redevelopment

Liang Court redevelopment: a win-win situation

SINGAPORE (Dec 13): The redevelopment of Liang Court will not only benefit CDL Hospitality Trusts (CDLHT) and Ascott Residence Trust (Ascott REIT) but also City Developments (CDL) and its joint-venture (JV) partner CapitaLand.

The Liang Court site is 12,925.4 sq m and has a current built-up area of more than 109,000 sq m. The 403-room Novotel Clarke Quay takes up 34,908.7 sq m of gross floor area and the 197-room Somerset Liang Court, owned by Ascott REIT, 28,203.85 sq m. The rest of GFA is taken up by a retail mall.

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Which REIT will benefit from the transformation of Greater Southern Waterfront?

SINGAPORE (Aug 20): Singapore is pushing up its plans to transform the Greater Southern Waterfront (GSW) into the next trendy place to live, work and play.

First unveiled in March earlier this year, GSW will be redeveloped over the next five to 10 years, starting from the relocation of the PSA City Terminal in Tanjong Pagar to Tuas from 2027 onwards to help free up prime land.

AA REIT secures 10-year master tenant for 3 Tuas Ave 2 property

SINGAPORE (July 18): A master tenant has been secured for its property at 3 Tuas Avenue 2, says the manager of AIMS APAC REIT (AA REIT), and it will be occupy the entire premises of about 268,000 sf.

The tenant has also committed to a 10-year master lease on a triple net lease basis, with rental escalations every two years during the initial term and options to renew the lease for up to a further 20 years after the expiry of the initial 10-year term.

Without disclosing its name, AA REIT's manager says the tenant is a global medical device company headquartered in the US.

The Excelsior in Hong Kong to close at end March for US$650 mil redevelopment

SINGAPORE (Oct 9): The Excelsior, Hong Kong will close on March 31 2019 for redevelopment, says owner and operator Mandarin Oriental International.

The redevelopment is expected to take up to six years to complete and cost some US$650 million ($899 million).

Once completed, Mandarin Oriental International says the new building is expected to generate significantly higher, and more stable, cash flows with less ongoing capital expenditure compared to a renovated hotel. The redevelopment itself is also not expected to adversely impact the recent level of dividends paid.

Chip Eng Seng acquires Adelaide property for $14.6 mil in IPT to redevelop into hotel

SINGAPORE (July 2): Chip Eng Seng says that its newly incorporated wholly-owned subsidiary is acquiring a property located at 51 Pirie Street in Adelaide, Australia for A$14.5 million ($14.6 million).

The vendor of the property is Pirie Investments (Aust), in which Director and Group CEO of Raymond Chia Lee Meng has an effective stake of 40%. Hence, the vendor is an associate of Chia and the acquisition constitutes an “interested person transaction”.

Oxley appointed by Irish government to redevelop land at Dublin's Connolly Station

SINGAPORE (May 9): Oxley Holdings says it has been appointed by Ireland’s government through its statutory corporation, Córas Iompair Éireann (CIE), to develop 1.96 ha of land into mixed-use properties at Connolly Station, Dublin 1, in the city centre of Dublin.

According to Oxley, the site is part of the strategic landmark scheme that CIE has been pushing forward in order to enhance passenger experience at Connolly Station with the aim of creating a revamped city centre with mixed-use residential, commercial, student accommodation properties and community and cultural functions.

Hupsteel to redevelop Genting Lane property for $9.3 mil

SINGAPORE (Dec 5): Hupsteel is redeveloping a Genting Lane freehold property it owns into an eight-storey industrial building, with elevated car parks with a gross floor area (GFA) of 5,259 sq m, for an estimated cost of $9.3 million which represents 5.9% of the group’s net assets as at end-Sept.

The group has received a Letter of Award to go ahead with the redevelopment, and intends to use its cash holding of $63.9 million as at end-Sept to finance construction works for the project.

Is the en bloc fever set to cool?

SINGAPORE (Dec 1): The Monetary Authority of Singapore has warned bankers, developers and potential property buyers to tread carefully amid a rapidly growing supply of new residential properties, soft rents, rising interest rates and slower population growth.

See: MAS warns property buyers against weak rental market and interest rate hikes

Ocean Sky to jointly redevelop Balmoral sites with Progen & Seacare

SINGAPORE (Oct 16): Ocean Sky International has formed a new JV company with Progen Holdings and Seacare Property to develop the recently acquired cluster sites at Balmoral Road.

See: Ocean Sky, Tiong Seng jointly acquire Sloane Court hotel and sites at Balmoral Road for $80.5 mil

Heeton-led consortium acquires Dry Bar in Manchester for hotel conversion plans

SINGAPORE (Sept 12): A consortium comprising Heeton Holdings, KSH Holdings and Ryobi Kiso Holdings is acquiring Dry Bar, an entertainment venue in Manchester City, with a view to redevelop the property into a boutique hotel.

Dry Bar is a four-storey terraced building with one basement level, and a total gross internal floor area of approximately 20,713 sq ft. Planning permission was granted in 2015 to convert the upper floors of the building into a hotel.

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