IT WAS buy, sell and go overseas on the local property newsfront yesterday.
In the prime office market, CapitaLand has sold its entire 50-per-cent stake in Chevron House for $366.4 million, booking a gain of $150.8 million.
In the en bloc scene, the 45 owners of Margate Mansion in the East Coast area did not get quite what they were hoping for. Their collective sale garnered $58 million, below the asking price of $63.8 million.
The buyer — mainboard-listed Soilbuild Group Holdings — said yesterday it had signed the option to buy the freehold 10-storey apartment block, which will be transformed into a luxurious 48-unit project with up to 24 floors. On Meyer Road, the site spans 34,802 sq ft and can be redeveloped to a maximum gross floor area of 73,088 sq ft.
Based on an estimated development charge of about $6.5 million for the site, the acquisition cost works out to be about $882 per square foot per plot ratio, said Soilbuild.
The collective sale comes after proposals earlier this week to amend en bloc sale laws. The changes, expected to take effect in early October, are aimed at raising transparency and safeguarding the interests of all stakeholders but could also spell higher costs and a lengthier sale process.
Meanwhile, Frasers Hospitality’s third serviced residence in Bangkok will open in October, the Singapore-based serviced apartment operator said yesterday
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