Published January 28, 2011

CapitaLand buys Marine Point

By EMILYN YAP


CAPITALAND has signed a sale and purchase agreement to buy Marine Point en bloc and redevelop it into a 150-unit condominium.


It will pay $100.68 million for the freehold site, and an estimated development charge of $12.8 million. The total acquisition cost works out to $1,056 per square foot per plot ratio.

The deal is subject to the Strata Titles Board's approval and is expected to be completed in the third quarter of this year.

Marine Point, located along Marine Parade Road, sits on a 51,185 sq ft site and has a maximum gross floor area of 107,488 sq ft.

It was put up for collective sale in October last year with a $110 million price tag.

CapitaLand plans to redevelop the site into a condominium with one-bedroom plus study and two-bedroom apartments. The project should be ready for launch in the first half of next year.

'For the new development, we will be maximising its height to approximately 19 storeys. This will give the majority of the apartments a good view of the surrounding skyline and the sea,' said CapitaLand Residential Singapore CEO Wong Heang Fine.

'We are confident that we will see strong buyer support from young families as well as professionals who have grown up in the area.'

Marine Point is opposite Parkway Parade shopping mall and is within walking distance of East Coast Park. It is also near schools such as Tao Nan School and CHIJ (Katong) Primary School.

Next to the estate is Parc Seabreeze, where units changed hands at $1,256-$1,430 psf between October and November last year, based on caveats lodged.

The purchase of Marine Point will bring CapitaLand's pipeline of homes in Singapore to over 2,600 units.

CapitaLand lost four cents yesterday to end trading at $3.65.


Source; www.businesstimes.com.sg

05:55 AM Jan 28, 2011

SINGAPORE - CapitaLand has agreed to buy Marine Point for $100.68 million through a collective sale, the developer said yesterday.

Inclusive of an estimated development charge of $12.8 million, the total acquisition cost works out to $1,056 per sq ft per plot ratio.

CapitaLand plans to redevelop the site into a condominium with 150 units, comprising one-bedroom plus study and two-bedroom apartments, bringing its pipeline of homes in Singapore to a total of over 2,600 units.

Located along Marine Parade Road, Marine Point sits on a 51,185 sq ft freehold site with a maximum gross floor area of 107,488 sq ft. There are 32 apartments in the existing development. The completion of the transaction, expected to take place in the third quarter of the year, is subject to the approval of the Strata Titles Board.

CapitaLand Residential Singapore chief executive Wong Heang Fine said: "For the new development, we will be maximising its height to approximately 19 storeys. This will give the majority of the apartments a good view of the surrounding skyline and the sea. We plan to have the new development ready for launch in the first half of 2012."

Source: www.todayonline.com

Published January 26, 2011

CDL moves in on Tanglin Shopping Centre
Marine Point being sold en bloc for about $1,000 psf ppr

(SINGAPORE) The tender for Tanglin Shopping Centre's collective sale closed yesterday and is understood to have drawn at least one submission - from City Developments Limited (CDL).

The reserve price for the en bloc sale is said to be $1.25 billion, working out to a whopping unit land price of about $4,000 per square foot of potential gross floor area, assuming the freehold site is redeveloped. Market watchers find it hard to believe that CDL would be prepared to pay such a price, suggesting some conditions could have been attached to its bid.

CDL's London-listed hotel unit Millennium & Copthorne Hotels, through its wholly-owned unit King's Tanglin Shopping Pte Ltd, owns 85 strata retail and office units as well as all 325 carpark lots in the development, reflecting more than 30 per cent interest in Tanglin Shopping Centre's total strata area, based on earlier reports. The carpark lots are in the basement as well as in a rear multi-storey building.

M&C revealed in June last year that it had signed the Collective Sale Agreement for the sale of its strata-titled interest in the complex.

When contacted yesterday evening, Jean Goh, senior marketing director of ERA Realty Network, the marketing agent for Tanglin Shopping Centre's collective sale, said: 'We cannot comment at this point in time as we are still in the midst of negotiation.'

Based on Tanglin Shopping Centre's existing strata area of about 380,000 sq ft (comprising shops, offices, medical suites and carparking space), the $1.25 billion reserve price works out to about $3,300 per square foot.

Tanglin Shopping Centre has a freehold land area of about 68,512 sq ft. It is zoned for commercial use with a 4.2+ plot ratio under Master Plan 2008. ERA has previously said the property has potential for a mixed development comprising residential and retail units or commercial office cum retail and/or a hotel annex.

Assuming the authorities allow a new commercial development on the site built up to the existing gross floor area (GFA) of 313,437 sq ft with no development charge (DC) payable, the $1.25 billion reserve price would work out to $3,988 per square foot per plot ratio (psf ppr).

However, a DC may be payable for a mixed development scheme that includes a residential component, sources suggest.

The building's existing GFA slightly exceeds the maximum 287,750 sq ft allowed for the site under Master Plan 2008.

Tanglin Shopping Centre currently consists of 363 units of retail, office and medical units, plus the 325 carpark lots in the basement and eight-level multistorey carpark.

Market watchers say that the interest by CDL, which is part of Singapore's Hong Leong Group, in the property is expected, given the group's stronghold in the area. Besides its stake in Tanglin Shopping Centre, the group also has stakes in St Regis Singapore next door, Orchard Hotel and Palais Renaissance.

Separately, BT has learned that a collective sale deal for Marine Point at Marine Parade Road could take place soon. The price of the 51,185 sq ft freehold site is said to be about $95 million, or slightly below $1,000 psf ppr inclusive of DC. Selangor Dredging has been tipped as the potential buyer. Marine Point has a 2.1 plot ratio, which means it can be built into a new project with up to 107,489 sq ft GFA

Source: www.businesstimes.com.sg

Published October 21, 2010

By UMA SHANKARI

MARINE Point, a freehold residential development at Marine Parade Road, is up for collective sale with a $110 million price tag.

The indicative price for the 18-storey block works out to $1,116 per square foot per plot ratio (psf ppr), including an estimated development charge of $10 million.

The project has a site area of 51,185 sq ft and a 2.1 gross plot ratio, giving a maximum gross floor area of 107,489 sq ft.

The existing development comprises 30 apartments and two penthouses.

ERA Asia Pacific, which is conducting the public tender for the sale, estimates that the site can be re-developed to accommodate around 90-100 apartments averaging 1,000 sq ft each.

More than 80 per cent of the owners by share value and strata floor area have signed the collective agreement. The tender for Marine Point closes at 3.30pm on Nov 18.

Separately, the Urban Redevelopment Authority (URA) said yesterday that it has accepted an application from an unnamed developer to put up a 30-year leasehold industrial site at Pioneer Road North/Soon Lee Street for sale.

The 1.44 hectare land parcel was made available for sale through the government's Reserve List system on May 27 this year. Sites on the Reserve List are only put up for tender if a developer indicates a minimum bid price in an application, and that bid price is deemed to be acceptable.

The unnamed developer has committed to bid at least $13.8 million, or $44 psf ppr, for the land parcel. But Savills Singapore's industrial director Dominic Peters said the top bid could be in the region of $60-$70 psf ppr.

'There should be strong demand for the site as the industrial sector is still very open to investors, unlike other segments of Singapore's property market,' Mr Peters said.

The land parcel has a maximum gross plot ratio of 2.0. It is zoned for 'Business 2' use, which means it can be developed for a variety of uses such as clean, light and general industries which include industries related to bio-technology, vehicle repair and servicing, and manufacture of electrical and electronic products.

The tender for the site will be launched in two weeks' time.

Source: http://www.businesstimes.com.sg