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Thread: CapitaLand acquires Char Yong Gardens for $420m, or $1,788 psf ppr

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    Default Char Yong Gardens up for collective sale

    Property firm Jones Lang LaSalle said yesterday that Char Yong Gardens, a freehold residential project on Hullet Road off Orchard Road, is up for collective sale.

    Jones Lang LaSalle reckons that the site could fetch 10 to 20 per cent more than the price fetched by the recent sale of The Parisian at Angullia Park, which earlier this year notched a record $1,735 per sq ft per plot ratio (psf ppr), inclusive of a development charge (DC).

    This works out to an estimated $1,900-2,100 psf ppr for Char Yong Gardens.

    The 93,300 sq ft site has a gross plot ratio of 2.8 - giving it a gross floor area of 261,000 sq ft. The maximum building height is 20 storeys.

    This could yield around 175 apartment units with an average size of 1,500 sq ft each, Jones Lang LaSalle estimates. The site comes with an estimated DC of $48 million.

    'With strong market interest for high-end units and potential launch price of $2,500 to $3,000 psf onwards for new launches in recent months, the end product at Char Yong Gardens could potentially fetch more than $3,000 psf,' said Lui Seng Fatt, the regional director and head of investments at Jones Lang LaSalle.

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    Default Char Yong sale may set new benchmark

    Published May 1, 2007

    Char Yong sale may set new benchmark

    It is said to have received an offer for $1,800 to $1,850 psf ppr

    By KALPANA RASHIWALA


    A NEW benchmark for residential land in Singapore could be set, if an offer received for the collective sale of Char Yong Gardens materialises into a deal, industry sources say.

    The freehold property, at the corner of Cairnhill and Hullet roads, is said to have received an offer for $1,800 to $1,850 per square foot of potential gross floor area recently from a joint venture (JV) that involves a fund, developer and other entities. The JV includes China and Singapore parties among others, BT understands.

    However, the terms of the offer have yet to be ironed out, with some sources suggesting they may be difficult for the owners to accept. 'There's no guarantee of a deal, but if one does materialise at the price range being talked about, it will be a new benchmark,' said a market watcher.

    The $1,800-1,850 psf per plot ratio (psf ppr) that the JV is said to have offered for Char Yong Gardens would topple the current record of $1,735 psf ppr set by The Parisian at Angullia Park in December last year.

    The $1,800-1,850 psf ppr price includes an estimated $48 million development charge.

    Based on this price range, the absolute price payable to Char Yong Gardens' owners would work out to $422 million to $435 million.

    Char Yong Gardens has a freehold land area of about 93,300 sq ft and is zoned for residential use with a 2.8 plot ratio (the ratio of maximum potential gross floor area to land area) and a 20 storey maximum height. Jones Lang LaSalle is marketing the property.

    Some market watchers note that $1,800 to $1,850 psf ppr is 17 to 20 per cent higher than $1,542 psf ppr that Sing Holdings paid in March for the nearby Hillcourt Apartments.

    Other key collective sale sites transacted in the location over the past year or so includes Silver Tower (next to Char Yong Gardens) which was sold in September last year for $1,107 psf ppr to CapitaLand.

    And there is the $880 psf ppr price that SC Global paid in the first half of last year for Hilltops Apartments at Cairnhill Circle and 16 adjoining terrace houses.

    In fact, SC Global and CapitaLand are said to have indicated interest in Char Yong Gardens when its tender closed a few weeks ago. But their offers were probably below the reserve price set by owners, reckoned market watchers.


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    Default CapitaLand acquires Char Yong Gardens for $420m, or $1,788 psf ppr

    CapitaLand acquires Char Yong Gardens, a freehold site in the prime Orchard Road district
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    Default Re: CapitaLand acquires Char Yong Gardens for $420m, or $1,788 psf ppr

    CapitaLand acquires Char Yong Gardens en bloc for S$420m

    By Loh Kim Chin, Channel NewsAsia | Posted: 12 June 2007 1924 hrs



    SINGAPORE : CapitaLand is buying Char Yong Gardens at Orchard Road through a collective sale for S$420 million.

    The amount includes a S$47 million development charge.

    The 93,000 square foot freehold site has a gross plot ratio of 2.8.

    The cost works out to slightly under S$1,800 per square foot per plot ratio.

    CapitaLand plans to build a 20-storey luxury condominium with about 130 apartments.

    The project is expected to be launched at the end of 2008.

    The developer is currently in talks with Wachovia Development Corporation to develop the site through a 50-50 joint venture.

    Wachovia is a wholly-owned unit of one of the largest diversified financial services groups in the US.

    CapitaLand plans to increase its presence in the Singapore residential market through such strategic partnerships.

    Since 2005, it has acquired four residential sites and one mixed development site in various districts.

    CapitaLand says it will continue to acquire prime sites to augment its existing landbank. - CNA /ls

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    Default Re: CapitaLand acquires Char Yong Gardens for $420m, or $1,788 psf ppr

    Published June 13, 2007

    Char Yong Gdns sold for record $1,788 psf ppr

    CapitaLand signs sale and purchase agreement for $420 million

    By KALPANA RASHIWALA


    (SINGAPORE) Setting a new benchmark price for residential land in Singapore, CapitaLand has bought Char Yong Gardens at the corner of Cairnhill and Hullet roads at a unit land price of $1,788 psf of potential gross floor area inclusive of development charges payable to the state.


    Char Yong Gardens: Will be redeveloped into a 20-storey condo of about 130 apartments with the project slated for launch at end-2008

    The 93,274 sq ft freehold site is next to the Silver Towers plot which CapitaLand bought in September last year for $1,107 psf per plot ratio (psf ppr). The average land cost of the two sites works out to about $1,400 psf ppr. It remains to be seen if CapitaLand will amalgamate the two plots for a single project.

    Prior to yesterday's deal, the record price for residential land was $1,735 psf ppr set by the sale of The Parisian at Angullia Park in December last year to Overseas Union Enterprise.

    CapitaLand said yesterday it has signed a sale and purchase agreement to acquire Char Yong Gardens through a collective sale for $420 million. The unit land price of $1,788 psf ppr is inclusive of a $47 million development charge.

    Market watchers reckoned CapitaLand's break-even cost for a new condo on the site could be around $2,200 to $2,300 psf.

    Char Yong's unit land price is 16 per cent higher than the $1,542 psf ppr that Sing Holdings paid in March this year for the nearby Hillcourt Apartments.

    Jones Lang LaSalle brokered the collective sale of Char Yong Gardens.

    The sale to CapitaLand was agreed following the lapse of an earlier offer made in late April by a joint venture involving China, Indonesia and Singapore entities. But that offer is believed to have had a series of conditions.

    CapitaLand's acquisition of Char Yong Gardens is subject to approval from the Strata Titles Board. Consent from owners controlling at least 80 per cent of share values at Char Yong Gardens has been obtained, JLL regional director and head of investments Lui Seng Fatt confirmed yesterday.

    CapitaLand said yesterday it is in talks with Wachovia Development Corporation to develop the Char Yong site through a 50:50 joint venture. The company is a wholly owned subsidiary of Wachovia Corporation, one of the biggest diversified financial services groups in the US, through which certain real estate activities are transacted.

    For now, the plan is to redevelop the Char Yong plot into a 20-storey condo with about 130 biggish apartments. The project is slated for launch in end-2008.

    CapitaLand said that since 2005, it has bought four residential sites and one mixed development plot in Singapore. These include Gillman Heights, for which it has partnered Hotel Properties and two funds. 'The company will continue to seize opportunities to acquire prime sites to augment its existing landbank,' it said.

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    Default Re: CapitaLand acquires Char Yong Gardens for $420m, or $1,788 psf ppr

    June 13, 2007

    Orchard condo sold en bloc for record $1,788 psf ppr

    CapitaLand pays $420m for Char Yong Gardens

    By Joyce Teo, Property Reporter



    STRONG INTEREST: The Char Yong Garden deal beats the previous record set more than five months ago by The Parisian, which is across the road from Wheelock Place, at $1,735 psf ppr.


    INTEREST from property developers in building new residential projects is still red- hot after a new collective sale record was set yesterday, and a residential plot went for nearly double the reserve price.

    In the collective sale, CapitaLand is paying $1,788 per sq ft per plot ratio (psf ppr), or $420 million, for a freehold Orchard Road site just behind The Heeren.

    The price for Char Yong Gardens includes a $47 million development charge.

    It beats the previous record set more than five months ago by The Parisian, which is across the road from Wheelock Place, at $1,735 psf ppr.

    An earlier deal for Char Yong Gardens that would have set a higher record of $1,800 psf ppr to $1,850 psf ppr failed to materialise.

    The 106-unit condominium sits on a 93,274 sq ft site and is next to Silver Tower, which CapitaLand bought last September for a much lower $1,107 psf ppr.

    The developer said it would consider the possibility of amalgamating the plots.

    But for now, it is planning a luxurious 20-storey condo with about 130 generously sized units on the Char Yong Gardens site to be launched at the end of next year.

    The Silver Tower project could be launched around the end of this year.

    In a statement yesterday, CapitaLand said it is currently in talks with United States-based Wachovia Development to develop the Char Yong Gardens site through a 50:50 joint venture.

    'Through such strategic partnerships, CapitaLand will continue to increase its presence in the Singapore residential market,' said CapitaLand Residential chief executive Patricia Chia.

    Indeed, the two parties had tendered for a 124,876 sq ft 99-year leasehold Dakota Crescent plot, but had come up fourth with a bid of $203.68 million.

    The site saw strong demand, as evident from the 15 bids received, of which four were above $200 million.

    A 50:50 joint venture between Ho Bee Investment and ChoiceHomes Investments topped the tender with a bid of $228.89 million or $524 psf ppr - nearly double the reserve price of $115.8 million or $265 psf ppr.

    Mr Li Hiaw Ho, executive director of CBRE Research, said the price will translate into a break-even price of about $900 psf for the new condo.

    'The optimistic bid reflects developers' confidence in mid-tier residential projects in the fringe areas as seen in the successful sales of One North Residences at Buona Vista and Sky @ Eleven at Thomson,' he said.

    'The site is at the fringe of the city, near the sports hub. The Dakota MRT station will be ready when it is completed in 2010,' said Ho Bee general manager of marketing and business development Chong Hock Chang.

    He said the new condo, a mid- to high-end product, should be ready for launch in the second quarter of next year.

    Meanwhile, in a separate statement, Hong Fok said it has obtained provisional permission to redevelop part of The Concourse in Beach Road, which has a 41-storey office tower, a three-storey mall and a nine-storey block of service apartments.

    The revamp, if done, will do away with the service apartments to add mainly two new blocks of residential flats. The new space will have a gross floor area of about 47,800 sq m. The office block will not be affected.

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