Asia Pacific – Q2 2021 Investment Quarterly (Savills) 01 October 2021
Investment
Major office deals closer to fruition (27 Sep – BT)
According to The Business Times, Hong Kong-based private equity property fund management company Gaw Capital Partners is doing diligence for Twenty Anson at around $2,900 psf on the existing NLA of about 206,200 sq ft; based on this, the deal will be nearly S$600 million. It was reported that JP Morgan has teamed up with Nuveen Real Estate to do exclusive due diligence on One George Street. Assuming the price is S$2,900 psf, the absolute quantum would amount to S$1.29 billion. Meanwhile, a transaction is also said to be brewing for ABI Plaza at 11 Keppel Road.
Two sites at one-north's Slim Barracks Rise beat forecasts with 10 bids each (29 Sep – BT, ZB, 30 Sep – ST)
The Urban Redevelopment Authority (URA) closed the tender for two residential with commercial at first storey land sites at Slim Barracks Rise on September 28. Land parcel A, which spans 85,648 sq ft fetched a top bid of S$320.1 million or about S$1245.7 per sq ft per plot ratio (psf ppr). The top bid came from EL Development. Meanwhile, the 63,901-sq ft land parcel B, fetched a top bid of S$162.4 million or S$1,210.1 psf ppr from Gao Xiuhua.
Marina View white site awarded to IOI Properties for S$1,508b (30 Sep – ST)
The site at Marina View is awarded to its sole bidder, a unit of IOI Properties Group, for S$1.508 billion. That works out to a land rate of $1,379 psf per plot ratio (psf ppr). The white site can yield 905 private homes, 21,528 sq ft in gross floor area of commercial space and 540 hotel rooms.
URA launches residential sites at Lentor Hills Road, Jalan Tembusu for tender (1 Oct – BT, ST)
The Urban Redevelopment Authority (URA) has released for sale three residential sites at Lentor Hills Road (Parcels A & B) and Jalan Tembusu under the 2H/2021 government land sales (GLS) programme. The sites at Lentor Hills Road (Parcel A) and Jalan Tembusu are launched for sale under the confirmed list, while the site at Lentor Hills Road (Parcel B) is available for application under the reserve list.The sites at Lentor Hills Road (Parcel A) and Jalan Tembusu can potentially yield 595 and 640 units respectively, while the site at Lentor Hills Road (Parcel B) can yield 265 units.
Retail
Turf City tenants granted final 18-month extension until end-2023 (1 Oct – ST)
A final 18-month extension has been granted to tenants at Turf City until December 31, 2023, said the authorities on September 30. According to the Singapore Land Authority (SLA) and URA, development plans for the Turf City site are being studied, with land preparation works scheduled to start after December 31, 2023.
The site currently has 15 tenancies, including retail, food and beverage, and sports and recreation businesses, as well as childcare centres and motor vehicle showrooms. The original tenancies were for periods up till December 31 last year.
Industrial
WarnerMedia opens regional hub in Singapore (25 Sep – ST)
Major media company WarnerMedia has opened a regional hub in Singapore and will be launching its premium HBO Max platform in Asia. The new 40,000-sq ft office takes up two floors at Solaris.
Savills in the Press
URA launches residential sites at Lentor Hills Road, Jalan Tembusu for tender (1 Oct – ZB)
Zaobao featured an article on the three residential sites at Lentor Hills Road and Jalan Tembusu released under the 2H/2021 GLS programme.
Savills Singapore executive director Alan Cheong commented that the site at Lentor Hills Road (Parcel A) is likely to attract around eight bids, while the larger site at Jalan Tembusu could receive six bids. If Lentor Hills Road (Parcel B) is triggered, he expects to see around 15 bids with more smaller developers bidding for the site.
This article was originally published in https://www.savills.com/
Download the Report
