GuocoLand

[yawnyawn]

Large residential plot in Sims Drive draws just 4 bids

But some experts say GuocoLand's top bid of $530.9m is on 'bullish' side
Published on Apr 30, 2014 1:18 AM


A large residential site in Sims Drive had reeled in only four bids when the tender closed yesterday, with a top bid deemed cautious by most experts. -- PHOTO: ST GRAPHICS

By Cheryl Ong

A LARGE residential site in Sims Drive had reeled in only four bids when the tender closed yesterday, with a top bid deemed cautious by most experts.

Still, some other market watchers felt the top bid was bullish given current weak conditions.

With a maximum gross floor area of 771,775 sq ft, analysts said the parcel was the largest to hit the market in two years.

They said some developers were likely to have been deterred by the huge cost of developing it.

The 99-year leasehold plot spans 257,258 sq ft, and can yield about 900 units.

The top bid came from Malaysian-controlled developer GuocoLand, which beat the competition with a price of $530.9 million, or $688 per sq ft (psf) per plot ratio (ppr). This was 5.8 per cent more than the second-highest offer of $502 million - or $650 psf ppr - from a tie-up between City Developments, Hong Leong Group and TID Residential.

Sim Lian Land came in last with its offer of $356 million - 49 per cent below GuocoLand's bid.

The huge gap was reflective of "a highly uncertain outlook for the residential segment amongst developers", Mr Ku Swee Yong, chief executive of property agency Century 21 noted.

SLP International research head Nicholas Mak said the top bid was significantly lower than the highest bid lodged for a site in Geylang East Avenue 1 in January, just 400m away. It closed with an offer that was 12.8 per cent higher at $776 psf ppr.

But Mr Mak also pointed out that the 67,146 sq ft site is smaller, and would be more attractive to developers.

"A bigger land parcel would attract less demand due to the huge quantum required. Smaller developers would not be able to compete unless they form joint ventures," Ms Christine Li, research head at OrangeTee pointed out.

However, GuocoLand's bid still exceeded the expectations of some analysts.

Mr Ku said that the top bid was "relatively high" compared with the results of the tender for a site in Prince Charles Crescent, which he felt was in a "superior" location.

The 268,713 sq ft plot near River Valley Road was won by a consortium made up of UOL Venture Investments and Kheng Leong Company for $463.1 million, or $821 psf ppr.

Mr Ong Teck Hui, national director of research and consultancy at Jones Lang LaSalle, also felt that the bid was "bullish" in today's tepid property market.

"The optimism in the bidding could be partly attributed to the lack of new full-sized condominium developments in the vicinity, while the supply of unsold units in the area is not large," said Mr Ong.

Mr Mak expects the break-even price of the new development to be $1,090 psf to $1,130 psf and that it could be sold for $1,220 psf to $1,300 psf.

ocheryl@sph.com.sg

This plot of land faces the PIE in the north

[greengiraffe]

http://infopub.sgx.com/FileOpen/Announce...eID=314163

[greentea]

http://btd.sg/1DXpq55 - Management reshuffle seen at GuocoLand
Sources say there have been high-level departures this month and at least 3 people left this week on short notice

By Melissa Tan melissat@sph.com.sg @MelissaTanBT
24 Apr 5:50 AM Singapore

A SHAKE-UP in the senior management team looks to be underway at property developer GuocoLand following several departures. This comes after it launched a massive private condominium project in Aljunied earlier this year that has seen subdued sales thus far.

There have been a couple of high-level departures this month and at least three people have left this week on short notice, industry sources told The Business Times on Thursday. This spate of exits comes on the heels of a wave of resignations last year.

[lohcm88]

Trading halt.. any news?

[cyclone]

GuocoLand signs landmark deal with AccorHotels for new-built Sofitels in Singapore and Kuala Lumpur

GuocoLand Limited ("GuocoLand") has signed a landmark deal with AccorHotels for the management of the Group's two new-built hotels at Tanjong Pagar Centre, Singapore and Damansara City, Kuala Lumpur, Malaysia. The Sofitel Singapore City Centre and the Sofitel Kuala Lumpur Damansara, adds a total of 534 rooms to the AccorHotel’s luxury brand portfolio.

The 222-room Sofitel Singapore City Centre will be part of the upcoming multi-billion dollar Tanjong Pagar Centre.

The 312-room Sofitel Kuala Lumpur Damansara is also an integral part of a new 8.5 acre integrated development in the upmarket Damansara Heights enclave called Damansara City which will feature two Grade A office towers, two luxury high-rise residences, and an F&B-centric lifestyle mall in addition to the luxury hotel.

[cyclone]

13 January 2016.
GuocoLand Limited today celebrated the topping out ceremony for Tanjong Pagar Centre, an award-winning integrated mixed-use development which is scheduled for completion in mid-2016. Mr Lawrence Wong, Minister of National Development was the Guest-of-Honour at the ceremony to mark the important
milestone by signing a Commemorative Plaque for the development, which will be the tallest building in Singapore at 290 metres high.

"Tanjong Pagar Centre is GuocoLand Group's $3.2 billion flagship development in Singapore. It will add to our growing portfolio of large-scale integrated mixed-use investment properties in Singapore and the region. This is in line with GuocoLand's growth strategy to grow our investment income through iconic mixed developments in selected gateway cities in Asia," said Mr Raymond Choong, President and CEO of GuocoLand Group, in his speech at the ceremony.
...
http://infopub.sgx.com/FileOpen/TPC-Medi...eID=385613

[cyclone]

GuocoLand will bring JAPAN RAIL CAFE, SBCD Tofu House, The Little Island, Chalong, Mrs Pho, Crave Nasi Lemak to Tanjong Pagar Centre

GuocoLand Limited wishes to announce that it will bring the world's first JAPAN RAIL CAFE, operated by Japan’s largest rail operator, East Japan Railway Company, into its F&B and lifestyle fold at Tanjong Pagar Centre. The new-to-market cafe is one among the additions representing a 70% take up of Tanjong Pagar Centre’s retail space.

In addition, Tanjong Pagar Centre will feature other new-to-market brands such as SBCD Tofu House, a Korean restaurant which is opening its first flagship outlet in Singapore specialising in Sundubu; The Little Island, serving authentic Penang-style dishes; and Chalong, that serves Thai fusion grilled bento boxes. Other tenants opening their first outlets in the CBD include Mrs Pho Vietnamese restaurant and Crave Nasi Lemak, the original Adam Road nasi lemak.

<not vested>

[opmi]

GuocoLand will bring JAPAN RAIL CAFE, SBCD Tofu House, The Little Island, Chalong, Mrs Pho, Crave Nasi Lemak to Tanjong Pagar Centre

GuocoLand Limited wishes to announce that it will bring the world's first JAPAN RAIL CAFE, operated by Japan’s largest rail operator, East Japan Railway Company, into its F&B and lifestyle fold at Tanjong Pagar Centre. The new-to-market cafe is one among the additions representing a 70% take up of Tanjong Pagar Centre’s retail space.

In addition, Tanjong Pagar Centre will feature other new-to-market brands such as SBCD Tofu House, a Korean restaurant which is opening its first flagship outlet in Singapore specialising in Sundubu; The Little Island, serving authentic Penang-style dishes; and Chalong, that serves Thai fusion grilled bento boxes. Other tenants opening their first outlets in the CBD include Mrs Pho Vietnamese restaurant and Crave Nasi Lemak, the original Adam Road nasi lemak.

<not vested>

Crave Nasi Lemak - nice, but no big deal
The Little Island - If it is the Johor one, no big deal also.

[CY09]

The retail space does not hold much of value vs the office and residence. I am more interested in the office and residence take up.

Can guocoland make a more significant media release. Oh wait 16 residential unit has been sold thus far, that isn't worthy of a media release

[cyclone]

Award of Land Tender – MARTIN PLACE

GuocoLand Limited is pleased to announce that its indirect wholly-owned subsidiary, First Bedok Land Pte Ltd, has today been awarded the tender for the residential site at Martin Place ("Land Parcel") by the Urban Redevelopment Authority of Singapore, at the bid price of S$595.1 million.

The 99-year leasehold Land Parcel is a sizable and attractive plot of land with a gross plot ratio of 2.8. Comprising a land area of 15,936.1 square metres, the Land Parcel will be developed into a luxury condominium, capable of yielding about 450 units of varying configurations.

The Land Parcel is located in the Prime District 9 and within 2 km to the Central Business District. It is within walking distance to the Somerset MRT Station, Orchard Road and Singapore River. It is also a short walk to the future Great World MRT Station (currently under construction) which is part of the Thomson-East Coast Line, and will take residents directly to Orchard Road, CBD and Marina Bay. The high-rise condominium development on the Land Parcel is expected to enjoy vantage views of key areas in the city such as the Marina Bay from higher floors. The Land Parcel is in close proximity to River Valley Primary School, Singapore Management University as well as various international schools.