Tag Archives: Capitaland

Pine Grove tender closed

Posted on 19 Apr 2011 | Comments Off on Pine Grove tender closed

The tender for Pine Grove – possibly the most expensive property to go enbloc – closed on Tuesday.

Its marketing agent Jones Lang LaSalle declined to comment if any bids were received for the tender, or when the results of the tender will be released.

Pine Grove is an 893,000 square feet property at Ulu Pandan. It went up for sale in early March.

The new development can yield a gross floor area of 1.88 million square feet. It can yield 1,500 units of 1,200 square feet each in 24-storey towers.

Including the development charge of S$460 million, the total cost of the property translates to S$2.2 billion or S$1,152 per square foot per plot ratio.

Each owner of Pine Grove’s current 28 units should pocket a tidy S$3.28 million from the sale.

If sold at the asking price, Pine Grove will beat Farrer Court, which was sold at S$1.3 billion in 2007.

Farrer Court has since been redeveloped into d’Leedon by CapitaLand.

Source : CNA – 19 Apr 2011

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Posted in En-bloc / Collective Sales

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CapitaLand to jointly develop Market Street Car Park

Posted on 19 Apr 2011 | Comments Off on CapitaLand to jointly develop Market Street Car Park

CapitaCommercial Trust (CCT) and its parent company CapitaLand plan to jointly develop Market Street Car Park into a office tower.

The project cost is estimated to be about S$1.4 billion.

In a joint statement, both companies said that based on this figure, the development is considered financially viable.

The stabilised yield from the completed development is expected to exceed 6 per cent per annum.

CCT will have a 40 per cent stake in the development.

This is in accordance with a regulation preventing real estate investment trusts from undertaking projects that exceed 10 per cent of their asset sizes.

The new tower will be 245 metres high, with an estimated gross floor area of 887,000 square feet.

It is expected to be completed by the end of 2014.

The property has a land lease of 62 years.

Separately, CCT has posted a lower distribution per unit for the first quarter compared to the same period last year.

For the three months ending March, it distribution per unit was 1.84 Singapore cents – down 4.1 per cent.

Revenue for the first quarter fell 10.6 per cent on-year to S$91 million.

The decline was mainly due to a loss in rental income from property divestments and lower revenue from its Six Battery Road property.

Source : CNA – 19 Apr 2011

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Posted in Developers, Office / Retail / Industrial

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