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Thread: Group wins City Hall site

  1. #1
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    Default Group wins City Hall site

    http://www.businesstimes.com.sg/sub/...10491,00.html?

    October 27, 2010, 5.29 pm (Singapore time)

    $250m bid for Stamford Road site

    By EMILYN YAP


    The Urban Redevelopment Authority (URA) on Wednesday awarded the tender for a commercial site at Stamford Road/North Bridge Road to Capitol Retail Management, Capitol Hotel Management and Capitol Residential Development, which submitted a bid of $250 million.

    The winning concept proposal features a development with 'an attractive mix of hotel, retail, entertainment and residential uses', URA said.

    There will be a new 15-storey building which will house four floors of retail and F&B stores and prime residential apartments above it.

    Capitol Building and Stamford House will be restored into a new luxury 5-star hotel, while Capitol Theatre will be transformed into a cinema cum performance theatre.

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    Default Group wins City Hall site

    http://www.straitstimes.com/Breaking...ry_595969.html

    Oct 27, 2010

    Group wins City Hall site

    By Esther Teo


    The 99-year leasehold parcel contains a cluster of three historically and architecturally significant buildings - Capitol Theatre, Capital Building and Stamford House. -- ST PHOTO: WANG HUI FEN

    Award of tender for commercial site at Stamford Road/ North Bridge Road

    AN ICONIC stretch of colonial buildings on Stamford Road will be transformed into a vibrant retail, hotel, residential and arts precinct after the plum site was sold for $250 million on Wednesday.

    A new 15-storey building with shops, eateries and apartments, will rise above the conserved heritage buildings Stamford House, Capitol Building, Capitol Theatre and Capitol Centre as part of the $700 million redevelopment. The winner of a closely-watched tender for the 1.43 ha 99-year leasehold site was announced on Wednesday by the Urban Redevelopment Authority (URA). It is a consortium formed by Mr Pua Seck Guan, the founder of Perennial Real Estate Group, Pontiac Land's Mr Kwee Liong Seen and Top Global.

    It came out tops with the highest bid of three shortlisted tenderers, whittled down from an original 14 submissions. Capitol Building and Stamford House will be restored and converted into a new luxury 5-star hotel, while Capitol Theatre will be transformed into a unique cinema cum performance theatre with up to 1,000 seats.

    Theatre groups will be given in-residence status to use the theatre and stage performances for part of the year. The remaining part of the year will be used by film distributor Golden Village. 'To be transformed into a single-screen cinema with the largest seating capacity in Singapore, it will be a choice venue for red carpet movie premieres and film festivals,' the URA said.

    Under the tender, a quarter of the land parcel's gross floor area (GFA) of 50,389 sqm had to be used for hotel related uses. The winning bid - which translates to $461 per sq ft (psf) of GFA was 5 per cent higher than CapitaLand's $238.2 million bid. Private equity firm Gaw Capital Partners was third with a $130.1 million bid.

    The new 15-storey building, will house four floors of retail, and food and beverage stores, with some 80 apartments ranging from 99 sqm to 220 sqm above that, Perennial Real Estate said. The URA said that as the new building is curved, the conserved theatre will become the centrepiece of the development. It would also lend an elliptical form to a sheltered civic plaza to be used as a public space for events and performances.

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    Default Another shot at glory for Capitol site

    http://www.businesstimes.com.sg/sub/...95940,00.html?

    Published October 28, 2010

    Another shot at glory for Capitol site

    Winning group plans to build iconic hotel, theatre, retail and residential development at landmark site

    By KALPANA RASHIWALA


    (SINGAPORE) The landmark site that includes Capitol Theatre, Capitol Building and Stamford House is ready for a makeover. It has been awarded to a partnership comprising a syndicate of investors arranged by Pua Seck Guan's Perennial Real Estate, Kwee Liong Seen's Chesham Properties, and Sukmawati Widjaja's Top Global group for $250 million or $460.93 per square foot per plot ratio.

    The winning bid was the highest price offered among three tenderers whose concept proposals were shortlisted from the initial list of 14 submitted to the Urban Redevelopment Authority on Aug 18.

    The group that won the tender is expected to invest about $700 million in total (including land price) to transform the site into an iconic hotel, theatre, retail and residential development. The group is allocating about half of the 542,382 sq ft maximum gross floor area to retail and entertainment use, with 25 per cent each for hotel and residential use.

    'The project, including the hotel, will retain the name Capitol, as it has a lot of history and can rival The Raffles Hotel,' said Perennial CEO Mr Pua. 'We intend to restore the glory of Capitol - a brand name familiar to many Singaporeans. Historically, the location was famous for Capitol Theatre; but there was also a vibrant retail trade along High Street and there were city apartments.'

    US-based architectural firm Richard Meier & Partners will work with Architects 61 of Singapore to design the project.

    Capitol Theatre, Capitol Building and Stamford House will be conserved and restored while Capitol Centre will be torn down to make way for a new 15-storey building that will also have four basements. Basements 3 and 4 will be for car parking while Basements 2 to Level 2 will be for retail. Above that will be about 80 apartments of about 1,066 sq ft to 2,368 sq ft, which will be sold to help part finance the development.

    A five-star hotel with over 200 rooms will be housed on the second to fourth levels of the four-storey Capitol Building and Stamford House.

    Capitol Theatre will be transformed into a single-screen cinema with the largest seating capacity in Singapore (some 800 to 1,000 seats) to be operated by Golden Village for most of the year. The building will also alternate as a performance venue for in-residence theatre groups for the rest of the time.

    It will be a choice venue for red carpet movie premiers and film festivals.

    There will be concept retail stores for international brands on the ground level of Capitol Building while the ground level of Stamford House will feature signature restaurants related to the hotel operator.

    The existing street between Capitol Theatre and Stamford House/Capitol Building will be transformed into a pedestrianised, glass-covered galleria lined with F&B outlets. The galleria and the sheltered civic plaza will provide pedestrian connectivity throughout the Capitol site and with the surroundings. There will be an underground link to City Hall MRT Station

    'We've some names in mind for the hotel operator. Our partners also own hotels managed by external parties,' Mr Pua said, referring to Mr Kwee, who is one of the four brothers who control the Pontiac Group in Singapore, which owns luxury hotels such as The Ritz-Carlton, Millenia Singapore, and The Regent Singapore.

    Ms Widjaja, sister of tycoon Oei Hong Leong, also owns hotels in Indonesia and China.

    'We intend to complete the project in about three to four years,' Mr Pua said. URA has given the group up to eight years to complete the project.

    URA said that the concept proposal from the successful tenderer offers a high quality development with an attractive mix of uses and 'befitting of its prominent location within the Civic District and its rich architectural heritage'.

    Under the dual-envelope tender system for the sale of this site, the 14 tenderers were required to submit their concept proposals and tender prices in two separate envelopes. At the first stage, only the concept proposals were evaluated against a set of pre-stated criteria. Those who met the mark proceeded to the second stage, where the price envelopes of the short-listed bidders were opened and the site awarded to the tenderer with the highest bid price among them.

    The other two short-listed tenderers were CapitaMalls Asia and its parent CapitaLand (with a bid of $238.2 million) and a consortium that included private equity group GAW Capital Partners ($130.1 million).

    BT understands that the winning bid of $250 million was not the highest price among the 14 submissions.

    The top price offer is believed to have crossed the $400 million mark and market watchers say the scheme would probably have involved a more substantial residential component for sale.


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    http://www.businesstimes.com.sg/sub/...10702,00.html?

    Published October 29, 2010

    HOT STOCKS

    Top Global surges on iconic site bid, property project hopes

    By JAMIE LEE


    SHARES of Top Global - a Catalist-listed company led by Sukmawati Widjaja of the influential family in Indonesia - surged in active trading yesterday after making its first mark in the property scene and signalling that more property projects were on the cards.

    It was the most active stock, with some 647 million shares changing hands. The shares ended at one cent, up from half a cent - or doubling in value in a single day after an intra-day high of 1.5 cents.

    Top Global was part of the consortium that made a successful $250 million bid for an iconic site that includes Capitol Theatre, Capitol Building and Stamford House, it said yesterday.

    With its partners - Pontiac Land's Kwee Liong Seen and Pua Seck Guan, founder of Perennial Real Estate Group and former chief executive of CapitaMall Trust Management - Top Global plans to turn the historic area into a hotel, theatre, retail and residential development.

    About half of the 542,382 square feet maximum gross floor area would be set aside for retail and entertainment use, while 25 per cent each of space would be for hotel and residential use.

    Separately, Top Global also announced the granting of stock options to three individuals as part of two joint ventures forged to look into property projects.

    Through its subsidiary Winsland Resources, Top Global has entered into a joint venture with an individual investor Li Jian Min.

    The partners, through joint-venture firm Sunshine Capital (Asia) Ltd, are expected to establish a company in Beijing to secure an exclusive right to lease and acquire hotels near transportation points such as airports and railway stations in China, as well as set up and manage an investment fund to acquire these hotels with the intention to subsequently list the company (the joint-venture business).

    Winsland would hold a 60 per cent stake in Sunshine, which will have a paid-up capital of $2 million, with Mr Li holding the remaining 40 per cent.

    Winsland's $1.2 million contribution would be funded through internal resources. Mr Li's $800,000 contribution will come as a loan to him from Winsland.

    Mr Li was granted an option for 50 million shares in Top Global with an exercise price of two cents per option share.

    The option will expire 12 months from May 1 next year. Top Global currently has some 10.77 billion shares.

    Top Global also entered into a second joint venture with two individuals, Dennis Yong and Hong Eng Leong, to look into real estate development, real estate agency, trading of building materials and supplies, among others.

    Top Global will own 70 per cent of the joint venture through its subsidiary, Global Real Estate Investment, with the two men taking a 15 per cent stake each. Top Global will contribute $3.5 million to the $5 million paid-up capital through internal resources.

    As part of the joint venture, Top Global also granted options for 100 million shares at an exercise price of three cents per option share to each of the two men.

    The options, which are subject to further terms and conditions in the joint-venture agreement, will expire in October 2012.

    Top Global said the individuals are business associates of the company but did not give details. The completion of the option grants are subject to approvals from the regulatory authorities.

    Top Global has had ambitions to enter the property markets of Singapore, China and Indonesia after Ms Widjaja took control of the company at the start of the year, she told BT in an interview in January.

    The company - which got rid of its assets relating to the construction business to focus on property - is also run by Ms Widjaja's eldest child and only son Hano Maeloa.

    Ms Widjaja's business experience was built from managing the Widjaja family business - the powerful Indonesian conglomerate Sinar Mas Group - with her siblings for about 40 years.

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