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PR Newswire
26-04-2013, 04:24 PM
Perennial Forms Consortium To Develop Beijing Mixed-Use Project
Singapore property developer Perennial Real Estate Holdings announced that it has formed a second consortium to develop the second phase of the $2.6 billion Beijing Tongzhou Integrated Development. The newly formed consortium for the $1.4 billion second phase project brings together members of the first consortium that worked on the first phase of the mixed-use development, as well as Perennial China Retail and Bright Assets Enterprises – an entity controlled by Boustead Singapore’s chairman and chief executive officer Wong Fong Fui. Phase 2 is expected to comprise retail, office and residence components. The three plots of land involve in the second phase measure a total of 104,000 square metres (sqm). The total development cost is expected to be Rmb16,000 ($3,200) per sqm of its gross developmental floor area of 426,000 sqm (excluding car park), which works out to $1.35 billion. The project is expected to be completed in 2016.
Significance: Singapore-listed Perennial China Retail Trust’s (PCRT) future recurring income is likely to have a boost as its parent and sponsor Perennial Real Estate Holdings has secured the right to acquire the block retail components in both phases for the trust. PCRT shares rose $0.005 on 16 April 2013 to close at $0.605.
Singapore property developer Perennial Real Estate Holdings announced that it has formed a second consortium to develop the second phase of the $2.6 billion Beijing Tongzhou Integrated Development. The newly formed consortium for the $1.4 billion second phase project brings together members of the first consortium that worked on the first phase of the mixed-use development, as well as Perennial China Retail and Bright Assets Enterprises – an entity controlled by Boustead Singapore’s chairman and chief executive officer Wong Fong Fui. Phase 2 is expected to comprise retail, office and residence components. The three plots of land involve in the second phase measure a total of 104,000 square metres (sqm). The total development cost is expected to be Rmb16,000 ($3,200) per sqm of its gross developmental floor area of 426,000 sqm (excluding car park), which works out to $1.35 billion. The project is expected to be completed in 2016.
Significance: Singapore-listed Perennial China Retail Trust’s (PCRT) future recurring income is likely to have a boost as its parent and sponsor Perennial Real Estate Holdings has secured the right to acquire the block retail components in both phases for the trust. PCRT shares rose $0.005 on 16 April 2013 to close at $0.605.