Shui On Group, founded by Hong Kong billionaire Vincent Lo, is the parent company of Shui On Land, the property development arm that has announced the joint venture with Shanghai Pucheng. This new project seeks to redevelop land located in Pujiang Town, in the Minhang of district of Shanghai, which is home to Zhaojia Lou Ancient Town.
Zhaojia Lou Ancient Town is known for its canals and ancient water towns, and has been rated an AAAA tourist attraction by Chinese authorities, attracting over 500,000 visitors every year. Strategically located next to the Shanghai Shenjiahu Expressway and Shanghai North-South Elevated Road, the area is flanked by two subway lines.
The new development will include residential, commercial and ancillary facilities, with the joint venture aiming to preserve the unique history and culture of Pujiang Town while redeveloping it into a “new landmark of Shanghai”. Jessica Wang, CEO of Shui On Land, comments on the prospects for the project, noting the company’s experience in the urban-village renovation it has demonstrated in the Panlong Tiandi project.
Over the past 30 years, Shui On Land has been active in Shanghai, taking part in urban renewal projects across the city. Its success in Panlong Tiandi has given the group confidence in the future of the Zhaojia Lou project. With its experience in master planning, cultural preservation, community operation and urban regeneration, the group is well placed to create an exciting redevelopment opportunity in Pujiang Town.…
A first-floor unit at Parc Stevens was the most profitable condo resale transaction recorded during the week of April 4 to 11. The 3,466 sq ft five-bedroom unit fetched $7.86 million ($2,265 psf). The seller, who purchased the unit for $5.2 million ($1,500 psf) in April 2007, made a gain of $2.65 million (51%) after holding the unit for 16 years. This marks the highest psf-price recorded at Parc Stevens, which is a five-minute walk to the Stevens MRT Station, and the second most profitable transaction ever recorded at the development.
The second most profitable condo resale transaction that week took place at Yong An Park, a freehold development in River Valley. A four-bedroom unit measuring 3,434 sq ft on the 10th floor changed hands for $8.1 million, or $2,359 psf. The seller made a gain of $2.08 million (35%) after they purchased the unit for $6.02 million ($1,753 psf) in March 2012, holding it for 11 years.
Meanwhile, the most unprofitable transaction recorded during the week was the sale of a four-bedroom unit at Marina Bay Suites. On April 10, the 2,680 sq ft unit on the 25th floor was sold for $5.25 million ($1,959 psf). The seller had purchased the unit from the developer for $6.39 million ($2,383 psf) in December 2009, resulting in a loss of $1.14 million (18%) across a holding period of over 13 years.
Since January 2021, 24 resale transactions have taken place at Marina Bay Suites. 23 of these occurred below the purchase price and the respective sellers saw losses ranging between $7,000 and $3.25 million.
The most profitable condo resale transaction of the week of April 4 to 11 was the sale of a first-floor unit at Parc Stevens, a condo on Stevens Drive in prime District 10. The 3,466 sq ft, five-bedroom unit fetched $7.86 million ($2,265 psf) on April 10, which was $2.65 million (51%) more than the seller had paid for it in April 2007. This is the highest psf-price recorded at Parc Stevens, as well as the second most profitable transaction ever recorded at the development.
At Yong An Park, the second most profitable transaction of the week fetched $8.1 million, or $2,359 psf. This translates to a gain of $2.08 million (35%) for the seller, who had bought the unit for $6.02 million ($1,753 psf) in March 2012.
At Marina Bay Suites, the most unprofitable transaction of the week saw the seller make a loss of $1.14 million (18%) when the unit was sold for $5.25 million ($1,959 psf), after they had bought it from the developer for $6.39 million ($2,383 psf) in December 2009.
Overall, 23 out of 24 resale transactions that have taken place at Marina Bay Suites since January 2021 have occurred below the purchase price, resulting in sellers making losses ranging from $7,000 to $3.25 million.…
CLAR has a market capitalisation of $4.46 billion as at 12.20pm on April 20.
CLAR’s Manager has announced the divestment of Singapore industrial building KA Place for a consideration of $35.38 million. The proposed divestment is part of an active asset management strategy to improve the quality of CLAR’s portfolio and optimise returns for unitholders.
According to an April 20 filing, the REIT’s trustee, HSBC Institutional Trust Services (Singapore), has entered into a sale and purchase agreement to sell KA Place to KA Place SPV 1. This is a 219% premium to CLAR’s original purchase price of $11.1 million back in March 2005, and a 55% premium to the property’s Dec 31, 2022 market valuation of $22.8 million.
KA Place is a seven-storey high-specification industrial building located at 159 Kampong Ampat. The edifice includes a carpark on the second storey and has a total gross floor area of 10,163 sq m, with a remaining land lease tenure of about 35 years.
Net proceeds after divestment costs are expected to be $30.65 million. The manager says the net proceeds may be used to fund committed investments, repay existing indebtedness, make distributions to unitholders, or extend loans to subsidiaries.
Assuming the proposed divestment was completed on Jan 1, 2022, the pro-forma impact on CLAR’s net property income (NPI) and distribution per unit (DPU) for the financial year ended Dec 31, 2022 would have been a decrease of $0.92 million and 0.005 Singapore cents, respectively.
Using the net proceeds to repay CLAR’s borrowings as at Dec 31, 2022, the aggregate leverage will be reduced from 36.3% to approximately 36.2%. The proposed divestment is expected to complete within 2Q2023.
In accordance with the trust deed dated Oct 9, 2002 constituting CLAR, the manager is entitled to a divestment fee of 0.5% of the sale consideration of the property, which would be paid in cash.
Units in CapitaLand Ascendas REIT closed 3 cents higher, or 1.05% up, at $2.88 on April 20. CLAR has a market capitalisation of $4.46 billion as at 12.20pm on April 20.
The proposed divestment of KA Place is part of the manager’s asset management strategy to optimize returns for unitholders and provide better quality in CLAR’s portfolio. This divestment will enable the REIT to reinvest the net proceeds into value-adding opportunities.
The consideration sum represents a 219% premium to CLAR’s purchase price of $11.1 million in March 2005, and a 55% premium to the property’s Dec 31, 2022 market valuation of $22.8 million. The net proceeds after divestment costs are estimated to be $30.65 million, making it a great deal for the REIT.
Moreover, if the net proceeds were used to repay CLAR’s borrowings as at Dec 31, 2022, CLAR’s overall leverage will further decrease from 36.3% to approximately 36.2% – translating to improved financial health.
Units in CapitaLand Ascendas REIT closed 3 cents higher, or 1.05% up, at $2.88 on April 20. Market capitalisation recorded a total of $4.46 billion as at 12.20pm on April 20.
In accordance with the trust deed, the manager will receive a divestment fee of 0.5% of the sale consideration of the property.
Upon completion of the divestment, which is expected to take place within 2Q2023, CLAR will own 229 properties, comprising 96 properties in Singapore, 36 properties in Australia, 48 properties in the United States and 49 properties in the United Kingdom and Europe.…
The Ascott Limited, the lodging business unit of Capitaland Investment, has set a goal to double its fee revenue over the next five years. By FY2022, the company’s highest earnings on record reached $258 million. In that same year, Ascott’s fee revenue grew by 36% y-o-y due to its record signings and property openings.
The company also announced that it had hit its target of securing 160,000 units for 2023, with an additional 4,000 units signed up in the 1Q of FY2023. Ascott plans to expand its product offering, which spans serviced residences, hotels, co-living, and senior living from mid to luxury scale.
The growth over the five-year period will be driven by new openings and new signings at an expected annual growth rate of 8-10%. With its asset-light strategy, Ascott has doubled its units every five years, going from 20,000 units in 2008 to over 160,000 units today. Kevin Goh, CEO of Ascott and CLI Lodging, claims that these management and franchise contracts have “sticky recurring fee revenue and long tenures”, thus boosting the fee revenue.
Ascott seeks to secure higher quality management and franchise contracts for prime properties, and use its strong brand equity and direct distribution channels to make it happen. This is expected to create greater value for its property owners as well as customers.
Recent new openings include Citadines Connect City Centre Hotel on Orchard Road, and two properties in China and the Netherlands for $190 million through its serviced residence global fund. Ascott also launched its third co-living property in Singapore. With the new goals set, the business looks forward to a prosperous future that will undoubtedly see it continue to thrive.…
Over the past three days, approximately 4,000 people have visited the Blossoms By The Park sales gallery since its opening on April 14. EL Development’s Managing Director Lim Yew Soon noticed that the visitors were mostly locals, confirming the project’s inpending launch on April 29.
Offering a variety of 1-4 bedroom premium units, Blossoms By The Park at Slim Barracks Rise, One-North will have prices that start from $1.291 million ($2,352 psf) for a one-bedroom-plus-study, to $3.335 million ($2,213 psf) for a four-bedroom premium. Ken Low, Managing Partner of SRI predicted that the average sale price range will be between $2,350 – $2,400 psf.
The condo offers attributes that are likely to attract many investors. It is only a 3 minute walk away from Buona Vista MRT Interchange Station, a 5 minute walk away from The Star Vista mall, 1km away from Fairfield Methodist School, and 5 minutes away from Greater Southern Waterfront.
Given the project’s excellent location, quality apartments, and impressive amenities, it comes as no surprise that Blossoms By The Park has already garnered so much attention.
To learn more about Blossoms By The Park, Slim Barracks Rise near Buona Vista MRT Interchange Station, Fairfield Methodist School and The Star Vista mall, make sure to check out the latest listings near the condo.…