A JOINT venture by two property developers - Fragrance Group and World Class Land, a subsidiary of Aspial Corporation - has snapped up a downtown commercial building for $360 million.
This sale of KeyPoint, at the junction of Beach Road and Jalan Sultan, was priced at $75 million, or 26.3 per cent, above the last valuation of $285 million as of Sept 30 last year.
Frasers Centrepoint Asset Management, the manager of Frasers Commercial Trust which owned KeyPoint, revealed that this transaction resulted in a gain of $72.8 million for Frasers' unitholders.
A firm called Bayfront Ventures has been set up to acquire the property, with Fragrance Group and World Class Land having an equal share in the special purpose company.
The cost of the acquisition and development will be funded internally by both firms, and through bank borrowings.
The 25-storey, 7,268.9 sq m commercial block has 62 years left on the lease.
Frasers said that KeyPoint was considered suitable for divestment as it was identified as an asset which had reached its optimal economic life cycle.
Upgrading and rejuvenating KeyPoint would hence entail 'significant amount of additional capital expenditure'.
The sale and purchase agreement covers all aspects of the development, including its three-storey podium, 22-storey office tower and four-storey carpark containing 227 parking spaces.
The 34-year-old site is zoned for commercial use and can potentially yield a commercial gross floor area of approximately 426,421 sq ft.
Bayfront Ventures is considering various options to redevelop the site, including a commercial development with retail shops and offices, or an integrated development comprising retail shops, offices and residential units.
Fragrance Group and World Class Land have teamed up before. They developed the 689-unit Parc Rosewood condominium and acquired Tai Keng Court earlier this year, for example.
Mr Koh Wee Seng, director of Bayfront Ventures and World Class Land, said in a statement: 'We have enjoyed a mutually rewarding partnership with the Fragrance Group and intend to further build on the success of our alliance through the KeyPoint project.
30 Storey Brand New City Living Featuring 311 Residential Units And 188 Retail UnitsAs of now, the information we have is limited and we will provide more updates once we receive further information from the Developer.
Targeted preview: End June/ Early July
CityGate Condo @ Beach Road is a new and upcoming mix development, comprises of 311 Residential units and 188 Retail units. It stands at an impressive of 30 storeys tall.
CityGate Condo is located in Beach Road, at the former Keypoint building and it is walking distance to The Concourse, The Concourse Shopping Mall and The Concourse Skyline, ParkRoyal@ Beach Road, Sultan Plaza, Textile Centre and Golden Mile Complex. It is CityGate Condo is in between of Nicoll Highway MRT Station of Circle Line, Bugis MRT Station and Lavender MRT Station of East-West Line. It is 1 MRT Station stop to City Hall Interchage using the East-West Line and 3 MRT Station stops to Marina Bay Mrt Station.
For vehicle owners, it takes less than 5 minutes driving up to the Central Business hub and the vibrant Orchard Road shopping district via Jalan Besar or Bukit Timah Road.
CityGate Condo@ Beach Road not only offers great accessibility to town and CBD, it offers residents great conveniences, with integrated life-style living and choices of retail and restaurants at your door-step. Whatever your pleasure is, you may fulfil your desire here. From shopping to your heart's desire to stimulating your palette and many more, this is the place with which residents are here to be ready to explore and discover.
CityGate Condo is near to Stamford Primary School, Nanyang Academy of Fine Arts and Singapore Management University SMU.
It will be a wonderful and unique lifestyle awaiting here in CityGate Condo. Please let us keep you inform of more updates and information about CityGate Condo and its preview date.
[http://propertylaunch-invest.com/city-southwest/district-7/property/citygate-condo.html]
This sale of KeyPoint, at the junction of Beach Road and Jalan Sultan, was priced at $75 million, or 26.3 per cent, above the last valuation of $285 million as of Sept 30 last year.
Frasers Centrepoint Asset Management, the manager of Frasers Commercial Trust which owned KeyPoint, revealed that this transaction resulted in a gain of $72.8 million for Frasers' unitholders.
A firm called Bayfront Ventures has been set up to acquire the property, with Fragrance Group and World Class Land having an equal share in the special purpose company.
The cost of the acquisition and development will be funded internally by both firms, and through bank borrowings.
The 25-storey, 7,268.9 sq m commercial block has 62 years left on the lease.
Frasers said that KeyPoint was considered suitable for divestment as it was identified as an asset which had reached its optimal economic life cycle.
Upgrading and rejuvenating KeyPoint would hence entail 'significant amount of additional capital expenditure'.
The sale and purchase agreement covers all aspects of the development, including its three-storey podium, 22-storey office tower and four-storey carpark containing 227 parking spaces.
The 34-year-old site is zoned for commercial use and can potentially yield a commercial gross floor area of approximately 426,421 sq ft.
Bayfront Ventures is considering various options to redevelop the site, including a commercial development with retail shops and offices, or an integrated development comprising retail shops, offices and residential units.
Fragrance Group and World Class Land have teamed up before. They developed the 689-unit Parc Rosewood condominium and acquired Tai Keng Court earlier this year, for example.
Mr Koh Wee Seng, director of Bayfront Ventures and World Class Land, said in a statement: 'We have enjoyed a mutually rewarding partnership with the Fragrance Group and intend to further build on the success of our alliance through the KeyPoint project.
30 Storey Brand New City Living Featuring 311 Residential Units And 188 Retail UnitsAs of now, the information we have is limited and we will provide more updates once we receive further information from the Developer.
Targeted preview: End June/ Early July
CityGate Condo @ Beach Road is a new and upcoming mix development, comprises of 311 Residential units and 188 Retail units. It stands at an impressive of 30 storeys tall.
CityGate Condo is located in Beach Road, at the former Keypoint building and it is walking distance to The Concourse, The Concourse Shopping Mall and The Concourse Skyline, ParkRoyal@ Beach Road, Sultan Plaza, Textile Centre and Golden Mile Complex. It is CityGate Condo is in between of Nicoll Highway MRT Station of Circle Line, Bugis MRT Station and Lavender MRT Station of East-West Line. It is 1 MRT Station stop to City Hall Interchage using the East-West Line and 3 MRT Station stops to Marina Bay Mrt Station.
For vehicle owners, it takes less than 5 minutes driving up to the Central Business hub and the vibrant Orchard Road shopping district via Jalan Besar or Bukit Timah Road.
CityGate Condo@ Beach Road not only offers great accessibility to town and CBD, it offers residents great conveniences, with integrated life-style living and choices of retail and restaurants at your door-step. Whatever your pleasure is, you may fulfil your desire here. From shopping to your heart's desire to stimulating your palette and many more, this is the place with which residents are here to be ready to explore and discover.
CityGate Condo is near to Stamford Primary School, Nanyang Academy of Fine Arts and Singapore Management University SMU.
It will be a wonderful and unique lifestyle awaiting here in CityGate Condo. Please let us keep you inform of more updates and information about CityGate Condo and its preview date.
[http://propertylaunch-invest.com/city-southwest/district-7/property/citygate-condo.html]