Friday, September 29, 2006
[RealEdge] BT : CapitaLand buys Cairnhill en bloc site for $161m
| Published September 29, 2006  | |
| CapitaLand buys Cairnhill en bloc site for $161m
By ARTHUR SIM
CAPITALAND will buy Silver Tower in Cairnhill for $161 million, its second collective en bloc sale site in about a year. Including an estimated development charge of $16.5 million, the price works out to $1,107 psf per plot ratio (ppr). Recent transactions in the same district include Orange Grove Condominium at $970 psf ppr and Grange Tower at $1,207 psf ppr. In October 2005, CapitaLand bought Dragon View Park in River Valley for $128 million. Patricia Chia, CEO of CapitaLand Residential Singapore, said that the company intends to build a 20-storey condominium with some 100 units. CapitaLand's other prime developments like the Botanic on Lloyd, Tanglin Residences, The Imperial and The Loft are all fully sold, she said. For its latest development, the 73-unit Scotts HighPark, 13 units have been sold so far at an average price of $1,800 psf. The Silver Tower deal was brokered by Savills Singapore. Its director of investment sales, Steven Ming, said that owners of the 38 units in the building stand to receive an average premium of 70 per cent above current market prices. 'Strong interest for the site was received from both local and foreign developers,' he said. The initial price objective set by the owners of $168 million is also close to the transacted price. The breakeven price is expected to be between $1,600 and $1,700 psf. Currently, new developments in Cairnhill include Cairnhill Crest, The Light @ Cairnhill and The Edge @ Cairnhill. Cairnhill Crest has even reportedly achieved prices of $2,000 psf. There are likely to be more old apartments put on the market. Mr Ming believes that there could be five projects in the Cairnhill/Emerald Hill area that are at various stages of en bloc sale readiness. |
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