redevelopment

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.

AA REIT secures first tenant for newly-completed Tuas redevelopment

SINGAPORE (Sept 4): The manager of AIMS AMP Capital Industrial REIT says it has secured its first tenant, whose business is in the aerospace industry, for its newly-completed redevelopment located at 8 Tuas Avenue 20.

8 Tuas Avenue 20 is a three-storey contemporary industrial facility suitable for production and warehouse usage, located near the junction of Pioneer Road and within walking distance to the Tuas West Road MRT station, which has been operational since June this year.

It recently achieved temporary occupation permit (TOP) on Aug 29.

AA REIT achieves TOP for redevelopment of 8 Tuas Avenue 20

SINGAPORE (Aug 30): AIMS AMP Capital Industrial REIT (AA REIT) has received the Temporary Occupation Permit (TOP) for the redevelopment of land parcel units 8 & 10 Tuas Avenue 20, according to the manager of the REIT.  

With the redevelopment, the land parcels are amalgamated and are now known collectively as 8 Tuas Avenue 20, says the manager in a media release on Wednesday.

As a result, the property’s gross floor area (GFA) has been increased by 32.5% to 158,853 sq ft from 117,521 sq ft previously, and has been valued by CBRE at $24.1 million.

Ocean Sky to acquire Nim Drive property for $4.2 mil

SINGAPORE (May 25): Atlantic Sky Investment, a wholly-owned subsidiary of property group Ocean Sky International, yesterday exercised the option to acquire a 999-year leasehold property at 6 Nim Drive from its vendor, Teddy Yap, for a purchase price of $4.175 million.

In a Thursday premarket statement, the group says intends to redevelop the property, which has a land area of approximately 456.1 sq m, for sale.  

No formal valuation of the property was conducted as the purchase price was arrived at on a willing buyer-willing seller basis.

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