May 24, 2009 - The Business Times
Uma Shankari
THE $548 million sale of Gillman Heights Condominium to Ankerite Pte Ltd, a subsidiary of CapitaLand, was completed yesterday, the developer said in a statement. Ankerite will redevelop the site into a condominium with about 1,000 apartments.
The sale was not completed by the previous deadline of May 15, leading to some speculation that the collective sale might be off. But lawyers for the buyers and sellers quickly clarified that they were looking at the new deadline of May 22 instead.
The sale of the 99-year-leasehold estate on Alexandra Road dragged on for two years since the deal was first inked in 2007. The sale of Gillman Heights finally got the go-ahead this February after the Court of Appeal dismissed a last-ditch plea by minority owners to overturn the deal.
But last week, last-minute hurdles emerged.
One sticking point was the transfer of $750,000 from the management corporation's (MCST) management fund to the sinking fund in August 2007 and March 2008, which was discovered during the due diligence exercise.
The lawyers for the buyers wanted the transfer reversed. That issue, and a separate suit by a local contractor against the MCST, were both eventually resolved - clearing the way for the sale to go through.
Earlier reports had indicated that owners of the estate's 607 units stood to receive between $870,000 and $950,000 for their apartments.
Tuesday, May 26, 2009
Ferrell puts 80 RiverGate units back on market
May 24, 2009 - The Business Times
Emilyn Yap
FERRELL Asset Management, which counts Indonesia's Lippo Group as one of its investors, has put around 80 apartments at the RiverGate back on the market for sale, BT understands.
According to agents, a private preview began a few days ago and around 30 to 40 units have been taken up. The 545-unit freehold condominium in the Robertson Quay area received Temporary Occupation Permit in March, and was a joint development between CapitaLand and Hwa Hong Corporation.
The apartments on sale are spread over several floors and comprise three-bedders, four-bedders and penthouses. They are selling at $1,450 - $1,550 psf, one source said. Prices of lower-level units may even start from $1,380 psf.
According to Urban Redevelopment Authority data on caveats lodged, recent transactions of RiverGate units took place between $1,150 - $1,470 psf.
The seller of the apartments is believed to be fund manager Ferrell Asset Management. One of its funds, the Ferrell Premier Real Estate Investment Fund, had paid over $180 million for 100 units in 2005, bought in two separate tranches of 80 and 20 units.
Previous reports did not mention the per-square-foot price of the fund's units. When RiverGate was first launched in 2005, units were priced at $1,080 psf on average. That subsequently rose to $1,600 psf in the final phase of release in 2006.
Ferrell Premier Real Estate Investment Fund's website states that the fund invests in the 'high-yielding sector' of Singapore's property market.
'The objective of this sub-fund is to achieve returns of 10 - 15 per cent per annum through investments in properties with medium to long-term capital appreciation potential.'
BT understands that associates of Knight Frank and DTZ are marketing the units. Savills could also be marketing the units.
Emilyn Yap
FERRELL Asset Management, which counts Indonesia's Lippo Group as one of its investors, has put around 80 apartments at the RiverGate back on the market for sale, BT understands.
According to agents, a private preview began a few days ago and around 30 to 40 units have been taken up. The 545-unit freehold condominium in the Robertson Quay area received Temporary Occupation Permit in March, and was a joint development between CapitaLand and Hwa Hong Corporation.
The apartments on sale are spread over several floors and comprise three-bedders, four-bedders and penthouses. They are selling at $1,450 - $1,550 psf, one source said. Prices of lower-level units may even start from $1,380 psf.
According to Urban Redevelopment Authority data on caveats lodged, recent transactions of RiverGate units took place between $1,150 - $1,470 psf.
The seller of the apartments is believed to be fund manager Ferrell Asset Management. One of its funds, the Ferrell Premier Real Estate Investment Fund, had paid over $180 million for 100 units in 2005, bought in two separate tranches of 80 and 20 units.
Previous reports did not mention the per-square-foot price of the fund's units. When RiverGate was first launched in 2005, units were priced at $1,080 psf on average. That subsequently rose to $1,600 psf in the final phase of release in 2006.
Ferrell Premier Real Estate Investment Fund's website states that the fund invests in the 'high-yielding sector' of Singapore's property market.
'The objective of this sub-fund is to achieve returns of 10 - 15 per cent per annum through investments in properties with medium to long-term capital appreciation potential.'
BT understands that associates of Knight Frank and DTZ are marketing the units. Savills could also be marketing the units.
Monday, August 13, 2007
Ong Beng Seng and family buy condo block
Source : The Business Times
Aug 11, 2007
HOTEL Properties managing director Ong Beng Seng and his family members have bought an entire block of 180 apartments at Costa del Sol on Bayshore Road, for about $200.77 million or $820 per square foot, BT understands.
The units were sold by the 99-year leasehold project's developer, Japura Development Pte Ltd, a unit of Hong Kong tycoon Li Ka-shing's Cheung Kong Holdings. The 906-unit condo is now fully sold, concluding a 10-year episode for Japura. It bought the site for the condo in early 1997.
The shareholders in the entities that bought Costa del Sol's final block are said to include Mr Ong, his wife Christina, her brother David Fu and his wife. Mr Ong's brother, Beng Huat, also has a small stake.
The deal is said to have been driven by Mr Fu. All the 180 units in Block 70 boast unobstructed views of East Coast Park and the sea. They were sold for between $700 psf and $950 psf. The 180 apartments have a combined floor area of nearly 245,000 sq ft.
'The apartments are leased, which means the Ongs and Fus can enjoy immediate rental return on their investment; plus they can look forward to reaping capital appreciation in the not-too-distant future as this segment of the market has not gone up much,' said a seasoned market watcher.
Going by two recent deals in two other blocks in the development - $844 psf for a low-floor apartment and $1,108 psf for a higher-floor unit - the Ong/Fu consortium seems to be already in the money on its investment. The sale of the 180 apartments means that Japura has now fully sold the 906-unit condo, seven long years after it began marketing the project in May 2000. Japura's initial average price was $765 psf but by February 2005, it had trimmed this to $650 psf for a relaunch of about 600 available units then. The project, comprising seven 30-storey blocks, received Temporary Occupation Permit between 2003 and 2004.
Japura paid $683 million or $456 psf of potential gross floor area for the 427,300 sq ft site in January 1997, before the Asian financial crisis hit. Its bid was considered aggressive then, at least 30 per cent above market expectations. The second highest bid in that tender was $351 psf per plot ratio, made by a joint venture between Pidemco Land (now part of CapitaLand) and Malayan Credit (now known as MCL Land).
Aug 11, 2007
HOTEL Properties managing director Ong Beng Seng and his family members have bought an entire block of 180 apartments at Costa del Sol on Bayshore Road, for about $200.77 million or $820 per square foot, BT understands.
The units were sold by the 99-year leasehold project's developer, Japura Development Pte Ltd, a unit of Hong Kong tycoon Li Ka-shing's Cheung Kong Holdings. The 906-unit condo is now fully sold, concluding a 10-year episode for Japura. It bought the site for the condo in early 1997.
The shareholders in the entities that bought Costa del Sol's final block are said to include Mr Ong, his wife Christina, her brother David Fu and his wife. Mr Ong's brother, Beng Huat, also has a small stake.
The deal is said to have been driven by Mr Fu. All the 180 units in Block 70 boast unobstructed views of East Coast Park and the sea. They were sold for between $700 psf and $950 psf. The 180 apartments have a combined floor area of nearly 245,000 sq ft.
'The apartments are leased, which means the Ongs and Fus can enjoy immediate rental return on their investment; plus they can look forward to reaping capital appreciation in the not-too-distant future as this segment of the market has not gone up much,' said a seasoned market watcher.
Going by two recent deals in two other blocks in the development - $844 psf for a low-floor apartment and $1,108 psf for a higher-floor unit - the Ong/Fu consortium seems to be already in the money on its investment. The sale of the 180 apartments means that Japura has now fully sold the 906-unit condo, seven long years after it began marketing the project in May 2000. Japura's initial average price was $765 psf but by February 2005, it had trimmed this to $650 psf for a relaunch of about 600 available units then. The project, comprising seven 30-storey blocks, received Temporary Occupation Permit between 2003 and 2004.
Japura paid $683 million or $456 psf of potential gross floor area for the 427,300 sq ft site in January 1997, before the Asian financial crisis hit. Its bid was considered aggressive then, at least 30 per cent above market expectations. The second highest bid in that tender was $351 psf per plot ratio, made by a joint venture between Pidemco Land (now part of CapitaLand) and Malayan Credit (now known as MCL Land).
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