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Thread: Sing Hldgs inks deal to buy Hillcourt Apts for $361m

  1. #1
    mr funny is offline Any complaints please PM me
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    Default Hillcourt Apartments up for sale at $370m

    Published February 8, 2007

    Hillcourt Apartments up for sale at $370m


    HILLCOURT Apartments on Cairnhill Road is being put up for sale through an expression of interest, with an indicative price of $370 million.

    This works out to about $1,550 psf per plot ratio, inclusive of an adjoining strip of state land. The unit land cost is about 40 per cent higher than the $1,107 psf ppr achieved for the next-door Silver Tower, which was sold to CapitaLand in September last year for $161 million.

    Savills Singapore, which is marketing Hillcourt Apartments and which also brokered the sale of Silver Tower, said that the 76,059 sq ft freehold Hillcourt Apartments site can be redeveloped into a new project with a gross floor area (GFA) of about 234,095 sq ft, retaining the existing GFA of the estate, subject to approval from the authorities.

    This surpasses the maximum GFA based on the 2.8 plot ratio (ratio of potential maximum gross floor area to land area) allowed for the site under Master Plan 2003.

    'This means that the winning bidder need not pay any development charge,' Savills said in a release yesterday.

  2. #2
    mr funny is offline Any complaints please PM me
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    Default Re: Hillcourt Apartments up for sale at $370m

    7 February 2007

    Hillcourt Apartments – A Prime Residential Redevelopment Site which is “just a stone’s throw away from Orchard Road”, is up for collective sale by Expressions of Interest

    Savills Singapore is pleased to announce the launch for collective sale of a prime residential redevelopment site – Hillcourt Apartments through an Expressions of Interest.

    The 35-year old residential development is located on an approximately 76,059 sq ft of prime residential land at 38 Cairnhill Road. “Subject to approval from the relevant authorities, the redevelopment site will enjoy a permissible Gross Floor Area of about 21,748.15 sqm, which exceeds the permissible plot ratio of 2.8 as in the Master Plan 2003. This means, that the winning bidder need not pay any development charge. It is also possible to alienate an adjoining piece of state land of about 1,600 sq ft and benefit from its additional potential gross floor area,” said Steven Ming, Director of Investment Sales at Savills Singapore who is handling the sale.

    Based on the combined site of Hillcourt Apartments and the state land, it may be possible to develop an exclusive luxurious condominium comprising 95 units of 2,500 sq ft with a height restriction of up to 20 storeys. The property, which is located on an elevated land, is within minutes stroll to Orchard Road’s premier retail malls such as Paragon, Heeren, Centrepoint Shopping Centre and the 2 new shopping malls that will be developed on the former Glutton Square and Somerset Central carpark sites. It is also a mere 5 minute walk to Somerset MRT station. In addition, its proximity to Paragon and Mount Elizabeth’s specialist medical centres has always been a magnet for wealthy foreign buyers to want to own a property in the vicinity.

    “The aggressive bidding for prime residential sites located in the vicinity of Orchard Road, such as Parisian, Ardmore Point, Pin Tjoe Court etc reflects developers bullish view of the upper end residential market, brought upon by the strong demand for high-end and luxury apartments by foreign and local buyers,” said Steven Ming.

    “We believe the completion of the 2 new shopping malls on the former Glutton Square and Somerset Central carpark sites will further add to the vibrancy of Orchard Road and its attraction for developers to want to own this prime offering. In fact, Hillcourt Apartment’s location is possibly one of very few remaining freehold residential sites within walking distance to Orchard Road that is capable of a collective sale. Many sites have been sold in the past 18 months,” added Mr Ming.

    The Parisian, which was sold for S$1,735 ppr recently, is the latest in a string of residential collective sales near Orchard Road.

    The Collective Sale of Hillcourt Apartments has an indicative price guide of S$370 million or about S$1,550 ppr.
    Hillcourt Apartments is being marketed both locally and regionally, through Savills regional investment offices, in Hong Kong, China, Japan, Europe, United Kingdom and here in Singapore.

    The tender is expected to close at 3pm on the 21st of March 2007.

  3. #3
    mr funny is offline Any complaints please PM me
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    Default Sing Hldgs inks deal to buy Hillcourt Apts for $361m

    March 22, 2007, 1.07 pm (Singapore time)

    Sing Holdings to buy property for $361m

    SINGAPORE - Singapore property firm Sing Holdings Ltd said on Thursday that it has agreed to buy a property in Singapore for $361 million (US$237 million).

    The property is zoned for residential development. -- REUTERS
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    Last edited by mr funny; 22-03-07 at 16:19.

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    Default Sing Hldgs inks deal to buy Hillcourt Apts for $361m

    Published March 23, 2007

    Sing Hldgs inks deal to buy Hillcourt Apts for $361m


    SING Holdings has signed a conditional agreement to buy the freehold Hillcourt Apartments on Cairnhill Road for $361 million or about $1,542 per square foot (psf) of potential gross floor area (GFA).

    Development plan: Sing Holdings plans to develop a new 20-storey condo at the site of Hillcourt Apartments

    The price is about 75 per cent higher than the $880 psf per plot ratio (ppr) that SC Global paid in H1 2006 for Hilltops Apartments at Cairnhill Circle and 16 adjoining terrace houses, reflecting the surge in prime land values in Singapore over the past year.

    The unit land price for Hillcourt Apartments also beats the $1,107 psf ppr that CapitaLand paid for the next-door Silver Tower in September last year. Both the Silver Tower and Hillcourt en bloc sales were handled by Savills Singapore.

    Sing Holdings will not have to pay a development charge (DC) for the Hillcourt site up to the existing development's GFA of 234,095 square feet, which works out to 3.0778 times the land area of 76,059 sq ft. However, if Sing Holdings decides to tap an additional 10 per cent GFA allowed for balcony space, it will have to pay a DC.

    Nonetheless, this will lower Sing Holdings' unit land price to $1,444 psf ppr, according to Sing Holdings managing director Lee Sze Hao.

    Mr Lee also said the group will once again team up with US-based fund Forum for its acquisition of Hillcourt Apartments, although the respective stakes of the two parties have yet to be finalised.

    The companies worked together for the earlier purchase of Finland Gardens in the East Coast and Bellerive at Keng Chin Road.

    Sing Holdings' break even cost for a new condo project on the Hillcourt site could be about $2,000 psf, factoring in rising construction costs, BT understands.

    Mr Lee said the company is looking to develop a new 20-storey condo with about 180 units ranging from 1,500 to 1,800 sq ft. The project could be launched around the final quarter of next year.

    The tender for Hillcourt Apartments closed on Wednesday, attracting several bids, Savills said yesterday. The highest was from Sing Holdings.

    Owners of Hillcourt's existing 100 apartments and two penthouses will receive $3.46 million per apartment and $7.26 million per penthouse.

    These sums are about 60 per cent higher than if the units had been sold individually.

    Sing Holdings said in its release to the Singapore Exchange that its purchase of Hillcourt Apartments is subject to a permissible GFA of 234,095 sq ft, and approval from the Strata Titles Board.

  5. #5
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    Default Sesdaq firm pays big bucks for Cairnhill plot

    March 23, 2007

    Sesdaq firm pays big bucks for Cairnhill plot

    $361m buy by Sing Holdings comes in the wake of bullish market sentiment

    By Joyce Teo, Property Correspondent

    A TINY-TOT firm worth just $97 million is making a $361 million bet on the Orchard area property market by buying a prime Cairnhill Road estate.

    Sing Holdings is clearly counting on prices in the coveted area to keep soaring, to ensure its massive investment in freehold Hillcourt Apartments pays off.

    'The buzz is in Orchard,' said managing director Lee Sze Hao. 'It is hard to get such a site, just a three-minute walk to Orchard Road.'

    But the numbers are daunting. Sing Holdings will fork out a mind-boggling $1,542 per sq ft (psf) per plot ratio for the estate, well above the $1,107 psf that property giant CapitaLand paid last year for Silver Tower next door.

    Hillcourt has 102 units. Owners will each get $3.46 million, with the owners of the two 4,241 sq ft penthouses each collecting $7.26 million.

    Sing Holdings will spread the risk by recruiting partners - perhaps from the United States or Hong Kong - to shoulder about half the deal, said Mr Lee, who is confident his gamble will pay off.

    'I am very bullish about the area. There will also be two new malls coming up in Somerset,' he said.

    Sing Holdings, a long-time but recently listed developer, is capitalised at about $97 million on Sesdaq. It plans to launch a high-end project with 160 to 180 two- to three- bedroom units next year.

    Mr Lee said his break-even cost is around $2,000 psf to $2,100 psf, which will allow him to easily achieve a minimum sale price of $2,300 psf to make it worth his while.

    Mr Steven Ming of Savills Singapore, which brokered the $361 million sale, said Sing Holdings could sell a new development on the site for about $2,500 to $2,600 psf.

    'This won't be too difficult to achieve,' said Mr Lee.

    'There's a lot of potential in the area. In the vicinity, developers like SC Global and WingTai will be pitching prices of $2,500 to $2,800 psf.'

    The area's boom feel is a far cry from last June when the tender for Silver Tower closed with only four bids and all below the reserve price.

    Sing Holdings' purchase will allow it to participate in the bull run of a prime area normally reserved for the property world's big guns.

    Wing Tai could soon launch its Phoenix Mansion site, next to The Light @ Cairnhill, for about $2,500 psf, market sources said.

    High-end developer SC Global, for example, will launch its Hilltops condo this year with prices perhaps reaching as high as $3,000 psf. It bought the site for under $1,000 psf last April.

    Sing Holdings has two potential partners in the wings to help it spread the risk.

    United States-based fund Forum Asian Realty Income II, which holds 4.8 per cent of Sing Holdings, is expected to invest and could take up to 40 per cent, said Mr Lee.

    The fund, which has bought a block of flats in a prime Draycott condo, previously linked up with Sing Holdings to buy two sites, taking a 30 per cent stake in each. A Hong Kong property investment firm has also indicated an interest in taking a 20 per cent share, though its final stake, if any, could be less.

    Sing Holdings has sold its Shanghai operations, resulting in a cash inflow of $81 million, which it is investing in the market here, said Mr Lee.

    Other small local developers have joined with foreign funds to buy costly sites in order to cash in on a hot market.

    Chip Eng Seng, for one, tied up with US investment bank Lehman Brothers and US-based hedge fund Citadel Investment Group to develop properties here.

    There could be more ventures with funds in future, said Credo Real Estate managing director Karamjit Singh.

    'There are foreign funds from the US and Middle East, which are looking to participate in the local property development market.'

    [email protected]

  6. #6
    joe Guest

    Default Re: Sing Hldgs inks deal to buy Hillcourt Apts for $361m

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