The Cairnhill Astoria redevelopment site in Singapore’s District 9 is zoned to offer 200 apartments
Singapore’s collective sale gold rush leads the roundup again, as two en bloc housing project hit the market on consecutive days, asking a total of $238 million. Also in the headlines, a fast-growing startup that supplies prefabricated homes has scored a new deal in the Philippines, but China is said to be dragging its feet on rolling out the country’s first real estate investment trust. A glut of hotel rooms in Singapore seems to be easing, and a recently renovated building in downtown Los Angeles owned by Goodwin Gaw’s Downtown Properties has landed a big lease from a football club, so read on for all the details.
Prime Site in SG’s Newton Area Readies for $145M Collective Sale
Freehold development Cairnhill Astoria will be launched for collective sale on Thursday (May 17th) via public tender for S$196 million ($145 million). The reserve price reflects a land rate of S$1,964 per square foot per plot ratio, inclusive of an estimated development charge of S$16.34 million.
Sitting on a 3,587.5 square metre (about 38,615 square foot) site in prime District 9, Cairnhill Astoria — built in 1983 — comprises 36 apartments across a high-rise residential tower and a low-rise block. Under the Master Plan 2014, the land parcel is zoned “residential” and has a gross plot ratio of 2.8. Subject to approvals from the authorities, the site at Cairnhill Rise can be redeveloped to offer about 200 apartments, based on an average unit size of 540 square feet. Read more>>
SG’s Fernhill Court Goes on Sale, Asking $93M
Fernhill Court – a prime development located next to the Nassim Road, Dalvey Road and White House Park Good Class Bungalow (GCB) areas – will be put up for collective sale at a reserve price of S$125 million ($93 million).
The sale via public tender will start on Wednesday. The reserve price translates to a land rate of S$1,885 per square foot per plot ratio, after factoring in a development charge of S$3.7 million payable for the intensification of land use, Colliers said. Read more>>
Philippine Prefab Developer Scores 800-Unit Project
After sealing more than $6.5-billion worth of deals overseas so far this year, Philippine-based pre-fab development unicorn Revolution Precrafted announced Wednesday that it has bagged a multi-million-dollar deal to supply 800 units of villas and residential units in an integrated resort project at home.
Revolution Precrafted signed the agreement with listed firm Boulevard Holdings Inc to supply at least 800 units on a 12-hectare parcel of land inside the Puerto Azul Beach Club and adjacent valleys in Ternate, Cavite, just south of Manila. Read more>>
China Still Working on REIT Framework
Regulators are working on a policy framework for real estate investment trusts open to public investment in China, but uncertainties about tax policies and the future responsibilities shouldered by different regulatory bodies may delay its official introduction, according to people familiar with the matter.
“The overall trend is China is working towards introducing REITs in the future, but related policies might not come out as quick as expected, say, in the coming months,” said a source close to the regulators. Read more>>
Singapore Hotels Recover as Room Supply Tightens
Going by their latest earnings, Singapore hotels are starting to benefit as fewer rooms are added to the market and visitors to the city-state increase. In a recent note, OCBC Investment Research said it expects per-room revenue growth to accelerate further across the industry in coming quarters.
After declining 11 percent between 2012 and 2016, RevPAR stood at S$190.3 for the first two months of this year as against S$182 at the end of last year. The hotel sector’s pickup comes after a tough few years when the number of rooms in the city-state surged following government land sales that resulted in a building spree even as the economy hit a soft patch. Read more>>
LA Football Club Signs for HQ Office in Gaw Building
The Los Angeles Football Club has made its biggest signing of the year and it’s not for a star striker or goalie. The Major League Soccer franchise signed a 25,000-square-foot lease at Downtown Properties’ 818 W. 7th Street in Downtown Los Angeles.
The office will be the business operations headquarters for LAFC, a three-year-old team still trying to make a name for itself in the shadow of the LA Galaxy, its crosstown rival and an MLS behemoth. Downtown Properties, associated with Goodwin Gaw’s Gaw Capital, completed a renovation of the 12-story office building earlier this year. Gaw himself is one of LAFC’s co-founders. Read more>>
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