Shui On Land, a Hong Kong-listed property company, has entered a joint venture with Shanghai Pucheng, a state-owned enterprise, to complete a redevelopment project located in Pujiang Town, in Minhang district of Shanghai, China. The project aims to restore the area’s unique historical and cultural identity and redevelop Zhaojia Lou Ancient Town into a “new landmark of Shanghai”.

The location, known for its canals and water towns, is already a popular tourist destination with an AAAA rating from Chinese authorities and over 500,000 visitors per year. It is conveniently located next to the Shanghai Shenjiahu Expressway, the Shanghai North-South Elevated Road, and two subway lines.

The joint venture between Shui On Land and Shanghai Pucheng will redevelop land parcels that stretch to Jiageng Road to the east, Yaojia Bang to the south, Huichi Road to the west, and Xiaoyan Lake to the north. The new development will include residential, commercial and ancillary facilities.

As the flagship property development company of the Shui On Group, founded by Hong Kong billionaire Vincent Lo, Shui On Land has been carrying out successful urban renewal projects in Shanghai for more than 30 years. Jessica Wang, the CEO of Shui On Land, highlighted the group’s proven capabilities in master planning, cultural preservation, community operation and urban regeneration in its Panlong Tiandi project – giving her confidence in the prospects of the Zhaojia Lou project.

The Shui On Land-Shanghai Pucheng joint venture aims to preserve the unique culture and identity of Pujiang Town while also creating a new landmark in Shanghai. With their proven track record, it is likely that the project will be a success.…

The most profitable condo resale transaction recorded during the week of April 4 to 11 was the sale of a first-floor unit at Parc Stevens, a condo on Stevens Drive, off Stevens Road in prime District 10. A 3,466 sq ft, five-bedroom unit was sold for $7.86 million ($2,265 psf) on April 10, 16 years after it was bought for $5.2 million ($1,500 psf). This means the seller netted a profit of $2.65 million (51%) and it marks the highest psf-price recorded at Parc Stevens and the second most profitable transaction ever recorded at the development.

It is also the first unit to change hands this year at the 48-unit freehold condo which was completed in 2000. It comprises three lowrise blocks spanning four storeys each and consists of a mix of three- to five-bedders ranging from 1,722 to 3,466 sq ft. The condo is a five-minute walk to the Stevens MRT Station, which is an interchange for the Downtown and Thomson-East Coast Lines.

Meanwhile, the second most profitable transaction recorded during the week in review took place at Yong An Park, a freehold condo in the River Valley area. A four-bedroom unit measuring 3,434 sq ft on the 10th floor changed hands for $8.1 million, or $2,359 psf on April 6. The seller had bought the unit for $6.02 million ($1,753 psf) in March 2012, making a gain of $2.08 million (35%) after a 11-year holding period.

Completed in 1986, Yong An Park has a total of 288 residences and consists of one- to four-bedders between 1,023 sq ft and 3,552 sq ft, penthouse units ranging from 3,466 sq ft to 6,878 sq ft, and a collection of townhouse units starting from 7,718 sq ft. It is a five-minute walk to the Great World MRT Station on the Thomson-East Coast Line.

The most unprofitable transaction recorded during the week in review was the sale of a four-bedroom unit at Marina Bay Suites. On April 10, the 2,680 sq ft unit on the 25th floor was sold for $5.25 million ($1,959 psf). The seller had purchased the unit from the developer for $6.39 million ($2,383 psf) in December 2009, incurring a loss of $1.14 million (18%) across a 13-year holding period.

Marina Bay Suites is a 99-year leasehold development on Central Boulevard in the Marina Bay financial district. The 66-storey residential tower was a joint-venture project between Keppel Land, Cheung Kong Holdings and Hongkong Land, and was completed in 2013. Among the 221 units, typical residences are three- and four-bedroom units ranging from 1,572 to 2,691 sq ft.

Since January 2021, 24 resale transactions have taken place at the development, of which 23 have taken place below the purchase price. The largest loss reported was $3.25 million.

Overall, the data indicated that despite the pandemic, people are still willing to take a leap of faith with their property investments, and those investing in Singapore remain confident in the sector. This is particularly so for condos that are close to MRT stations and in prime Districts, or are freehold and offer luxury living.…

The manager of CapitaLand Ascendas REIT (CLAR) has announced the divestment of Singapore industrial building KA Place for a consideration of $35.38 million. According to an April 20 filing, the REIT’s trustee, HSBC Institutional Trust Services (Singapore), has entered into a sale and purchase agreement to sell KA Place to KA Place SPV 1.

The consideration sum is impressive, representing a 219% premium to CLAR’s purchase price of $11.1 million in March 2005 and a 55% premium to the property’s market valuation of $22.8 million as at Dec 31, 2022.

KA Place at 159 Kampong Ampat is a seven-storey high-specification industrial building with a carpark on the second storey. The property has a total gross floor area of 10,163 sq m and a remaining land lease tenure of about 35 years.

The proposed divestment is in line with the manager’s proactive asset management strategy to improve the quality of CLAR’s portfolio and optimise returns for unitholders of CLAR. The manager has carefully evaluated the situation and decided that it is an opportune time to divest the property and redeploy the capital towards value-adding opportunities.

Assuming the proposed divestment was completed on Jan 1, 2022, the pro-forma impact on CLAR’s net property income (NPI) and distribution per unit (DPU) for the financial year ended Dec 31, 2022 would have been a decrease of $0.92 million and 0.005 Singapore cents, respectively.

Net proceeds after divestment costs are expected to be $30.65 million and may be recycled to fund committed investments, repay existing indebtedness, extend loans to subsidiaries, fund general corporate and working capital needs and/or make distributions to unitholders.

If the net proceeds were used to repay CLAR’s borrowings as at Dec 31, 2022, CLAR’s aggregate leverage will be reduced from 36.3% to approximately 36.2%.

The proposed divestment is expected to complete within 2Q2023, and when completed, CLAR will own 229 properties comprising 96 properties in Singapore, 36 properties in Australia, 48 properties in the United States and 49 properties in the United Kingdom and Europe.

In accordance with the trust deed dated Oct 9, 2002 constituting CLAR, the manager is entitled to a divestment fee of 0.5% of the sale consideration of the property, which would be paid in cash.

Units in CapitaLand Ascendas REIT closed 3 cents higher, or 1.05% up, at $2.88 on April 20.

The manager of CapitaLand Ascendas REIT (CLAR) has recently revealed the planned divestment of KA Place, the industrial building in Singapore, at a price of $35.38 million. This figure is a remarkable 219% premium to the purchase price of $11.1 million back in March 2005, and 55% above the property’s market valuation of $22.8 million as of December 31, 2022.

The property is a seven-storey high-specification building with a carpark situated on the second storey. It has a total gross floor area of 10,163 sq m and a remaining land lease tenure estimated at around 35 years.

The sale of KA Place is part of the proactive asset management strategy of the manager in order to enhance the quality of the REIT’s portfolio and optimize returns for their unitholders. According to the manager, it is an appropriate time to divest the property for the realization of value-adding opportunities.

If the divestment had occurred on January 1, 2022, CLAR’s net property income (NPI) and distribution per unit (DPU) for the financial year ending December 31, 2022 would have dropped by $0.92 million and 0.005 Singapore cents respectively. It is envisaged that after the divestment cost, the net proceeds would be around $30.65 million.

These proceeds can be utilized to finance committed investments, pay off bulk of existing debts, give loans to subsidiaries, cater for general corporate and working capital requirements, or make distributions to unitholders. And, if used for the debt repayment, aggregate leverage of CLAR could drop from 36.3% to around 36.2%.

The proposed divestment is scheduled to complete from quarter 2 of 2023. Upon completion, CLAR will possess a total of 229 properties, 96 in Singapore, 36 in Australia, 48 in the US, and 49 in the UK and Europe.

In regards to the trust deed of October 9, 2002 constituting CLAR, the manager is entitled to a divestment fee of 0.5% of the sale consideration, which will be paid out in cash.

Units of CapitaLand Ascendas REIT ended the day on April 20 with 3 cents of rise, or 1.05% up, at $2.88.…

In the next five years, The Ascott Limited – the lodging business unit of Capitaland Investment – aims to double its fee revenue to more than USD500 million, off a base of USD258 million achieved in FY2022, which is its highest earnings on record. This growth was buoyed by robust signings and property openings, with the business having already achieved its target of securing 160,000 units by 2023 with the signing of over 4,000 new units in 1QFY2023.

Units span serviced residences, hotels, co-living and senior living brands that are positioned in the mid to luxury range. The fee revenue will be augmented by an anticipated growth rate of 8-10% annually over the next five years, driven by both new property openings and new signings.

CEO of Ascott and Capitaland Investment (CLI) Lodging, Kevin Goh, was optimistic, noting that “Ascott has doubled in units every five years, growing from about 20,000 units in 2008 to over 160,000 units today. We are now seeing the positive financial impact of growing our portfolio by eightfold and will focus on driving even stronger fee growth over the next five years. Over 80% of our total units are under management and franchise contracts, up from 43% ten years ago. These management and franchise contracts typically have sticky recurring fee revenue and long tenures.”

He also indicated that to achieve their growth targets, the company will continue to “secure more management and franchise contracts for prime properties that generate higher quality fees.” Goh noted that the business was well-positioned to leverage its strong brand equity and direct distribution channels to deliver more value to property owners and customers alike.…

, The Star Vista mall, and the Greater Southern Waterfront on EdgeProp.sg
Over the past three days since its sales gallery opened on April 14, Blossoms By The Park has attracted 4,000 visitors, mostly locals, according to EL Development’s Managing Director Lim Yew Soon.

Set in one-north, the 275-unit private condo includes a mix of one- to four-bedroom units. Prices for its units start from $1.291 million for the one-bedroom-plus-study unit, $1.499 million for a two-bedroom, and from $1.585 million for a two-bedroom-plus-study. Three-bedroom dual-key units come in from $2.082 million, while three-bedroom units begin from $2.279 million. For the four-bedroom units, they start at $2.921 million, with four-bedroom premium units being from $3.335 million.

The launch is scheduled on April 29 and according to SRI Managing Partner Ken Low, the estimated average sale price will lie in the range of $2,350 to $2,400 psf. The project, mainly ideal for investors, holds a number of attractive qualities. It is located within one-north, a three-minute walk to Buona Vista MRT Interchange Station, a five-minute walk to The Star Vista mall, and 1km to Fairfield Methodist School, as well as a five-minute trip to the Greater Southern Waterfront.

Whatever suits your needs and preferences, do have a look at the latest listings around Blossoms by the Park, Slim Barracks Rise, One-North, Buona Vista MRT Interchange Station, Fairfield Methodist School, The Star Vista mall, and the Greater Southern Waterfront on EdgeProp.sg.

Grab the opportunity to own a private condominium at Blossoms By The Park before the launch on April 29! Prices start from $1.291 million for a one-bedroom-plus-study unit, from $1.499 million for a two-bedroom, and from $1.585 million for a two-bedroom-plus-study. Three-bedroom dual-key units start from $2.082 million, while three-bedroom units are from $2.279 million. Four-bedroom units start at $2.921 million, and four-bedroom premium units are from $3.335 million.

The location at Slim Barracks Rise in one-north has many benefits. It is a three-minute walk to Buona Vista MRT Interchange Station, a five-minute walk to The Star Vista mall, 1km to Fairfield Methodist School and five-minute to Greater Southern Waterfront. All these factors give it a high appeal to investors, the estimated average sale price being in the range of $2,350 to $2,400 psf.

Since the Blossoms By The Park sales gallery opened on April 14, it has been visited by 4,000 people – mostly locals. The launch on April 29 is expected to be a success, and there is no better time than now to explore all the listings EdgeProp.sg has of the area, and take a closer look at the project itself. Beat the rush and check out this opportunity today!…