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Acted for the developer Far East Organization (FEO) in the land acquisition for the successful launch of the 319-unit The Greenwich located in Seletar Hills. Prices ranged from S$650,000 to S$1.25 million with the price psf at S$980 on average, a record for the area. 80 of 96 units released for sale during a special preview were snapped up.
Acted for the Golden Flower Group, an associate company of Oxley Land, in its divestment of a majority stake in the company that owns a residential site at 55 Devonshire Road. The deal is understood to have valued the freehold site at about S$1,380 per sq ft per plot ratio, inclusive of an estimated development charge of under S$2 million. Working backwards, analysts estimate the lump-sum value of the site would be about S$50 million for the transaction. Golden Flower paid S$42 million for the site in 2007. The 13,404 sq ft plot is zoned for residential use with 2.8 plot ratio - the ratio of maximum potential GFA to land area - under Master Plan 2008.
Acted on the mortgage and real estate aspects for a 5-bank syndicate comprising DBS, OCBC Bank, Commonwealth Bank of Australia, Societe Generale and ING Bank in a S$496 million loan facility to Starhill Global Reit. OCBC was the facility and security agent. The facility was secured against Starhill's interest in shopping and office complex Ngee Ann City.
Acted for Ho Bee Developments Pte Ltd, a subsidiary of Ho Bee Investment Ltd in the sale of two investment properties for a total of S$144.42 million. TG Building, a 4-storey warehouse located at 222 Tagore Lane, was sold for S$33 million. This translates to about S$254 psf of GFA. Ho Bee also agreed to sell its four floors of office space (levels 8,9,10 & 11) with a total floor area of 52,431 sq ft at Samsung Hub, located at Church Street, for S$111.42 million. This translates to S$2,125 psf.
Acted for listed company Overseas Union Enterprise in its S$870.5 million purchase of DBS Tower One and Two from a Goldman Sachs real estate fund.
