URA awards tender for Ubi Road industrial site to Oxley Rising
By Jonathan Peeris | Posted: 17 August 2010 1656 hrs

SINGAPORE : The Urban Redevelopment Authority (URA) has awarded the tender for the industrial site at Ubi Road 1 to developer Oxley Rising.

The company submitted the highest bid of S$158.1 million for the site.

The plot has a site area of more than 34,000 square metres and a maximum gross plot ratio of 2.5.

The tender for the industrial site was launched on June 15 and closed on August 11.

The land parcel was offered for sale on a 60-year lease.

- CNA/al

14 bids received for commercial site at Stamford Rd/North Bridge Rd
By Travis Teo | Posted: 18 August 2010 2005 hrs

SINGAPORE : The Urban Redevelopment Authority (URA) has received a total of 14 bids for the closely-watched commercial site at Stamford Road and North Bridge Road.

Many bidders have submitted multiple concept proposals for the 1.43-hectare site.

Among them, Perennial Trust, Real Estate and Chesham Properties jointly put in two bids, while Far East Organization submitted three.

Wing Tai Group also submitted two bids for the for the 99-year-leasehold site.

URA said the bids received will be evaluated via a concept and price tender system.

This means it will first evaluate the concept proposals. And among those with acceptable concepts, the URA will award the tender to the highest bidder.

The price must also meet the government's minimum reserves price of S$100 million.

The site is slated for commercial use with a hotel component and a maximum permissible gross floor area of 50,389 square metres.

Of that space, a minimum of 25 per cent is to be set aside for hotel use.

URA said that the award of the tender will be announced on a later date. - CNA/ms

Please Call Direct Developers' Sale Team - Allen +(65) 9815 0929

2 HR office for rent / lease

Various size available .

Interested please call Allen 98150929 for viewing appointment

2 HR F&B for rent / lease

Various size available for cafe, restuarant and fast food

Interested please call Allen 98150929 for viewing appointment

Please Call Direct Developers' Sale Team - Allen +(65) 9815 0929

Oxley Rising submits highest bid for Ubi Rd industrial site
By Jonathan Peeris | Posted: 11 August 2010 1835 hrs

SINGAPORE : Developer Oxley Rising has submitted the highest bid of S$158 million for an industrial site at Ubi Road 1.

The Urban Redevelopment Authority (URA) has closed the tender for the site after receiving 11 bids in total.

Oxley's bid translates to about S$163 per square foot.

The next highest bid of S$146.5 million came from joint bidders Qing Quan and Qingdao Construction.

The over 34,000 square metre site was offered for sale in June this year on a 60-year lease.

CBRE Research said the overwhelming interest in the land parcel could be due to Singapore's strong economic growth in the second quarter.

There has also been robust take-up of some 2.7 million square feet of factory space in the second quarter, which could have created more interest in the land.

CBRE said the top bid of S$169 per square foot per plot ratio is almost twice the winning bid for latest industrial sites in Ubi that were awarded.

A 60-year leasehold industrial site along Ubi Avenue 4/Ubi Road 2 was awarded to 3 Link Development in April 2008 for S$23.9 million or S$89 per square foot per plot ratio. In October 2008, another 60-year leasehold site along Ubi Avenue 4 was awarded to Sim Lian Land, which submitted the winning bid of S$26.3 million or S$85 per square foot per plot ratio.

The breakeven cost for this development is estimated to be about S$380-S$400 per square foot.

In the first seven months of 2010, upper floor strata-titled units in 60-year leasehold Vertex, located along Ubi Avenue 3, transacted for prices of between S$309 per square foot and S$409 per square foot, while the ground floor units sold for S$371 per square foot to S$550 per square foot.

URA said it will decide on the winning bidder at a later date. - CNA/ms

OUE buys DBS Towers 1 & 2 for nearly S$871m
Posted: 11 August 2010 1838 hrs

SINGAPORE : Overseas Union Enterprise (OUE) has bought DBS Towers One and Two for S$870.5 million from funds managed by Goldman Sachs.

DBS Towers, with a 99-year lease, is located at Shenton Way in the heart of the central business district.

Analysts said the move will enhance OUE's position as an office property player.

They said the timing of the acquisition is good, given the recent upturn in the office space sector. Pricing is fair as well, hovering around S$970 to S$986 per square foot on existing net lettable area.

Observers said this is the largest deal done since the global financial crisis.

DBS Tower One was built in 1975 and was then the tallest building in Singapore and the first to incorporate a covered walkway around the entire city block.

Together with DBS Tower Two, the 37-storey skyscraper comprises a total gross floor area of around 1.2 million square feet and a total net lettable area of some 883,000 square feet.

Both towers are currently fully leased out. Major tenants include financial institutions like DBS Bank, Deloitte & Touche, Aviva and Deutsche Bank.

Some of them are expected to relocate to Marina Bay Financial Centre, and observers said that should allow OUE the chance to upgrade the property if some premises remain vacant.

OUE said the acquisition is in line with its strategic goal of maximising investment opportunities from high-yield properties.

Industry watchers said OUE could possibly divide the property into a commercial and residential development. This will reduce its exposure in the office portfolio and allow it to participate in the residential market, which could help lower borrowings and enhance cash flow for the company.

Current private residential prices in the area range from S$1,800 to S$2,500 per square foot.

Observers said there could also be retail and F&B options on the lower floors of the revamped property.

They added that demand for office space this year could cross the 2 million square feet mark, which is at pre-crisis levels.

OUE expects rentals to rise over the next few years due to limited supply of office space in 2013 and 2014.

Market watchers said on average, prime office rents could increase 10 per cent in the second half.

OUE also sees asset enhancement potential in DBS Towers, as it is located close to Marina Bay.

The downtown area has been transformed into a new lifestyle hub with a range of commercial, convention, leisure and entertainment facilities.

OUE will fund the acquisition by a combination of internal funds and debt facility.

- CNA/al
 

Naung Court in Hougang trying for en bloc sale
By Mok Fei Fei | Posted: 10 August 2010 1742 hrs

SINGAPORE : Naung Court, a freehold residential development in Hougang, is trying for an en bloc sale.

The indicative price for the land is between S$28 million and S$30 million, which works out to about S$650 to S$700 per square foot per plot ratio.

A development charge of some S$2.7 million will be payable.

The site, located along Upper Serangoon Road, is 32,689 square feet in size.

It has a gross plot ratio of up to 1.4 and can be built up to 5 storeys. This will yield a potential gross floor area of 45,764 square feet.

Marketing agent Jones LangLaSalle said the site can potentially yield some 45 apartment units with an average size of 1,000 square feet each.

Naung Court is currently a 4-storey residential block comprising 20 units and within walking distance to Hougang Central.

The tender for the site will close at 3pm on September 14.

- CNA/al
 

Please Call Direct Developers' Sale Team - Allen +(65) 9815 0929