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23 units in San Francisco’s Millennium Tower sold here

Posted on 15 Nov 2009 | Comments Off

TWENTY-THREE apartments at the luxury Millennium Tower in San Francisco were sold during the Singapore launch of the project at prices ranging from US$680,000 to US$1.2 million, says the firm marketing it.

The 419-unit development, first launched in the US, is about 30-40 per cent sold. Singapore was the first stop in the global launch. Other cities on the tour include Shanghai and Hong Kong, and there are also plans to add more cities.

The development includes one, two and three-bedroom apartments, as well as penthouses. Units range in size from about 750 to 6,000 square feet.

Buyers who picked up a unit during the launch in Singapore were mainly local families buying for their children living in the US, people who have been to San Francisco and love the lifestyle and are looking for second or third homes, and buyers looking for long-term growth opportunities.

‘We have seen very strong sales coming from Singaporeans and Singapore-based expatriates,’ said Julian Sedgwick, senior associate director for international marketing at Savills Singapore.

Millennium Tower is being developed by Millennium Partners, a US developer known for its mixed-use projects. The development is the tallest luxury residential property in San Francisco. Besides the apartments, there will be two retail occupants and a restaurant and wine bar under the direction of acclaimed chef Michael Mina.

Source : Business Times – 14 Nov 2009

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Tagged Millennium Towers San Francisco, US Property

Metro sinks $41.7m into three Chinese properties

Posted on 15 Nov 2009 | Comments Off

MAINBOARD-LISTED Metro Holdings announced yesterday that it is investing $41.7 million to acquire stakes in three developments in Anshan, Fushan and Qinhuangdao, in a move aimed at building its presence in China.

Crown Investments Ltd, a wholly-owned subsidiary of Metro China Holdings, has set up an associated company, Diamond Wind Company Limited. Crown holds a 21.4 per cent stake in Diamond Wind and the balance 78.6 per cent is held by an independent party controlled by a Hong Kong-based private property equity fund.

Diamond Wind was incorporated to acquire a 50 per cent stake in each of three companies – Sunelite China Investment Holdings Ltd, Northeast Asia Investment & Development Holdings Ltd and Tesco Anshan Co Ltd (collectively HK Holding Companies) – and Diamond Wind has entered into share purchase agreements with their holding company, China Property Holdings (HK) Limited (CPHL). CPHL is a wholly-owned subsidiary of grocery retailer giant Tesco plc.

Diamond Wind plans to invest US$137.8 million in the three companies to develop three properties in Anshan, Fushun and Qinhuangdao, of which Crown’s share of the investment is US$30 million. This gives Metro a 10.7 per cent stake in HK Holding Companies.

Separately, the property developer and retailer released its results for the second quarter ended Sept 30, 2009. Net profit came in at $9.33 million compared with a loss of $4.9 million in the previous corresponding quarter while revenue grew by 7.4 per cent to $36.24 million.

Earnings per share for the quarter was 1.48 cents versus a loss of 0.77 cents in the previous corresponding quarter.

For the six months ended Sept 30, net profit totalled $22.41 million, up from $671,000 previously. Revenue was up 5.1 per cent at $69.68 million.

Metro shares rose one cent yesterday, closing at 76 cents.

Source : Business Times – 14 Nov 2009