Tag Archives: Cheung Kong (Holdings)

Cheung Kong is top bidder for Upper Thomson Rd condo plot

Posted on 7 Nov 2009 | Comments Off on Cheung Kong is top bidder for Upper Thomson Rd condo plot

THE top bidder for the 99-year condo site on Upper Thomson Road on Thursday has been revealed as a unit of Hong Kong tycoon Li Ka-shing’s Cheung Kong Holdings.

This was confirmed yesterday by Raymond Chui, general manager of the group’s Singapore-based unit Property Enterprises Development.

Cheung Kong unit Treasure Well Investments’ bid was for $251.3 million or about $533 per square foot per plot ratio (psf ppr) – the highest seen for a private housing site at a state land tender this year.

Mr Chui said the estimated breakeven cost of about $850 to $900 psf forecast by analysts quoted in the media was pretty accurate. ‘We’ll probably develop around 340 to 350 units,’ he added.

Treasure Well’s top bid was 21.5 per cent above the next highest offer, which was made by Singapore’s Far East Organization.

When asked if Cheung Kong regretted having paid such a wide margin, especially in hindsight as the government announced its H1 2010 land sales programme the next day with substantial supply in the confirmed list, Mr Chui replied: ‘We’ve done our sums. The site is in a very good location and we have confidence in the future of the Singapore property market.’ Continue reading →

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Posted in Developers

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Marina Bay Link Mall retail space 55% taken up

Posted on 28 Oct 2009 | Comments Off on Marina Bay Link Mall retail space 55% taken up

FIFTY-FIVE per cent of the 176,000 sq ft of retail space at the upcoming Marina Bay Financial Centre (MBFC) has been taken up.

Phase one of Marina Bay Link Mall, which covers 93,800 sq ft, is expected to obtain its temporary occupation permit (TOP) in the second quarter of next year. And business is likely to start in Q4 next year.

According to manager Raffles Quay Asset Management (RQAM), which also manages One Raffles Quay, 40 per cent of the stores at Marina Bay Link Mall will be food and beverage (F&B) outlets. The rest will be retails.

F&B outlets will include Paradise Inn – a casual dining concept by The Paradise Group – and the Indian restaurant chain Mirchi, by the company behind Harry’s Bar.

Phase two of the mall, which covers the remaining retail space, is expected to achieve TOP status in Q2 2012.

Besides the mall, MBFC will also feature three office towers with close to three million sq ft of commercial space, as well as two residential towers with 649 luxury apartments. Continue reading →

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Posted in Property Market / Real Estate

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