mr funny
01-08-11, 02:38
http://www.businesstimes.com.sg/sub/suite/story/0,4574,449595-1311883140,00.html?
Published July 28, 2011
Provisional nod for Ascott Reit to redevelop site
By TEH SHI NING
(SINGAPORE) Ascott Residence Trust has received provisional permission from the Urban Redevelopment Authority (URA) to redevelop Somerset Grand Cairnhill Singapore into an integrated hotel-and-residential development.
The terms and conditions of the outline planning permission (OPP) include the rezoning of the site from residential use to commercial-and-residential use.
It also allows for a maximum gross floor area of about 43,400 square metres, at least 40 per cent of which must be for hotel and hotel-related use, with the rest for residential use. The redevelopment must also retain the Al-Falah Mosque.
The OPP is also conditional on payment of the development charge, if any, and the land or differential premium.
Ascott Reit's manager said that its evaluation of the OPP will also look into the possibility of extending Somerset Grand Cairnhill's existing lease, which expires in 2082.
Under the Code on Collective Investment Schemes, the total contract value of all property development activity undertaken by Ascott Reit, together with its investments in uncompleted property developments, must not exceed 10 per cent of its deposited property, which stood at $2.8 billion as at June 30.
The manager is now evaluating if redevelopment options are 'viable and financially feasible', given these development restrictions, the conditions of the OPP and the potential returns of possible redevelopment options.
Ascott Residence Trust Management Ltd's chief executive Chong Kee Hiong said that the manager's 'key considerations would be the retention of Ascott Reit's presence in the Orchard Road area in Singapore, the continued operations of the Al-Falah Mosque in the development, and the potential yield accretion to the portfolio of any proposed redevelopment'.
The manager added that there is no certainty yet of the proposed redevelopment materialising and asked that unitholders should trade with caution.
Ascott Reit's units closed a cent higher at $1.23 yesterday.
Published July 28, 2011
Provisional nod for Ascott Reit to redevelop site
By TEH SHI NING
(SINGAPORE) Ascott Residence Trust has received provisional permission from the Urban Redevelopment Authority (URA) to redevelop Somerset Grand Cairnhill Singapore into an integrated hotel-and-residential development.
The terms and conditions of the outline planning permission (OPP) include the rezoning of the site from residential use to commercial-and-residential use.
It also allows for a maximum gross floor area of about 43,400 square metres, at least 40 per cent of which must be for hotel and hotel-related use, with the rest for residential use. The redevelopment must also retain the Al-Falah Mosque.
The OPP is also conditional on payment of the development charge, if any, and the land or differential premium.
Ascott Reit's manager said that its evaluation of the OPP will also look into the possibility of extending Somerset Grand Cairnhill's existing lease, which expires in 2082.
Under the Code on Collective Investment Schemes, the total contract value of all property development activity undertaken by Ascott Reit, together with its investments in uncompleted property developments, must not exceed 10 per cent of its deposited property, which stood at $2.8 billion as at June 30.
The manager is now evaluating if redevelopment options are 'viable and financially feasible', given these development restrictions, the conditions of the OPP and the potential returns of possible redevelopment options.
Ascott Residence Trust Management Ltd's chief executive Chong Kee Hiong said that the manager's 'key considerations would be the retention of Ascott Reit's presence in the Orchard Road area in Singapore, the continued operations of the Al-Falah Mosque in the development, and the potential yield accretion to the portfolio of any proposed redevelopment'.
The manager added that there is no certainty yet of the proposed redevelopment materialising and asked that unitholders should trade with caution.
Ascott Reit's units closed a cent higher at $1.23 yesterday.