SingLand joins KepLand’s Sixth Ave project
SINGAPORE Land is tying up with Keppel Land by taking a 48 per cent stake in the latter’s freehold Avenue Park property at Sixth Avenue for $53.8 million or $463 per square foot per plot ratio (psf ppr)
The stake that SingLand is acquiring was formerly held by ComfortDelgro, which said yesterday that it had sold it to KepLand for $54.9 million. The SingLand-KepLand deal values the 172,820 sq ft site at $112 million or $463 psf ppr.
In November 2001, KepLand wrote down the site’s value to $366 psf ppr as part of a $455 million writedown of its landbank.
KepLand bought 47 of the 48 units at Avenue Park in April 1997 for $161.1 million.
The remaining unit was bought later after some legal technicalities were completed, according to an earlier media report.
The site is slated for redevelopment into a new condo with over 190 units and the project is on track for launch in the second half of this year - despite yesterday’s announcement of shareholding change.
SingLand’s director, president and chief executive Lim Hock San is also a director of KepLand’s parent Keppel Corporation.
SingLand said the joint venture will enable it and KepLand to use their ‘respective strengths for the development of high-end, upmarket residential units in Singapore for both the local and foreign markets’.
ComfortDelgro said the disposal of its stake in the project was in line with its overall strategy to divest all non-core assets.
Source : Business Times - 4 Mar 2006
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