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07-10-14, 15:08
http://www.straitstimes.com/archive/wednesday/premium/money/story/cdl-bets-japans-future-356m-historical-site-20141001#1
CDL bets on Japan's future with $356m historical site
Land bought together with US firm is its first residential investment there
Published on Oct 1, 2014 1:28 AM
http://i.imgur.com/MADlPmv.jpg
http://i.imgur.com/dx3MIkc.jpg
A mansion that used to be the home of Seiko's founder Kintaro Hattori sits on the site (above) in Tokyo that CDL and a US investment firm have purchased. -- PHOTO: CITY DEVELOPMENTS
By Cheryl Ong
CITY Developments (CDL) has acquired a 30.5 billion yen ($355.5 million) historical site in Tokyo as it steps up expansion plans overseas.
The property giant yesterday said it had bought the land together with a United States investment firm.
It joins other property players which have placed bets overseas after cooling measures and strict mortgage rules dulled market sentiment in Singapore.
The Fragrance Group, for example, forked out A$120.3 million (S$134 million) this year to develop two mixed-use projects in Melbourne, Australia.
CDL's latest deal is its first residential investment in Japan. Earlier this year, it snapped up The Chelsea Harbour Hotel in London for £67.9 million (S$140 million) and the Novotel Times Square hotel in New York for US$275.8 million (S$351 million).
Executive chairman Kwek Leng Beng said the "acquisition is in line with CDL's strategy to accelerate overseas expansion".
He added in his statement: "In land-scarce Japan, this is an extremely rare opportunity to acquire a sought-after property that is situated on substantial prime freehold land.
"Often, such a sizeable piece of real estate would take years or even decades to assemble and amalgamate."
There is a mansion on the 16,815 sq m parcel that was the home of Mr Kintaro Hattori, the founder of watch maker Seiko Holdings Corporation.
The mansion is in the high-end Shirokane area in Tokyo's Minato ward, where many foreign embassies are situated.
CDL said it has plans to develop several luxury condominiums on the sprawling site but it will conserve the mansion for its historical significance.
The 1,340 sq m home was built in 1933, and is also reputedly the place where Japan's Constitution was drafted.
The land parcel's history dates back to the Edo and Meiji periods.
CDL also developed the Spring Grove condominium in Singapore which includes a conserved Victorian-style bungalow that served as the former residence of the US ambassador.
Elsewhere in Japan, CDL's hospitality arm, the Millennium & Copthorne Hotels, is developing the Millennium Mitsui Garden Hotel Tokyo in the Ginza district. The property is expected to open by the end of the year.
"Japan is the world's third-largest economy and is rebounding due to the positive impact of monetary easing, fiscal stimulus and reforms under Abenomics," said Mr Kwek.
"The 2020 Olympic Games in Tokyo and various economic measures under the growth strategy led by (Prime Minister Abe Shinzo's) Cabinet are expected to boost the Japanese economy."
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CDL bets on Japan's future with $356m historical site
Land bought together with US firm is its first residential investment there
Published on Oct 1, 2014 1:28 AM
http://i.imgur.com/MADlPmv.jpg
http://i.imgur.com/dx3MIkc.jpg
A mansion that used to be the home of Seiko's founder Kintaro Hattori sits on the site (above) in Tokyo that CDL and a US investment firm have purchased. -- PHOTO: CITY DEVELOPMENTS
By Cheryl Ong
CITY Developments (CDL) has acquired a 30.5 billion yen ($355.5 million) historical site in Tokyo as it steps up expansion plans overseas.
The property giant yesterday said it had bought the land together with a United States investment firm.
It joins other property players which have placed bets overseas after cooling measures and strict mortgage rules dulled market sentiment in Singapore.
The Fragrance Group, for example, forked out A$120.3 million (S$134 million) this year to develop two mixed-use projects in Melbourne, Australia.
CDL's latest deal is its first residential investment in Japan. Earlier this year, it snapped up The Chelsea Harbour Hotel in London for £67.9 million (S$140 million) and the Novotel Times Square hotel in New York for US$275.8 million (S$351 million).
Executive chairman Kwek Leng Beng said the "acquisition is in line with CDL's strategy to accelerate overseas expansion".
He added in his statement: "In land-scarce Japan, this is an extremely rare opportunity to acquire a sought-after property that is situated on substantial prime freehold land.
"Often, such a sizeable piece of real estate would take years or even decades to assemble and amalgamate."
There is a mansion on the 16,815 sq m parcel that was the home of Mr Kintaro Hattori, the founder of watch maker Seiko Holdings Corporation.
The mansion is in the high-end Shirokane area in Tokyo's Minato ward, where many foreign embassies are situated.
CDL said it has plans to develop several luxury condominiums on the sprawling site but it will conserve the mansion for its historical significance.
The 1,340 sq m home was built in 1933, and is also reputedly the place where Japan's Constitution was drafted.
The land parcel's history dates back to the Edo and Meiji periods.
CDL also developed the Spring Grove condominium in Singapore which includes a conserved Victorian-style bungalow that served as the former residence of the US ambassador.
Elsewhere in Japan, CDL's hospitality arm, the Millennium & Copthorne Hotels, is developing the Millennium Mitsui Garden Hotel Tokyo in the Ginza district. The property is expected to open by the end of the year.
"Japan is the world's third-largest economy and is rebounding due to the positive impact of monetary easing, fiscal stimulus and reforms under Abenomics," said Mr Kwek.
"The 2020 Olympic Games in Tokyo and various economic measures under the growth strategy led by (Prime Minister Abe Shinzo's) Cabinet are expected to boost the Japanese economy."
[email protected]