mr funny
17-02-07, 10:44
Singapore
Published February 17, 2007
Marina Bay consortium moves to buy rest of site
By KALPANA RASHIWALA
THE consortium developing the Marina Bay Financial Centre (MBFC) said yesterday it has exercised its option to buy the rest of the business and financial centre site.
The price it will pay the government is $883.8 million, reflecting an effective unit land price of $435 psf of potential gross floor area. Market watchers say the consortium has probably saved itself a tidy sum by exercising the option before the upcoming revision of development charge (DC) rates that takes effect on March 1, as any increase in development charge rates would have increased the price payable.
The second and final phase of the MBFC will add a further 194,000 sq metres or about 2.1 million sq ft gross floor area (GFA).
The first phase - comprising the Marina Bay Residences and two office towers - is now under development and will have a GFA of 244,000 sq metres (about 2.6 million sq ft).
The 99-year leasehold site was awarded to the consortium - comprising Hongkong Land, Keppel Land and Cheung Kong Holdings - under an Urban Redevelopment Authority tender that closed in July 2005.
However, under a flexible payment scheme, the consortium was allowed to buy the land in phases.
Its winning bid in the July 2005 tender worked out to $381 psf ppr.
The price for subsequent phases is pegged to 50 per cent of the increase in DC rates for seven locations in the vicinity.
The consortium indicated yesterday it will develop Grade-A office and high-end residential components in the new phase, details of which will be revealed after discussions with the URA.
David Martin, general manager of Raffles Quay Asset Management, the consortium's asset management company, said: 'The purchase of Phase 2 demonstrates the consortium's confidence in Singapore's property market and its continued development as a key financial centre in Asia.'
The 428-unit Marina Bay Residences achieved an average price of $1,950 psf during a preview in December.
The two office towers also in the project's first phase are slated for completion in 2010 and will have about 1.65 million sq ft of net lettable area with floor plates ranging from 20,000 sq ft to 25,000 sq ft.
Published February 17, 2007
Marina Bay consortium moves to buy rest of site
By KALPANA RASHIWALA
THE consortium developing the Marina Bay Financial Centre (MBFC) said yesterday it has exercised its option to buy the rest of the business and financial centre site.
The price it will pay the government is $883.8 million, reflecting an effective unit land price of $435 psf of potential gross floor area. Market watchers say the consortium has probably saved itself a tidy sum by exercising the option before the upcoming revision of development charge (DC) rates that takes effect on March 1, as any increase in development charge rates would have increased the price payable.
The second and final phase of the MBFC will add a further 194,000 sq metres or about 2.1 million sq ft gross floor area (GFA).
The first phase - comprising the Marina Bay Residences and two office towers - is now under development and will have a GFA of 244,000 sq metres (about 2.6 million sq ft).
The 99-year leasehold site was awarded to the consortium - comprising Hongkong Land, Keppel Land and Cheung Kong Holdings - under an Urban Redevelopment Authority tender that closed in July 2005.
However, under a flexible payment scheme, the consortium was allowed to buy the land in phases.
Its winning bid in the July 2005 tender worked out to $381 psf ppr.
The price for subsequent phases is pegged to 50 per cent of the increase in DC rates for seven locations in the vicinity.
The consortium indicated yesterday it will develop Grade-A office and high-end residential components in the new phase, details of which will be revealed after discussions with the URA.
David Martin, general manager of Raffles Quay Asset Management, the consortium's asset management company, said: 'The purchase of Phase 2 demonstrates the consortium's confidence in Singapore's property market and its continued development as a key financial centre in Asia.'
The 428-unit Marina Bay Residences achieved an average price of $1,950 psf during a preview in December.
The two office towers also in the project's first phase are slated for completion in 2010 and will have about 1.65 million sq ft of net lettable area with floor plates ranging from 20,000 sq ft to 25,000 sq ft.