Friday, April 28, 2006

Far East clinches Skyline Angullia site: sources

Top bid for Beverly Mai is saidto have been $1,184 psf ppr
By KALPANA RASHIWALA
DEVELOPERS are continuing to bid for prime residential sites.
Hot property: Far East is understood to have bought Skyline Angullia for $100m, or $1,073 per sq ft of potential gross floor area
BT understands that Far East Organization has clinched the freehold Skyline Angullia for $100 million, or $1,073 per square foot of potential gross floor area.
A stone's throw away at Tomlinson Road, a tender that closed yesterday for the collective sale of Beverly Mai is understood to have attracted several bidders, among which are Hotel Properties, City Developments, Far East, SC Global and Wing Tai, sources suggest.
The top bid for the freehold Beverly Mai is understood to have come in at around $238 million, or $1,184 psf per plot ratio inclusive of development charges.
All the parties who reportedly bid for Beverly Mai have stakes in the area.
Hotel Properties, said to be a frontrunner for the site according to some sources, owns a huge chunk of properties there that add up to almost 220,000 sq ft.
Spanning Orchard Road, Cuscaden Road and Orchard Boulevard, the properties comprise the Hilton and Four Seasons hotels, the Forum and HPL House.
Far East, headed by property tycoon Ng Teng Fong, bought Angullia Mansion earlier this year.
SC Global bought Paterson Tower last month and developed The Boulevard Residence or BLVD at Cuscaden Walk.
City Developments is getting ready to launch its upmarket condo, St Regis Residences, in the Cuscaden/Tomlinson roads area.
The $1,073 psf ppr price that Far East is paying for the Skyline Angullia site is inclusive of a development charge (DC) of about $7.6 million.
This unit land price is slightly higher than the $1,060 psf ppr including DC that Far East paid for the Angullia Mansion site in February.
Market watchers reckon the breakeven cost for new apartment developments on both sites could come in at about $1,450 to $1,550 psf. Both deals were brokered by DTZ Debenham Tie Leung.
While Angullia Mansion involved a collective sale with multiple owners, Skyline Angullia is owned by a single party, Skyline Investment Holdings Pte Ltd, controlled by Kang Swee Liat and his wife.
They developed the property, completing it in 1992 and have kept it since for rental income.
The boutique property group also developed houses on Barker Road in the 1980s. The existing Angullia Skyline is a 14-storey tower comprising 22 apartments and two penthouses.
The 35,810 sq ft freehold site is zoned for 36-storey residential use with a 2.8 plot ratio (ratio of potential gross floor area to land area).
The site may be redeveloped into a new project with about 45 units averaging 2,000 sq ft.
Far East has been one of the most active and successful land buyers this year. Its earlier acquisitions include the Amberville site in Katong and the former Glutton's Square parcel on Orchard Road.
The Beverly Mai site, marketed by CB Richard Ellis, has a 76,888 sq ft site area. It also has a 2.8 plot ratio and 36-storey height limit.

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// posted by Shajahan @ 3:18 PM


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