Perennial Real Estate Holdings Limited (formerly: St. James Holdings Limited)

[CCUV]

CONSERVATION OF CAPITOL THEATRE, CAPITOL BLDG & STAMFORD HOUSE AS PT 3/4-STOREY HOTEL (157 ROOMS), ERECTION 2-STOREY COMMERCIAL PODIUM WITH 12-STOREY RESID FLATS (39 UNITS) 2 BASEMENT FOR SHOPPING WITH UNDERGROUND PEDESTRIAN MALL & 4 BASEMENT CARPARKS AT STAMFORD/NORTH BRIDGE ROAD ON LOTS) 00333W , 00335P , 00337A SL , 00339N SL , 00346M , 00381W SL , 00383P , 80001L & 99876C SL TS10 AT 11 STAMFORD ROAD, 15 STAMFORD ROAD - THIS TOP IS ISSUED TO PHASE 1 WORKS COMPRISING L1 & L2 COMMERCIAL RETAIL PODIUM AND PLAZA AREA, B1 & B2 RETAIL LEVELS, B3 TO B6 BASEMENT CARPARK LEVELS

TOP on 26 Feb

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From my assessment

Singapore Assets

Capitol Building-Good chance of success, residential decent buffer of safety, 6 stars hotel to be a success, theatre bring in the crowd with cinema and plays, retail pre committed more than 70%

Chimjes-Decent purchase price given an increase of 40% of NLA. Rental can be low enough to attractive tenant

111 Somerset- Office purchase at a decent buffer if they sell as strata. Retail unsure given the 111 Somerset is the cold part of Orchard Road shopping belt, level 1 is trading well in my view base on impression, level 2 quiet

AXA tower-Decent entry price,given a good buffer if decide to sell as strata. GSH plaza shouting 2.5k-3k. Will earn management fees from managing this big complex. PSF value paid 1750.

Tan,chinatown and 112 too small to make a different.

China asset

Good asset
Beijing Tongzhou
Foshan jihua
Chengdu qingyang

Unproven
HSR asset
Chengdu Dongzhan

underperforming
Shenyang asset


*2 cents worth,no punt intended

[CCUV]

Capitol Theatre is next foodie draw

The site of the historic Capitol Theatre boasts a four-storey retail mall with exciting food choices, some of which are already open

The historic Capitol Theatre, which has been under redevelopment, will be home to a slew of new food and beverage outlets by June. The 542,000 sq ft space in North Bridge Road comprises three conservation buildings - Capitol Theatre, Capitol Building and Stamford House. A new building, a four-storey retail mall called Capitol Piazza, will be part of the complex and it is connected to City Hall MRT station. The integrated development, built by Capitol Investment Holdings, a consortium backed by Pontiac Land Group and Perennial Real Estate Holdings, includes residential development Eden Residences Capitol and luxury hotel The Patina Capitol. Construction is ongoing. Many restaurants and shops are still hoarded up, but it is shaping up to be a draw for foodies. Some places are already open for business. There is casual pizzeria Spizza Mercato (B2-52) by The Senso Group, which includes a gourmet retail section. Swiss chocolate brand Teuscher Chocolates (02-31), Once Upon A Milkshake and The Rosti Farm are opened too. One of the biggest new-to-market brands to open is famed roast duck specialist Four Seasons from Bayswater, London. The 150-seat restaurant (02-27/28/29) was brought in by the Royal China Group, which owns Chinese restaurant Royal China at Raffles Singapore. Royal China Group's general manager Raman Lam says: "We've been trying to bring in Four Seasons for a long time, but we wanted to find a good place. The menu is the same as in London. We've a chef who has been with us for more than 10 years to roast the ducks." The ducks are from Holland and Bangkok, and he says they will "taste even better" than the British ducks used in the London flagship. Prices start at $22 for a serving of the roast duck. He is well aware of Hong Kong-style restaurant London Fat Duck, slated to open next month at Scotts Square in Orchard Road. The joint venture between the Fei Siong and Akashi groups will also serve the roast duck made popular by Four Seasons in London. Mr Lam shows SundayLife! a photo of the London Fat Duck restaurant hoarding and says: "They are trying to copy our identity." Akashi director Mervin Goh says: "I don't see them as competition as the market is not that small and we are not located in the same area. It's not just about the duck, it's the technique. Local diners have grown up eating duck and they can pick their favourite." He will also have a presence at Capitol and is opening a 3,200 sq ft modern sake bar-restaurant called Kazu (01-84). It will be helmed by American chef Dan Segall, former executive chef of Ku De Ta. Another prominent name opening is famed Parisian tearoom Angelina (01-82), famous for its pudding-like hot chocolate and the classic Mont Blanc dessert made of pureed sweetened chestnuts and whipped cream. The franchise is brought in by Re Global Hospitality, a family business with a focus on retail and hospitality in India and the United Arab Emirates. Brands that it operates include British retailer WH Smith. This is its first venture in Singapore. Mr Aditya Talwar of Re Global Hospitality says: "Over the years, Angelina has sought to expand its presence globally. It has been in Japan for 30 years and expanded into China and the UAE last year. Singapore is a very appealing market with an international and well-travelled population, and hence a logical next step for its expansion." The 60-seat dessert salon, modelled after Angelina's flagship outlet at the famed Rue de Rivoli in Paris, is slated to open by the end of next month and will have all-day dining and a pastry take-away section. Other restaurants include Dazzling Cafe from Taiwan (01-85), Tap Craft Beer Bar (01-88/90), casual eatery 1933 (01-83), and modern Italian restaurant Equilibrium (01-86). The 100-seat Equilibrium is by the owners of Italian restaurants Supply & Demand at Orchardgateway and Esplanade mall. It is scheduled to open in June. The BreadTalk Group is behind 1933, which features local dishes such as Hainanese chicken rice and pork chop. The group will also open a 12,000 sq ft multi- concept restaurant, Palette (B1-20 to B1-27), there. The 400-seat casual restaurant with Euro-Peranakan interiors, features home-grown brands such as Balestier Bak Kut Teh and Ah Yat Seafood Restaurant, as well as Ah Koong Restaurant, a noodle shop from Johor Baru, and Hok Kee, a wonton and beef noodle specialist from Hong Kong. The Ponte Group, which owns Erwin's Gastrobar and LeVel 33 at the Marina Bay Financial Centre, will open Austrian restaurant-bar Kaiserhaus (02-06 and 03-06) at Capitol Theatre. It will sell traditional Austrian pastries and beer, as well as Viennese coffee. Other brands include Pho Tai Vietnamese Restaurant (B2-54) as well as familiar names such as Oriole Coffee + Bar (02-20/21), Hoshino Coffee (B2-55), Llao Llao (B2-29), Bounce Smoothie Bar (B2-28), Casa Italia (B2-30) and Ma Maison (B2-51). - See more at: http://www.straitstimes.com/lifestyle/fo...BDABd.dpuf

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Perennial Real Estate, IJM Land to jointly develop Penang waterfront project

When ready, the 1.4 million sq ft waterfront site in Gelugor town along Penang’s eastern coastline will be converted into a complex housing a shopping mall, thematic shops, residential towers, an office tower, two hotels with more than 750 rooms, as well as a convention centre.

Artist's impression of Perennial Penang and IJM Land Berhad's new venture, an integrated mixed-use development along Penang's eastern coastline. (Photo: PREH/IJM Land)




SINGAPORE: Perennial Real Estate Holdings Limited (PREH) announced on Tuesday (Apr 21) that it has entered into a joint venture to acquire a freehold waterfront site in Penang, Malaysia to be developed into a large-scale integrated mixed-use development.

The 50-50 joint venture between the group’s Singapore-incorporated subsidiary Perennial Penang Pte Ltd and IJM Land Berhad will turn the site into what it describes as “Penang’s first mega integrated waterfront icon” with “retail, entertainment, recreational, residential, business, hospitality and Meetings, Incentives, Conventions and Exhibitions components”.




When ready, the 1.4 million sq ft waterfront site in Gelugor town along Penang’s eastern coastline will be converted into a complex housing a shopping mall, thematic shops, residential towers, an office tower, two hotels with more than 750 rooms, as well as a convention centre, spanning across 4.1 million sq ft in total gross area.


In close proximity will be landmarks such as the first and second Penang Bridges, and Phase 1 of The Light Waterfront Penang, a residential development by IJM Land. The total development cost is estimated to be more than 3 billion ringgit (S$1.1 billion).

The waterfront integrated mixed-use development will be jointly managed by the two partners and is expected to complete in phases, starting from 2018.

PREH’s chief executive officer Mr Pua Seck Guan said the prime sizeable development offers “a unique opportunity to establish a one-stop retail-cum-lifestyle destination imbued with the life and spirit of Penang’s cultural heritage”.


He also expressed his confidence in turning it into “one of the finest waterfront integrated precincts in Penang that will appeal to both locals and tourists” considering both partners’ “complementary expertise and experience in developing and managing large-scale integrated commercial developments in China and Singapore”.

Mr Pua added: “The joint venture in Penang also marks the Group’s first foray into a new market which will augment our existing business in core markets of China and Singapore and diversify our investment portfolio to generate sustainable returns over the longer term.”

Chief executive officer and managing director of IJM Corporation Berhad Mr Soam Heng Choon believes the development will boost Penang’s tourism and economic standing.

“The development of the integrated waterfront city will transform the waterfront landscape of Penang and will further position the state at the forefront among investors and tourists,” he said.

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http://infopub.sgx.com/FileOpen/Final%20...eID=363381

Mr Pua Seck Guan, Chief Executive Officer of the Group, said, “We are excited about a number of recent positive developments in the Group’s core business markets. In China, the designation of Tongzhou District as Beijing’s municipal subsidiary administrative centre by the Chinese government bodes well for Beijing Tongzhou Integrated Development in view of the intensification of public infrastructure, transportation and housing developments in the district. In Singapore, TripleOne Somerset and AXA Tower have received planning approval for the proposed enhancement works. The Group intends to finalise the plans to execute the strata-sale of the office spaces at these two prime developments to maximise value for Shareholders.”

After the highly disappointing leasing experience for a near sold out office development @ PL Sq, would anyone dare to have a second go in strata title commercial assets?

[opmi]

Retail is going downhill long term in face of e-commerce.

[cfa]

Strata titles property, if owned by too many different owners is always not easy to managed and maintained . Just compare Lucky plaza to NAC , Wisma Atria or Paragon.

[Muck]

PREH seeks to wind up Capitol entities because of a deadlock with its partner. This is one risk that any investor should consider for those assets where PREH does not hold a majority stake. This happened with 112 Katong and now Capitol.

http://www.businesstimes.com.sg/companie...th-pontiac

[opmi]

So regarding Pua SG's 'magic touch': 时事造英雄 or 英雄造时事？Or 2000s had a lot of low lying fruits for CAPL?

[opmi]

Eden Residences being a mixed development, probably dont have QC extension charges.

Likely they are quarrelling over ABSD since not 100% sold? I dont know if ABSD is backward looking coz the site was sold at 2010. Before the ABSD regime.

Date of Sale 
EDEN RESIDENCES CAPITOL STAMFORD ROAD Apartment 06 CCR 99 yrs lease commencing from 2011 New Sale 1 10,260,000 - 3,348 Strata 06 to 10 3,065 Dec-15
EDEN RESIDENCES CAPITOL STAMFORD ROAD Apartment 06 CCR 99 yrs lease commencing from 2011 New Sale 1 10,000,000 - 3,520 Strata 01 to 05 2,841 Jun-14
EDEN RESIDENCES CAPITOL STAMFORD ROAD Apartment 06 CCR 99 yrs lease commencing from 2011 New Sale 1 10,800,000 - 3,348 Strata 06 to 10 3,226 Mar-14
EDEN RESIDENCES CAPITOL STAMFORD ROAD Apartment 06 CCR 99 yrs lease commencing from 2011 New Sale 1 10,458,000 - 3,380 Strata 06 to 10 3,094 Jun-13
EDEN RESIDENCES CAPITOL STAMFORD ROAD Apartment 06 CCR 99 yrs lease commencing from 2011 New Sale 1 8,138,000 - 2,723 Strata 01 to 05 2,988 May-13