Friday, December 01, 2006
[RealEdge] BT : Far East top buyer of en bloc sites
| Published December 1, 2006  | |||
| PROPERTY FOCUS | |||
| Far East top buyer of en bloc sites CityDev in 2nd spot, followed by SC Global; CBRE the No 1 broker
By KALPANA RASHIWALA
FAR East Organization has been the biggest buyer in the collective sales market so far this year, spending a total of $838 million.
It has bought six sites - Amberville, Rose Garden, Angullia Mansion, Pacific Court, Century Ville/Le Marque/Villa Margaux and Waterfront View. The last site was bought jointly with Frasers Centrepoint. City Developments is the second-biggest buyer. It has spent $827 million on three sites - Lucky Tower in Grange Road, Futura in Leonie Hill Road, and Lock Cho Apartments/Comfort Mansions and a walk-up apartment in Jalan Datoh in the Thomson/Balestier area. The third-biggest buyer is SC Global and the family of its chairman, Simon Cheong, with a total of $721 million spent on collective sale sites. SC Global bought Hilltop Apartments and some surrounding terrace houses, as well as Paterson Tower, while Mr Cheong's family is said to have picked up Emerald Mansion. Companies controlled by banking tycoon Wee Cho Yaw - United Overseas Land, Kheng Leong and United Industrial Corporation - have been involved in four collective sale deals this year totalling $615 million. Other big buyers include Frasers Centrepoint, which bought Far East Mansion in the River Valley area for $256 million and teamed up with Far East Organization to buy Waterfront View. Chip Eng has teamed up with big-name overseas players Lehman Brothers and Citadel for three collective sale deals this year totalling $510 million. The wave of collective sales has also drawn out parties that have not bought land in Singapore for a long time, such as the Kwee family's Pontiac Land which acquired Pin Tjoe Court in Ardmore Park. Among property consultants, CB Richard Ellis has brokered the lion's share of collective sales - more than $1.9 billion of them. They include Pin Tjoe Court, Ardmore Point, Eng Lok Mansion, Beverly Mai and Grange Tower. Next comes DTZ Debenham Tie Leung, with about $1.5 billion of transactions. Its deals include Waterfront View in Bedok, Hilltop Apartments and Holland Hill Mansions. Savills is in third spot with about $800 million of deals, including Nassim Park. Jones Lang LaSalle brokered about $700 million in collective sales. The biggest collective sale transaction in dollar terms so far this year is the $385 million sale of Waterfront View, a privatised HUDC estate that faces Bedok Reservoir. The leasehold site has a land area of 809,037 square feet. The priciest deal in unit land price terms is Ardmore Point, bought by Wing Tai for $1,369 psf of potential gross floor area. | |||
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