said changing demographics in the West were a key factor in the decision to refurbish the mall.
‘As its original name suggests, Ginza Plaza used to cater to the Japanese expatriate community that lived in the area,’ Mrs Tan said.
‘But now we’re seeing a good number of other nationalities moving in. There is also a growing private residential population,’ she said.
Danny Yeo, director of retail at Knight Frank, which is marketing the mall, said rents at West Coast Plaza will range from $8 to $25 per sq ft per month (psf pm). Before Ginza Plaza was vacated, average rentals were $5-$6 psf pm, Mrs Tan said.
Billed as ‘An Oasis in the West’, West Coast Plaza, which has a net lettable area of 160,000 sq ft, hopes to capture the ‘breezy, easy-going spirit of the West Coast’. The mall has been redesigned by DP Architects.
Far East hopes to attract residents living in the West, who are generally thought to have higher disposable incomes than residents in other parts of Singapore.
A study by Knight Frank showed the West has a higher proportion of private housing (about 30 per cent) than the island-wide residential mix (about 18 per cent). Also, nine or more new private residential developments within 2km of West Coast Plaza are expected to be completed around the same time as the mall, Far East said.
Increased demand for private property and the presence of a more varied expatriate community are thought to be due to a growing number of professionals working in the area, in places such as science hub one-north.
Far East also hopes to attract students from more than 27 educational institutions within 3km of the mall, including students from the National University of Singapore.
Source : Business Times - 20 Nov 2007
The mall, which will be renamed West Coast Plaza, is expected to be ready for business in the third quarter of 2008.
Vivienne Tan, president of Far East Retail Consultancy, said changing demographics in the West were a key factor in the decision to refurbish the mall.
‘As its original name suggests, Ginza Plaza used to cater to the Japanese expatriate community that lived in the area,’ Mrs Tan said.
‘But now we’re seeing a good number of other nationalities moving in. There is also a growing private residential population,’ she said.
Danny Yeo, director of retail at Knight Frank, which is marketing the mall, said rents at West Coast Plaza will range from $8 to $25 per sq ft per month (psf pm). Before Ginza Plaza was vacated, average rentals were $5-$6 psf pm, Mrs Tan said.
Billed as ‘An Oasis in the West’, West Coast Plaza, which has a net lettable area of 160,000 sq ft, hopes to capture the ‘breezy, easy-going spirit of the West Coast’. The mall has been redesigned by DP Architects.
Far East hopes to attract residents living in the West, who are generally thought to have higher disposable incomes than residents in other parts of Singapore.
A study by Knight Frank showed the West has a higher proportion of private housing (about 30 per cent) than the island-wide residential mix (about 18 per cent). Also, nine or more new private residential developments within 2km of West Coast Plaza are expected to be completed around the same time as the mall, Far East said.
Increased demand for private property and the presence of a more varied expatriate community are thought to be due to a growing number of professionals working in the area, in places such as science hub one-north.
Far East also hopes to attract students from more than 27 educational institutions within 3km of the mall, including students from the National University of Singapore.
Source : Business Times - 20 Nov 2007
Friday, November 16, 2007
Enggor Street behind Icon drew a top bid of $717 per square foot per plot ratio (psf ppr) from Allgreen Properties - about 16 % lower than FEO
Some developers yesterday took advantage of the current dip in sentiment caused by the stockmarket turmoil to go fishing for land on the cheap. A state tender for a 99-year condo site at Enggor Street behind Icon drew a top bid of $717 per square foot per plot ratio (psf ppr) from Allgreen Properties - about 16 per cent lower than the $852 psf ppr that Far East Organization paid for the next-door parcel exactly two weeks ago.
Interestingly, Far East’s bid yesterday (it was second-highest tenderer) of $652 psf ppr was 24 per cent lower than its winning bid a fortnight ago. This probably reflected a strategy of attempting to average down its cost, market watchers say.
Yesterday’s tender also attracted one other contender, GuocoLand, whose $600 psf ppr bid was 9.1 per cent higher than the price it offered for the next-door plot earlier this month.
Allgreen, controlled by Malaysian tycoon Robert Kuok, is expected to develop a project about 50 storeys high with about 200 units. The ground level must be developed into commercial space.
‘Their breakeven cost will be about $1,200 psf. Going by current prices for units at Icon, Lumiere and The Clift of between $1,600 and $2,100 psf, Allgreen stands to enjoy a good profit margin when they launch their project,’ according to CB Richard Ellis executive director Li Hiaw Ho.
Market watchers said the lower top bid at yesterday’s tender reflected the erosion in sentiment over the past fortnight due to the stockmarket slide following massive writedowns by major American banks due to the US sub-prime crisis.
However, Mr Li reasoned that yesterday’s tender drawing three bids - against just two for the earlier plot - showed that developers are confident of the prospects for this site.
Agreeing, Knight Frank managing director Tan Tiong Cheng said: ‘Fundamentally, the property market is still sound, so there will be developers taking advantage of the current stock-market turmoil to go fishing. You never know; you may catch something at a reasonable price.’
The averaging down of cost strategy was also very much at play at another Urban Redevelopment Authority (URA) tender earlier this week: that of Marina View Land Parcel B. Macquarie Global Property Advisors’ top bid of $779 psf ppr was about 55 per cent of their winning bid in September for the adjacent plot, also slated for a predominantly office use.
But other factors were also at play in the tender that closed on Nov 13, including a minimum hotel component for the site, and office investors turning cautious as the outcome of the sub-prime crisis may have a direct impact on demand for Singapore office space if big international banks are hit.
The government has also expressly stated recently that it will boost the supply of office land in Singapore over the next few years to alleviate the current shortage.
Separately, URA also made available for application yesterday a 99-year condo site next to Tanah Merah MRT Station. The reserve-list site, with a land area of nearly one hectare, can be developed into a condo with about 250 units averaging 1,200 sq ft.
Jones Lang LaSalle’s head of research (South-east Asia) Chua Yang Liang notes that at the next-door Casa Merah project, seven units have changed hands in the subsale market since August this year, at an average price of $717 psf. ‘Assuming the latest site on offer receives a successful application from a developer this quarter and the new condo on the site is launched say around mid-year 2008, we reckon it could sell for about $850-$950 psf on average.
‘Going by this assumption, the plot would fetch land bids of $425 to $470 psf ppr, translating to breakeven cost for a new condo of about $710 to $790 psf.’
Knight Frank director (consultancy and research) Nicholas Mak predicts a lower price, of $288 to $323 psf ppr, on the assumption that the proposed development will be launched in 12 to 18 months at $800-$850 psf.
Reserve-list sites are only launched for tender upon successful application by a developer who undertakes to offer a minimum bid acceptable to the state.
Source : Business Times - 16 Nov 2007
Interestingly, Far East’s bid yesterday (it was second-highest tenderer) of $652 psf ppr was 24 per cent lower than its winning bid a fortnight ago. This probably reflected a strategy of attempting to average down its cost, market watchers say.
Yesterday’s tender also attracted one other contender, GuocoLand, whose $600 psf ppr bid was 9.1 per cent higher than the price it offered for the next-door plot earlier this month.
Allgreen, controlled by Malaysian tycoon Robert Kuok, is expected to develop a project about 50 storeys high with about 200 units. The ground level must be developed into commercial space.
‘Their breakeven cost will be about $1,200 psf. Going by current prices for units at Icon, Lumiere and The Clift of between $1,600 and $2,100 psf, Allgreen stands to enjoy a good profit margin when they launch their project,’ according to CB Richard Ellis executive director Li Hiaw Ho.
Market watchers said the lower top bid at yesterday’s tender reflected the erosion in sentiment over the past fortnight due to the stockmarket slide following massive writedowns by major American banks due to the US sub-prime crisis.
However, Mr Li reasoned that yesterday’s tender drawing three bids - against just two for the earlier plot - showed that developers are confident of the prospects for this site.
Agreeing, Knight Frank managing director Tan Tiong Cheng said: ‘Fundamentally, the property market is still sound, so there will be developers taking advantage of the current stock-market turmoil to go fishing. You never know; you may catch something at a reasonable price.’
The averaging down of cost strategy was also very much at play at another Urban Redevelopment Authority (URA) tender earlier this week: that of Marina View Land Parcel B. Macquarie Global Property Advisors’ top bid of $779 psf ppr was about 55 per cent of their winning bid in September for the adjacent plot, also slated for a predominantly office use.
But other factors were also at play in the tender that closed on Nov 13, including a minimum hotel component for the site, and office investors turning cautious as the outcome of the sub-prime crisis may have a direct impact on demand for Singapore office space if big international banks are hit.
The government has also expressly stated recently that it will boost the supply of office land in Singapore over the next few years to alleviate the current shortage.
Separately, URA also made available for application yesterday a 99-year condo site next to Tanah Merah MRT Station. The reserve-list site, with a land area of nearly one hectare, can be developed into a condo with about 250 units averaging 1,200 sq ft.
Jones Lang LaSalle’s head of research (South-east Asia) Chua Yang Liang notes that at the next-door Casa Merah project, seven units have changed hands in the subsale market since August this year, at an average price of $717 psf. ‘Assuming the latest site on offer receives a successful application from a developer this quarter and the new condo on the site is launched say around mid-year 2008, we reckon it could sell for about $850-$950 psf on average.
‘Going by this assumption, the plot would fetch land bids of $425 to $470 psf ppr, translating to breakeven cost for a new condo of about $710 to $790 psf.’
Knight Frank director (consultancy and research) Nicholas Mak predicts a lower price, of $288 to $323 psf ppr, on the assumption that the proposed development will be launched in 12 to 18 months at $800-$850 psf.
Reserve-list sites are only launched for tender upon successful application by a developer who undertakes to offer a minimum bid acceptable to the state.
Source : Business Times - 16 Nov 2007
Monday, November 12, 2007
Dr Han has been appointed chief executive of Sino Land’s China operations, and also chief executive
Fraser & Neave, the local food and beverage giant, which is also in property and publishing, has temporarily ceased its search for a new chief executive officer following the departure of Han Cheng Fong a month ago over differences with the board.
At the time of Dr Han’s departure on Oct 5, F&N in a press release said that pending the appointment of a new chief executive, the board’s chairman ‘will oversee management of the group’.
Sources said that former Singapore Telecommunications head Lee Hsien Yang, who took over the chairmanship of the company on October 15 and who has been overseeing the group’s management since, suspended the search, pending a review of the group’s future direction - whether it should remain in its present form or split into its three major components.
It is not known how long the review will take but in the meantime, Mr Lee appears to have been taking a hands-on approach and meeting all the department heads to get to know the company’s current structure.
Among the differences that had caused Dr Han, 65, to leave F&N after seven years with the group, was the proposal to hive off and possibly relist the property and publishing arms of the company on the local bourse.
Dr Han was said to have been asked by former chairman Michael Fam to present a paper on the proposal. While Dr Han himself is said to have not expressly opposed the idea, the paper presented by him after consultations with the group’s top management showed that most felt that a split, especially just five years after the publishing and property companies - Centrepoint Properties and Times Publishing - had been privatised and placed under F&N’s direct control, would have more negatives than positives.
Many, it seems, felt that morale among staff would be adversely affected by fears of retrenchment and lay-offs.
When the TimesPub and Centrepoint Properties were taken private Dr Fam in giving the rationale for the privatisation said: ‘The privatisation of Centrepoint and TimesPub is aimed at restructuring F&N into a stronger and more flexible group, to further enhance shareholder value and sustain long-term growth … F&N, as an entrepreneurial shareholder in these companies, already plays a proactive and pivotal role in charting the strategic directions of these businesses. The privatisation of Centrepoint and TimesPub will give more flexibility in managing their resources.’
Dr Fam then went on to add that ‘through appropriate rationalisation and consolidation measures, we hope to realise greater synergies within the group - for instance, by sharing best practices and tapping on the combined wealth of experience, knowledge and expertise of the management teams’.
However, there is now a school of thought that feels that splitting up the company into food and beverage, property, and publishing would fetch better value - the so-called ’sum of parts’ theory.
This school feels that the publishing unit, whose performance has been relatively poor, is a drag on the group’s share price.
The group also notes that circumstances have changed since TimesPub and Centrepoint Properties were taken private. Then, the property market was in the doldrums, but despite recent government measures to quell speculation, it has been holding up pretty well, and is now one of the biggest contributors to group profit.
So it is no surprise that Mr Lee now wants to take another look at the arguments for and against the splitting up of the group and possible divestment or public offerings of the property and publishing units.
How the two biggest shareholders, the Oversea-Chinese Banking Corporation group and Temasek Holdings, view the matter is not known. But OCBC, which has a near 20 per cent stake in F&N, and the government holding company, which paid $900 million for a 15 per cent stake in F&N last December, will want the best returns possible.
Meanwhile, Dr Han has, since the beginning of November, joined the Hong Kong-listed arm of local property magnate Ng Teng Fong. Dr Han has been appointed chief executive of Sino Land’s China operations, and also chief executive of another of its units, Far East International.
The Sino Group, which has a market capitalisation of over $21 billion was reported to have said: ‘The (Dr Han’s) job is to expand our real estate interests in China and other markets of interest.’ Dr Han is also expected to look after the group’s interest in Singapore’s Fullerton Hotel, which includes Fullerton Waterboat House, The Fullerton Hotel, One Fullerton with its trendy restaurants, and its recently acquired Collyer Quay site.
Source : Business Times - 12 Nov 2007
At the time of Dr Han’s departure on Oct 5, F&N in a press release said that pending the appointment of a new chief executive, the board’s chairman ‘will oversee management of the group’.
Sources said that former Singapore Telecommunications head Lee Hsien Yang, who took over the chairmanship of the company on October 15 and who has been overseeing the group’s management since, suspended the search, pending a review of the group’s future direction - whether it should remain in its present form or split into its three major components.
It is not known how long the review will take but in the meantime, Mr Lee appears to have been taking a hands-on approach and meeting all the department heads to get to know the company’s current structure.
Among the differences that had caused Dr Han, 65, to leave F&N after seven years with the group, was the proposal to hive off and possibly relist the property and publishing arms of the company on the local bourse.
Dr Han was said to have been asked by former chairman Michael Fam to present a paper on the proposal. While Dr Han himself is said to have not expressly opposed the idea, the paper presented by him after consultations with the group’s top management showed that most felt that a split, especially just five years after the publishing and property companies - Centrepoint Properties and Times Publishing - had been privatised and placed under F&N’s direct control, would have more negatives than positives.
Many, it seems, felt that morale among staff would be adversely affected by fears of retrenchment and lay-offs.
When the TimesPub and Centrepoint Properties were taken private Dr Fam in giving the rationale for the privatisation said: ‘The privatisation of Centrepoint and TimesPub is aimed at restructuring F&N into a stronger and more flexible group, to further enhance shareholder value and sustain long-term growth … F&N, as an entrepreneurial shareholder in these companies, already plays a proactive and pivotal role in charting the strategic directions of these businesses. The privatisation of Centrepoint and TimesPub will give more flexibility in managing their resources.’
Dr Fam then went on to add that ‘through appropriate rationalisation and consolidation measures, we hope to realise greater synergies within the group - for instance, by sharing best practices and tapping on the combined wealth of experience, knowledge and expertise of the management teams’.
However, there is now a school of thought that feels that splitting up the company into food and beverage, property, and publishing would fetch better value - the so-called ’sum of parts’ theory.
This school feels that the publishing unit, whose performance has been relatively poor, is a drag on the group’s share price.
The group also notes that circumstances have changed since TimesPub and Centrepoint Properties were taken private. Then, the property market was in the doldrums, but despite recent government measures to quell speculation, it has been holding up pretty well, and is now one of the biggest contributors to group profit.
So it is no surprise that Mr Lee now wants to take another look at the arguments for and against the splitting up of the group and possible divestment or public offerings of the property and publishing units.
How the two biggest shareholders, the Oversea-Chinese Banking Corporation group and Temasek Holdings, view the matter is not known. But OCBC, which has a near 20 per cent stake in F&N, and the government holding company, which paid $900 million for a 15 per cent stake in F&N last December, will want the best returns possible.
Meanwhile, Dr Han has, since the beginning of November, joined the Hong Kong-listed arm of local property magnate Ng Teng Fong. Dr Han has been appointed chief executive of Sino Land’s China operations, and also chief executive of another of its units, Far East International.
The Sino Group, which has a market capitalisation of over $21 billion was reported to have said: ‘The (Dr Han’s) job is to expand our real estate interests in China and other markets of interest.’ Dr Han is also expected to look after the group’s interest in Singapore’s Fullerton Hotel, which includes Fullerton Waterboat House, The Fullerton Hotel, One Fullerton with its trendy restaurants, and its recently acquired Collyer Quay site.
Source : Business Times - 12 Nov 2007
Saturday, November 10, 2007
Dr Han Cheng Fong has landed himself a new job.
JUST a month after his exit as chief executive officer (CEO) of Fraser & Neave (F&N) caused a swirl of controversy, Dr Han Cheng Fong has landed himself a new job.
Dr Han, 65, has joined the operations of property tycoon Ng Teng Fong - Singapore’s richest man, according to Forbes magazine.
His job will focus on expansion plans in China. This is right up his alley as the property heavyweight is said to have focused on property in China when he was at F&N, a property, publishing and beverage conglomerate.
F&N has service residences in China and is developing residential properties and shopping centres there as well.
Since Dr Han’s departure from F&N, there has been much speculation as to where he would go.
Prior to F&N, he was CEO at DBS Land but left after it merged with unlisted Pidemco Land to form CapitaLand.
In a statement issued on the day he quit F&N, Dr Han had said: ‘Yes, I have been in discussion with several organisations in the last few months and it is likely I will make up my mind on what my future will be after a break in Europe’.
Mr Ng’s Far East Organization (FEO) is Singapore’s largest unlisted property developer. His son, Philip, is the company’s CEO.
Hong Kong-based Sino Land is the listed arm of FEO. It ranks as Hong Kong’s fifth- largest property developer and has a market value of about $115HK billion ($21S.5 billion). Mr Ng’s son, Robert, is the chairman of Sino Land.
When contacted yesterday, the Sino Group said: ‘We are delighted to welcome Dr Han as the chief executive officer of the Sino Group’s China division.’
Sino Group consists of listed Sino Land and the Ng family’s private group in Hong Kong.
Dr Han will also head a FEO unit, Far East International.
Sino Group said: ‘The job is to expand our real estate interests in China and other markets of interest.’ Dr Han will be doing likewise for the Fullerton Hotel brand.
Sino Land owns the Fullerton waterfront properties which comprise the Fullerton Waterboat House, The Fullerton Hotel, One Fullerton with its trendy restaurants, and the recently acquired Collyer Quay site.
Dr Han, who started his job last Thursday, is in Hong Kong and could not be contacted.
However, his appointment does not clear up the cloud of uncertainty that hangs over F&N’s business and future as a result of his departure.
There has been no elaboration on F&N’s statement that Dr Han’s departure resulted from ‘differences of opinion with the board’.
Just before he quit, F&N announced it had found a new chairman, former SingTel chief Lee Hsien Yang, to take over from Dr Michael Fam who has since retired. F&N took pains to emphasise that Dr Han’s departure had nothing to do with Mr Lee’s arrival.
Then there was talk that Mr Lee’s appointment as well as Temasek Holdings’ entrance early this year as a strategic investor were to fend off takeover plans by Heineken.
Heineken is F&N’s joint venture partner in its beverage business, which includes the famed Tiger Beer.
There was also talk that Dr Han, coming from a property background, was less keen on the traditional parts of the business such as the beer and dairy operations, than the rest of the board.
Property brought in about two-thirds of F&N’s profits last year.
Source : Straits Times - 7 Nov 2007
Dr Han, 65, has joined the operations of property tycoon Ng Teng Fong - Singapore’s richest man, according to Forbes magazine.
His job will focus on expansion plans in China. This is right up his alley as the property heavyweight is said to have focused on property in China when he was at F&N, a property, publishing and beverage conglomerate.
F&N has service residences in China and is developing residential properties and shopping centres there as well.
Since Dr Han’s departure from F&N, there has been much speculation as to where he would go.
Prior to F&N, he was CEO at DBS Land but left after it merged with unlisted Pidemco Land to form CapitaLand.
In a statement issued on the day he quit F&N, Dr Han had said: ‘Yes, I have been in discussion with several organisations in the last few months and it is likely I will make up my mind on what my future will be after a break in Europe’.
Mr Ng’s Far East Organization (FEO) is Singapore’s largest unlisted property developer. His son, Philip, is the company’s CEO.
Hong Kong-based Sino Land is the listed arm of FEO. It ranks as Hong Kong’s fifth- largest property developer and has a market value of about $115HK billion ($21S.5 billion). Mr Ng’s son, Robert, is the chairman of Sino Land.
When contacted yesterday, the Sino Group said: ‘We are delighted to welcome Dr Han as the chief executive officer of the Sino Group’s China division.’
Sino Group consists of listed Sino Land and the Ng family’s private group in Hong Kong.
Dr Han will also head a FEO unit, Far East International.
Sino Group said: ‘The job is to expand our real estate interests in China and other markets of interest.’ Dr Han will be doing likewise for the Fullerton Hotel brand.
Sino Land owns the Fullerton waterfront properties which comprise the Fullerton Waterboat House, The Fullerton Hotel, One Fullerton with its trendy restaurants, and the recently acquired Collyer Quay site.
Dr Han, who started his job last Thursday, is in Hong Kong and could not be contacted.
However, his appointment does not clear up the cloud of uncertainty that hangs over F&N’s business and future as a result of his departure.
There has been no elaboration on F&N’s statement that Dr Han’s departure resulted from ‘differences of opinion with the board’.
Just before he quit, F&N announced it had found a new chairman, former SingTel chief Lee Hsien Yang, to take over from Dr Michael Fam who has since retired. F&N took pains to emphasise that Dr Han’s departure had nothing to do with Mr Lee’s arrival.
Then there was talk that Mr Lee’s appointment as well as Temasek Holdings’ entrance early this year as a strategic investor were to fend off takeover plans by Heineken.
Heineken is F&N’s joint venture partner in its beverage business, which includes the famed Tiger Beer.
There was also talk that Dr Han, coming from a property background, was less keen on the traditional parts of the business such as the beer and dairy operations, than the rest of the board.
Property brought in about two-thirds of F&N’s profits last year.
Source : Straits Times - 7 Nov 2007
Friday, November 2, 2007
BRAVO Building Construction group, which bought Tulip Garden and Pender Court a few months back, has now clinched Makeway View in the Newton area
BRAVO Building Construction group, which bought Tulip Garden and Pender Court a few months back, has now clinched Makeway View in the Newton area for $162.8 million through a collective sale.
The price works out to a land cost of $1,583 per square foot (psf) of potential gross floor area including an estimated $21.5 million development charge (DC).
The breakeven cost for a new project on the site will be about $2,100 psf, a Bravo spokeswoman said.
‘We’re planning about 70-80 loft apartments, with sizes ranging from 1,500 sq ft to 1,800 sq ft,’ she said. ‘The project, which could be about 23-24 storeys high, may be ready for launch around Q3 or Q4 next year.’
Makeway View is on a freehold site of 41,582 sq ft that is designated for residential use with a 2.8 plot ratio under Master Plan 2003.
Knight Frank brokered the sale through a private treaty after a tender that closed last month.
The deal is subject to approval by the Strata Titles Board.
The buyer is Makeway Residences Pte Ltd, which is related to Bravo Building Construction.
‘At the purchase price of $162.8 million, Makeway View owners will receive gross sale proceeds of about $3.7 million to $10.4 million per unit,’ Knight Frank said yesterday.
Makeway View’s existing 32 apartments and penthouses range in size from 1,442 sq ft to 5,307 sq ft.
Bravo’s spokeswoman also told BT the group plans to develop the freehold Pender Court site off West Coast Highway, which it bought in July, into 48 cluster terrace housing units.
‘We’re in discussions with an overseas fund which is keen on buying the entire development for about $180 million, or about $3.8 million per unit on average,’ she said. ‘Each house will come with a private pool.’
Bravo’s acquisition of Tulip Garden, also in July, was for $516 million or $1,018 psf per plot ratio. No DC is payable.
Bravo is a five-year-old property and construction outfit that has bought more than a dozen sites in Singapore since September last year, including Castle Court on Changi Road, Regent Court in Serangoon and Koon Seng House in the Still Road area.
Source : Business Times - 2 Nov 2007
The price works out to a land cost of $1,583 per square foot (psf) of potential gross floor area including an estimated $21.5 million development charge (DC).
The breakeven cost for a new project on the site will be about $2,100 psf, a Bravo spokeswoman said.
‘We’re planning about 70-80 loft apartments, with sizes ranging from 1,500 sq ft to 1,800 sq ft,’ she said. ‘The project, which could be about 23-24 storeys high, may be ready for launch around Q3 or Q4 next year.’
Makeway View is on a freehold site of 41,582 sq ft that is designated for residential use with a 2.8 plot ratio under Master Plan 2003.
Knight Frank brokered the sale through a private treaty after a tender that closed last month.
The deal is subject to approval by the Strata Titles Board.
The buyer is Makeway Residences Pte Ltd, which is related to Bravo Building Construction.
‘At the purchase price of $162.8 million, Makeway View owners will receive gross sale proceeds of about $3.7 million to $10.4 million per unit,’ Knight Frank said yesterday.
Makeway View’s existing 32 apartments and penthouses range in size from 1,442 sq ft to 5,307 sq ft.
Bravo’s spokeswoman also told BT the group plans to develop the freehold Pender Court site off West Coast Highway, which it bought in July, into 48 cluster terrace housing units.
‘We’re in discussions with an overseas fund which is keen on buying the entire development for about $180 million, or about $3.8 million per unit on average,’ she said. ‘Each house will come with a private pool.’
Bravo’s acquisition of Tulip Garden, also in July, was for $516 million or $1,018 psf per plot ratio. No DC is payable.
Bravo is a five-year-old property and construction outfit that has bought more than a dozen sites in Singapore since September last year, including Castle Court on Changi Road, Regent Court in Serangoon and Koon Seng House in the Still Road area.
Source : Business Times - 2 Nov 2007
Far East offered $233.8 million or about $852 per square foot of potential gross floor area for the 32,681 sq ft plot near Tanjong Pagar MRT Station.
In a sign that developers are turning cautious after the withdrawal of the deferred payment scheme, a state tender for a 99-year residential site at Enggor Street behind the Icon development drew just two bids yesterday.
The higher bid by Far East Organization was 55 per cent above the only other offer by GuocoLand.
Far East offered $233.8 million or about $852 per square foot of potential gross floor area for the 32,681 sq ft plot near Tanjong Pagar MRT Station. GuocoLand’s $150.98 million bid works out to around $550 psf per plot ratio.
All eyes are now on a tender for the residential site next-door closing on November 15.
Far East’s breakeven cost for a new condo project is understood to be in the $1,340 to $1,400 psf range. That still leaves it with a profit margin based on current prices being achieved at Icon.
Caveats show that mid-level units (on the 20th to 22nd levels) of Icon have been changing hands in recent months in the $1,500 to $1,600 psf range in the subsale market, although units above the 40th storey have been sold by Far East at above $2,000 psf.
The property giant is understood to have sold a penthouse on the 46th floor recently for about $2,300 psf. It is now left with about 30 units in the 646-unit project, and its prices range from $2,000 to $2,400 psf.
For the latest site, called Land Parcel A at Enggor Street, BT understands Far East’s scheme is for a 62-storey tower with about 200 apartments - likely to be a spread of unit types like Icon - and is targeting to launch the project around end-2008 or early 2009.
Far East will develop retail space on the project’s ground level to be linked to Icon Village, the street-level retail component of its earlier project.
While property market watchers attributed the thin participation at yesterday’s tender to developers turning cautious following the withdrawal of the DPS scheme, some were puzzled by the disparity between the two bids. ‘Far East has crunched their numbers and know what they are in for, based on their experience with selling Icon units,’ a seasoned property consultant said.
However, some analysts could not help but suggest that Far East’s significantly higher offer may also have been partly motivated by a need to support property prices, including the values of sites it bid earlier. In September, the property giant clinched a prime condo plot next to Ang Mo Kio Hub for $601 psf per plot ratio - a record for suburban 99-year leasehold condo land. That tender attracted a whopping 14 bids. Another state tender for a condo site next to Kovan MRT Station that closed in early October drew six bids.
‘Developers are a bit concerned after the DPS withdrawal. It looks like they’ve chickened out of this tender,’ a seasoned property consultant said, when explaining yesterday’s thin bidding.
However, another property consultant, CB Richard Ellis executive director Li Hiaw Ho suggested that another reason for the lukewarm response yesterday could be due to the site’s location.
‘It is behind Icon and is sandwiched between a commercial site that has been awarded and another residential site (Parcel B) whose tender will close on Nov 15. Nevertheless, the site is about five minutes’ walk from Tanjong Pagar MRT Station,’ he added.
Source : Business Times - 2 Nov 2007
The higher bid by Far East Organization was 55 per cent above the only other offer by GuocoLand.
Far East offered $233.8 million or about $852 per square foot of potential gross floor area for the 32,681 sq ft plot near Tanjong Pagar MRT Station. GuocoLand’s $150.98 million bid works out to around $550 psf per plot ratio.
All eyes are now on a tender for the residential site next-door closing on November 15.
Far East’s breakeven cost for a new condo project is understood to be in the $1,340 to $1,400 psf range. That still leaves it with a profit margin based on current prices being achieved at Icon.
Caveats show that mid-level units (on the 20th to 22nd levels) of Icon have been changing hands in recent months in the $1,500 to $1,600 psf range in the subsale market, although units above the 40th storey have been sold by Far East at above $2,000 psf.
The property giant is understood to have sold a penthouse on the 46th floor recently for about $2,300 psf. It is now left with about 30 units in the 646-unit project, and its prices range from $2,000 to $2,400 psf.
For the latest site, called Land Parcel A at Enggor Street, BT understands Far East’s scheme is for a 62-storey tower with about 200 apartments - likely to be a spread of unit types like Icon - and is targeting to launch the project around end-2008 or early 2009.
Far East will develop retail space on the project’s ground level to be linked to Icon Village, the street-level retail component of its earlier project.
While property market watchers attributed the thin participation at yesterday’s tender to developers turning cautious following the withdrawal of the DPS scheme, some were puzzled by the disparity between the two bids. ‘Far East has crunched their numbers and know what they are in for, based on their experience with selling Icon units,’ a seasoned property consultant said.
However, some analysts could not help but suggest that Far East’s significantly higher offer may also have been partly motivated by a need to support property prices, including the values of sites it bid earlier. In September, the property giant clinched a prime condo plot next to Ang Mo Kio Hub for $601 psf per plot ratio - a record for suburban 99-year leasehold condo land. That tender attracted a whopping 14 bids. Another state tender for a condo site next to Kovan MRT Station that closed in early October drew six bids.
‘Developers are a bit concerned after the DPS withdrawal. It looks like they’ve chickened out of this tender,’ a seasoned property consultant said, when explaining yesterday’s thin bidding.
However, another property consultant, CB Richard Ellis executive director Li Hiaw Ho suggested that another reason for the lukewarm response yesterday could be due to the site’s location.
‘It is behind Icon and is sandwiched between a commercial site that has been awarded and another residential site (Parcel B) whose tender will close on Nov 15. Nevertheless, the site is about five minutes’ walk from Tanjong Pagar MRT Station,’ he added.
Source : Business Times - 2 Nov 2007
Novena Surgery, which takes up 8,000 sq ft, will be located on the eighth floor of the $257 million Novena Medical Center.
FAR East Organization and a group of doctors are investing $8 million to set up a clinic called Novena Surgery, in response to what they say is an increasing need for outpatient surgery for Singaporeans and international patients.
Lim Beng Hai, director and senior consultant hand surgeon for the Centre for Hand and Reconstructive Microsurgery, Singapore, who is chairman of Novena Surgery, said that many local patients were opting for surgery as outpatients.
‘This demand is augmented by the rising number of international patients seeking treatment in Singapore,’ he said.
Novena Surgery, which takes up 8,000 sq ft, will be located on the eighth floor of the $257 million Novena Medical Center. It is expected to open its doors on March 1 next year.
It will be used by doctors practising at the centre and those from other hospitals, medical centres and clinics in the area.
Novena Surgery, which aims to provide ambulatory care and surgery facilities, will have three operating theatres and two endoscopy suites, with private rooms and common areas for patients to recover after surgery.
The facility will offer surgical specialties including eye surgery, ear-nose- throat and obstetrics and gynaecology. Surgeons can look forward to a concierge service, which will arrange for patients to be picked up and arrive on time for surgery.
Patients will be able to use touch-screen monitors in the wards to make requests from nurses, to access the Internet and to send e-mail.
The board of directors is expecting Novena Surgery to break even in the space of a year, and bring in annual revenues of more than $10 million after three years.
The number of cases per day could reach a maximum of 100, they said at a press conference.
Heah Sieu Min, who is on the board of directors, described Novena Surgery as a ’seamless, convenient service which will be value for money’.
GL Yap, executive director of Far East Organization, said that Far East would be interested in tendering a bid for the hospital site at Novena Terrace/Irrawaddy Road launched this week by the Urban Redevelopment Authority.
Source : Business Times - 2 Nov 2007
Lim Beng Hai, director and senior consultant hand surgeon for the Centre for Hand and Reconstructive Microsurgery, Singapore, who is chairman of Novena Surgery, said that many local patients were opting for surgery as outpatients.
‘This demand is augmented by the rising number of international patients seeking treatment in Singapore,’ he said.
Novena Surgery, which takes up 8,000 sq ft, will be located on the eighth floor of the $257 million Novena Medical Center. It is expected to open its doors on March 1 next year.
It will be used by doctors practising at the centre and those from other hospitals, medical centres and clinics in the area.
Novena Surgery, which aims to provide ambulatory care and surgery facilities, will have three operating theatres and two endoscopy suites, with private rooms and common areas for patients to recover after surgery.
The facility will offer surgical specialties including eye surgery, ear-nose- throat and obstetrics and gynaecology. Surgeons can look forward to a concierge service, which will arrange for patients to be picked up and arrive on time for surgery.
Patients will be able to use touch-screen monitors in the wards to make requests from nurses, to access the Internet and to send e-mail.
The board of directors is expecting Novena Surgery to break even in the space of a year, and bring in annual revenues of more than $10 million after three years.
The number of cases per day could reach a maximum of 100, they said at a press conference.
Heah Sieu Min, who is on the board of directors, described Novena Surgery as a ’seamless, convenient service which will be value for money’.
GL Yap, executive director of Far East Organization, said that Far East would be interested in tendering a bid for the hospital site at Novena Terrace/Irrawaddy Road launched this week by the Urban Redevelopment Authority.
Source : Business Times - 2 Nov 2007
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