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Thread: Bishopswalk site goes to Kajima for $134m

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    Default Bishopswalk site goes to Kajima for $134m

    Published April 13, 2007

    Kajima unit seen putting in top bid for Bishops Walk


    THE tender for the collective sale of Bishops Walk, a freehold development of 25 townhouses in the Bishopswalk/Bishopsgate area, is said to have drawn a top bid from a Kajima Overseas Asia unit.



    Prestigious location: The bid for the freehold development of 25 townhouses is said to be more than $130 million


    The bid is believed to be more than $130 million or $1,500 per sq ft of potential gross floor area including an estimated $15.6 million development charge.

    The 69,189 sq ft site is zoned for residential use with a 1.4 plot ratio and a height limit of five storeys.

    As Kajima is in the construction business, it should achieve a more economical breakeven cost for the new project it will develop, market watchers reckon. Their breakeven estimates for a five-storey condo range from about $1,900 to $2,000 psf.

    The District 10 site - in the prestigious Bishopsgate and Chatsworth Good Class Bungalow area - is close to the Indonesian and Egyptian embassies. It is not known if Kajima will tie up with a partner for the project.

    The tender for Bishops Walk, conducted by CB Richard Ellis, is said to have drawn seven or eight bids. Industry sources say that besides Kajima, contenders included Napier Properties, which bought Eng Lok Mansions last year, and BS Capital.

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    Default Bishopswalk site goes to Kajima for $134m

    Published April 17, 2007

    Bishopswalk site goes to Kajima for $134m

    Price achieved by en bloc sale is $1,544 psf ppr

    By ARTHUR SIM


    KAJIMA Overseas Asia has bought a residential redevelopment site at 2-50 Bishopswalk for $134 million through a collective sale.

    The price for the 69,189 sq ft District 10 site works out to $1,544 per square foot per plot ratio (psf ppr).

    The site has a 1.4 plot ratio and a five-storey height limit.

    The estimated breakeven price for a new condo is about $1,900 to $2,000 psf. The development charge (DC) is estimated at $15.58 million.

    CB Richard Ellis, which brokered the deal, said seven developers took part in a tender that closed on April 12.

    Kajima's vice-managing director Masao Hashimoto said: 'This acquisition reflects our confidence in the Singapore market and our plans to expand our portfolio based on our development experience worldwide.'

    Kajima also acquired Balmoral View in August 2006 and will launch a new 40-unit development there in Q3 this year.

    Also in District 10 is City Towers, which is for sale through an expressions-of-interest exercise with an indicative price of $239.8 million.

    This works out to be about $1,100 psf ppr including a development charge of around $1.7 million.

    The 104,535 sq ft site has a plot ratio of 2.1 and a 24-storey height restriction. Knight Frank, which is brokering the deal, says it is possible to build a 173-unit development with units of about 1,200 sq ft each.

    Jones Lang LaSalle (JLL) is marketing Gilstead View in District 11 for sale by tender, with an indicative price of $94 million to $99 million or $950-$1,000 psf ppr.

    The 35,510 sq ft has a plot ratio of 2.8 and a 30-storey building height.

    JLL says a 75-unit condominium with units of about 1,300 sq ft each can be built.

    JLL regional director and head of investments Lui Seng Fatt said: 'With the very positive market sentiments in District 9, 10 and 11 and a strong demand for prime residential apartments, we are confident that there will be an equally strong interest in this site, as shown in recent transactions.'

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