This project on Nassim Hill is going to be the first residential property by SP Development, the property development arm of BBR Holdings.
Look out for its launch in early 2007.
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This project on Nassim Hill is going to be the first residential property by SP Development, the property development arm of BBR Holdings.
Look out for its launch in early 2007.
I can hardly wait to see what price it launches at. btw, where did you get this information from?Quote:
Originally Posted by Makelele
Hi ryan, do a search on the company. :)Quote:
Originally Posted by ryan
how big is this nassim property? :)
Singapore Companies
Published February 12, 2007
SP Tao firms to develop adjoining sites
SP TAO'S Shing Kwan Group and BBR Holdings are teaming up to develop two adjoining plots at St Martin's Drive they bought last year. The joint venture will be 52:48 owned by Shing Kwan and BBR.
The duo will redevelop the combined site, with a freehold land area of 34,854 sq ft, into a five storey luxury residential development with attic and basement carparks with a 1.4 plot ratio. The development will comprise about 16 triplex units, each with an average size of about 4,000 sq ft. The project is slated for launch in Q2 this year.
BBR and Shing Kwan bought their respective sites under separate deals last year.
BBR paid $17.4 million for its site of about 15,500 sq ft at 21 St Martin's Drive, on which currently stands a bungalow.
Shing Kwan paid $29.25 million for the 19,335 sq ft St Martin's Lodge plot at Nos 17 and 19, St Martin's Drive.
SP Development Pte. Ltd. ("SP"), a wholly-owned subsidiary of Singapore Piling & Civil Engineering Private Limited, which is a wholly-owned subsidiary of the Company, has entered into an agreement with Tennessee Pte. Ltd. and Shing Kwan (Pte.) Ltd. (the "Joint Venture Agreement") for the purposes of developing a land site at St. Martin's Drive, Singapore.
Tennessee Pte. Ltd. ("TL"), a wholly-owned subsidiary of Shing Kwan (Pte.) Ltd. ("SK"), is the owner of the land sites at 17 and 19 St. Martin's Drive and SP is the owner of the adjacent site at 21 St. Martin's Drive.
The objective of the joint venture is to combine the 3 land sites and redevelop into a single residential development (the "Project"). This would enhance the usage of land, achieve better efficiency, economies of scale and have a larger and sizable development.
The combined site will have a land area of 34,854 square feet and has a potential for redevelopment into a 5-storey residential properties with attics and basement car parks with a plot ratio of 1.4.
The Project will consists of 16 super luxury triplex units, each has an average size of 4,000 square feet over three stories, will have its own pool, private garden and balcony; thus create the sense of living in a landed property but have all the security features and conveniences of an exclusive condominium on Nassim Hill.
The Project is expected to be launched in the second quarter of 2007.
Under the Joint Venture Agreement, SP has agreed to transfer all its rights, title and interests in the site at 21 St. Martine's Drive to TL. As a consideration, SK will transfer 480,000 ordinary shares in TL to SP.
Upon completion of the proposed transfer of shares in TL, SP will have 48% shareholding in TL and SK holds the remaining 52% shareholding. The board of directors of TL will comprises 4 members, 2 each from SP and SK.
The net book value and the market value of the land site at 21 St. Martins' Drive as at 31 December 2006 is approximately S$17,400,000.00 and S$18,500,000.00 respectively.
It is expected that upon completion of the sale of the Project, will have positive impact on the financial position of the Company for the financial year ending 31 December 2007 and thereafter.