Singapore Briefs

By THE EDGE

Good response to Pavilion Park

Allgreen Properties launched its project of 43 units of landed terraced and semi-detached units at Pavilion Park in Singapore recently. The sites are off Bukit Batok Road. Around 70% of the units were sold at a preview last week. Terraced units are priced from S$1.4 million (about RM3.14 million). Semi-detached units will be offered from S$1.8 million and sizes range from 2,926 to 3,214 sq ft. The estate is expected to be completed by 2009. CBRE is the sole marketing agent.

Soilbuild completes Eightrium early

Soilbuild has completed its eight-storey landmark development Eightrium @ Changi Business Park three months ahead of schedule. The high-tech building near Expo MRT, with a net lettable area of 178,000 sq ft and floor plates of up to 30,000 sq ft, is ready for occupation. Eightrium, which features East and West wings interlinked by a distinctive five-storey atrium, has attracted strong interest from MNCs in the technology, R&D and knowledge-intensive industries.

Soilbuild also recently launched Senoko Food Connection, which targets food manufacturing and distribution industries, and Pioneer Lot, aimed at the marine and engineering trades. Since its entry into developing business-space properties two years ago, Soilbuild has launched almost one million square feet of projects for sale and lease.

Ascendas buys second Korean logistics centre

Ascendas has entered into a sale and purchase agreement to buy Korea 2000 logistics centre in Icheon. The amount paid will not be disclosed until after due diligence is completed. Korea 2000, built on 322,930 sq ft, provides 434,900 sq ft of cold storage space. The property will be leased back to Korea 2000. It is the second logistics centre in Ascendas’ South Korea stable. The first, also in Gyeonggi province, was CJ GLS Logistics Center, acquired in 2005.

Meanwhile, Ascendas has expanded the asset size of A-KOF, its Korea Office Fund, by adding Citi­Bank Center and Dadong Center. Both properties — totalling 128 billion won (about RM471 million) — are in the heart of Seoul’s prime business district. A-KOF, now worth 181 billion won, was launched last November. Ascendas holds a 30% stake in the fund, which is co-invested with Samsung Life, Korea Life and LIG.

Strong rent revisions for Fortune REIT

Fortune REIT’s net property income and distributable income for 1Q improved by 2.1% and 1.2%, res­pectively. Total revenue increased 1.2% to HK$156 million (about RM67 million) due to rental revisions of 11.7% from renewals across its 11 retail properties in Hong Kong. For large malls such as Ma On Shan Plaza, Waldorf Garden Property and City One Shatin Property, rental revisions reached 29%, 18% and 15%, respectively. Prospective rents under offer are three times higher than previous rents.

Ho Bee has record 1Q profits

Ho Bee’s net profits for 1Q soared 425% on 1Q2006 to hit a record S$69.1 million. The result is largely due to the sales success of the group’s luxury condominium, The Coast at Sentosa Cove, Singapore. Group turnover for 1Q increased five-fold to hit a new high of S$245.8 million, up 366% from the S$52.8 million in the corresponding period last year. Earnings per share climbed to 9.37 cents, up from 2.13 cents.

Six of the group’s nine properties are 100% sold. Coral Island and Paradise Island — boutique villa projects at Sentosa — are 95% and 96% sold, res­pectively. Ho Bee plans to launch two high-end condos: the 92-unit Waterfront Collection at Sentosa Cove and the 72-unit Orange Grove Road project. The group also made recent acquisitions, including Holland Hill Mansions (with MCL Land), the Waterfront Collection, The Seaview Collection in Sentosa Cove (with IOI Land) and Elmira Heights in Newton Road. The combined site area is 628,693 sq ft, enough to build 600 units.

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