Singapore Real Estate
Sultan Plaza launches collective sale with reserve price of S$380m
Sultan Plaza – a 244-unit, 99-year leasehold development located on Jalan Sultan just off Beach Road – is up for collective sale, after receiving a mandate from over 80 per cent of the owners in favour of the en bloc exercise. The full commercial site will launch a public tender on Wednesday with a reserve price of S$380 million. The tender will close on Thursday, Mar 28 at 12 noon. The reserve price works out to a land rate of approximately S$1,860 per square foot per plot ratio (psf ppr), inclusive of development charges and differential premium payable.
Newton Lodge up for collective sale with S$44m minimum price
Owners of Newton Lodge, a 16-unit apartment block at Newton Road, have put their freehold 21,409 square foot site up for tender at a minimum price of S$44 million. This translates to a land rate of S$1,468 per sq ft per plot ratio (psf ppr) at a 1.4 gross plot ratio, said the property’s sole marketing agent JLL. Factoring in an additional 8 per cent bonus gross floor area for balconies and communal areas, the land rate drops to about S$1,359 psf ppr. Development charges are not payable for the site’s redevelopment.
KPMG calls for Smart Nation measures
Budget 2019 should help Singapore realise its Smart Nation vision, said KPMG on Wednesday, recommending moves in financial services, real estate, healthcare and life sciences, consumer retail and technology, as well as cybersecurity. These five sectors “hold the greatest potential to turn Singapore’s Smart Nation vision into reality”, said Tay Hong Beng, head of tax at KPMG in Singapore.
Google in talks for 400,000 sq ft space at Alexandra Technopark
Google is planning to expand in Singapore, going by market talk that it plans to boost its real estate footprint on the island. The tech giant is understood to be in advanced talks to lease close to 400,000 sq ft at Alexandra Technopark, which is next to Mapletree Business City II, where Google occupies about 500,000 sq ft. Market watchers note that Mapletree Business City II, which has a total net lettable area of about 1.2 million sq ft and owned by Mapletree Investments Pte Ltd, is nearly fully let, leaving Google to consider the next-door Alexandra Technopark as a possible location for its expansion.
First Reit’s Q4 DPU unchanged from a year ago
First Real Estate Investment Trust’s (First Reit) fourth-quarter distribution per unit (DPU) stayed flat at 2.15 Singapore cents for the three months ended Dec 31, 2018, unchanged from a year ago. This is payable on Feb 28, 2019. Gross revenue went up 2.7 per cent to S$29.3 million, supported by contributions from new properties acquired in FY2017 – Siloam Hospitals Buton & Lippo Plaza Buton and Siloam Hospitals Yogyakarta.
Keppel-KBS US Reit completes acquisition of Florida office property
Keppel-KBS US Reit’s (real estate investment trust) manager announced on Thursday (Jan 17) that it has completed the acquistion of Maitland Promenade I, an office property located in the Maitland submarket of Orlando, Florida, for US$48.5 million from The Realty Associates Fund X. Maitland Promenade I has a net lettable area of 230,371 square feet, with a committed occupancy rate of 98.1 per cent as at Oct 25, 2018.
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