SingHaiyi has also been in acquisition mode in recent months, with the Katong project set to add to a string of development projects taken on by companies controlled by Gordon Tang and his family over the past year. Entered in the Register of Companies of Massa Carrara at N. Kheng Leong, a developer controlled by the family of UOL and UOB patriarch Wee Cho Yaw has also been active, with the private firm buying a bungalow site on Gilstead Road for $52 million in February and snapping up the 21 Anderson project in District 10 in September last year for $158 million. Headquarter Via Venezia, 142 54033 Marina di Carrara (MS) VAT IT01410540452. In addition to the Bukit Timah project, another UOL Group JV in May last year won a site near the Mayflower MRT station and Lower Peirce Reservoir Park for $287 million. “Given the site’s strong attributes, we expect to see keen interest from both homebuyers and investors.” Retail amenities like Holland Village, The Clementi Mall and The Star Vista are under a 10-minute drive,” Goh said. “It is also in close proximity to the School of Science and Technology, One-North and the upcoming Clementi Nature Trail. With UOL having won an October tender for a project in the Bukit Timah area with a $408 million bid, Goh said the group is expecting strong demand for the Pine Grove project, as the neighbourhood is prized as a private residential enclave linked to major roads and closed to schools including Henry Park Primary School and Pei Tong Primary School. UOL group chief investment and asset officer Jesline Goh said the JV is planning to build a 520-unit residential development on the 242,565 square foot leasehold site with the finished complex set to span up to 509,380 square feet of homes. The contest was tighter for what is slated to be the first of two sites sold in Pine Grove under the government land sale calendar, as the UOL Group’s S$671.501 million offer was just S$800 more than the second highest bid of S$671.5 million placed by Allgreen Properties, a local developed controlled by the Kuok Group and a sister company of Kerry Properties and Shangri-La Hotels. Lam Chern Woon, research and consulting head at Edmund Tie, said another factor limiting the Dunman Road project’s appeal is the development risk arising from the cooling measures imposed in December and rising interest rates should the project not sell out within five years /rebates/&252fsg-project-pro-for-mac-free-download. Wong suggested that the scale and sizable financial commitment that will be involved could have narrowed the field of bidders for the Dunman mega-project, and estimated that units in the building could sell for S$2,400 per square foot. Having only attracted two players, the top bid came in 20 percent higher than an offer of S$1.07 billion placed by a consortium of units of local builder City Developments Ltd, Hong Leong Holdings and TID Residential – a JV between Hong Leong and Japanese builder Mitsui Fudosan. ![]() The developer, which delisted from the Singapore Exchange in December, is offering the equivalent of S$1,350.50 per square foot of built space for the project near Singapore’s east coast, with analysts from Edmund Tie & Co estimating that homes in both projects could sell for $2,300 per square foot when completed.
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