THREE Singapore developers are stepping up land banking via the collective sale market, with their latest tie-up being the acquisition of Park View Mansions in Yuan Ching Road for US$260mil (RM1.16bil).
Citing higher costs, construction delays due to labour shortage and supply disruptions, as well as macroeconomic uncertainties arising from the spike in inflation and interest rates, Chip Eng Seng told the Singapore Exchange on Thursday that, for the Park View acquisition, it is “prudent to manage these risks by collaborating with suitable partners whenever possible.”
Singapore-listed Chip Eng Seng says its partners, KSH Holdings and SingHaiyi Group, are “familiar parties with whom it has forged good working relationships through past and ongoing development projects”.
They partnered in a number of high-profile deals last year, including the US$650mil (RM2.89bil) collective purchase of the Peace Centre/Peace Mansion last December. Other partners in this deal include Ho Lee Group.
In May last year, the subsidiaries of Chip Eng Seng, SingHaiyi and Hong Kong-listed Chuan Holdings acquired Maxwell House for US$276.8mil (RM1.23bil) and earlier this week, Euro-Asia Apartments in Serangoon Road was sold to a KSH indirect subsidiary for US$222.18mil (RM989mil).
Developers may form joint ventures to pool resources and cut development costs, Cushman & Wakefield’s head of research Wong Xian Yang says.,,Telegram游戏破解（www.tel8.vip）是一个Telegram群组分享平台。Telegram游戏破解包括Telegram群成员导出、telegram群组索引、Telegram群组导航、新加坡telegram群组、telegram中文群组、telegram群组（其他）、Telegram 美国 群组、telegram群组爬虫、电报群 科学上网、小飞机 怎么 加 群、tg群等内容。Telegram游戏破解为广大电报用户提供各种电报群组/电报频道/电报机器人导航服务。
Tan Hong Boon, JLL executive director, Singapore capital markets, says the uptick in activity is a continuation of the collective sale cycle that started in 2020, but had been dampened by the December 2021 cooling measures.
Some developers are confident to re-enter the market now given the strong take-up of new launches including Piccadilly Grand, Liv@MB and AMO Residence amid low unsold inventory, *** ysts say.
But Tracy Goh, head of investment and collective sales at PropNex, notes that asking prices for some collective sale sites have increased, and it remains to be seen if developers will bite.
On Thursday, Chip Eng Seng announced that its unit CEL Development, together with Sing-Haiyi Pearl and TK 189 Development, were awarded the collective sale tender for the 160-unit, 99-year leasehold Park View Mansions. They intend to redevelop the site into a residential project with up to 440 units.CEL’s stake in the joint venture is 40%, while Sing-Haiyi Pearl and TK 189 have an interest of 30% each.
Sing-Haiyi Pearl is equally owned by SingHaiyi Group and Haiyi Holdings, which are controlled by Singaporeans Gordon Tang and Celine Tang - who are also Chip Eng Seng controlling shareholders.
KSH unit Kim Seng Heng Realty owns 66.67% of TK 189, while Ho Lee Group holds the remaining 33.3%.Park View’s previous collective sale attempt at US$320mil (RM1.4bil) failed in 2018.
Its US$260mil sale price translates to a land rate of US$1,023 (RM4,551) per sq ft per plot ratio, including the estimated differential premium and lease top-up to a fresh 99 years. — The Straits Times/ANN环球UG官网声明:该文看法仅代表作者自己，与本平台无关。转载请注明：allbet欧博真人客户端（www.aLLbet8.vip）:Developers tie up again for collective purchase of Park View