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Daily Archives: 23 Oct 2009

OUE sells 21 Angullia Park for $283m to China Sonangol

Posted on 23 Oct 2009 | Comments Off

Based on OUE’s June 30 financial report, the site was valued at $261.1m.

OVERSEAS Union Enterprise (OUE) has sold its freehold residential site at 21 Angullia Park for $283 million, which will result in a profit of about $19.1 million.

The buyer is China Sonangol Land, a relatively unfamiliar name in the property market here. It is part of China Sonangol International, a Hong Kong- based group which also invests in oil, gas, minerals and reconstruction projects in Africa and Latin America.

According to CB Richard Ellis (CBRE), who brokered the deal, this could be the largest private residential land transaction since the $435 million sale of Westwood Apartments in 2007.

Formerly known as The Parisian, 21 Angullia Park has a site area of 49,113 square feet. The purchase price of $283 million works out to about $2,058 per sq ft per plot ratio (psf ppr). Continue reading →

Comments Off on OUE sells 21 Angullia Park for $283m to China Sonangol

Posted in Developers

Tagged China Sonangol Land, Land Sales, Overseas Union Enterprise, Parisian, The Parisian

Second Chance buys Sim Lim Sq units

Posted on 23 Oct 2009 | Comments Off

LISTED retail and property group Second Chance Properties (SCP) said yesterday that it will buy 22 retail units at Sim Lim Square for $35 million.

The units – all on the fifth floor – have a combined floor area of 9,604 sq ft. ‘They are fully tenanted to 27 retailers and the gross rent per annum is $2.634 million with a return of 7.3 per cent,’ SCP said.

The units were valued by Jones Lang LaSalle, and with interest rates so low, they will be ‘profitable immediately (yield accretive)’, it said.

The purchase takes SCP’s portfolio to 76 retail units with a combined floor area of 49,532 sq ft of space, valued at a total of $145 million. Once the latest deal is completed, SCP’s rental income will be $10.2 million per year.

The purchase will funded by bank borrowings. It was approved by SCP’s board on Oct 21 and is subject to shareholder approval at an extraordinary general meeting in December. Continue reading →