SG Realty: Keppel Land Wuxi site; Ascendas REIT sale; First Sponsor Amsterdam purchase

Commercial buildings stand in the central business district in this aerial photograph taken above Singapore, on Thursday, July 2, 2015. Photographer: Darren Soh/Bloomberg

In multiple real estate related developments in Singapore, Keppel Land has acquired land in Wuxi while Ascendas REIT has offloaded a property at Genting Lane and First Sponsor Group has bought an Amsterdam property.

Keppel Land acquires prime land in Wuxi

Keppel Land through its unit Keppel Land China has acquired a prime piece of land in the city of Wuxi, in southern Jiangsu province in China, to develop residential properties.

Keppel Land China’s subsidiary, Keppel Lakefront (Wuxi) Property Development Co. secured the 18.03 ha residential site for RMB2.533 billion ($517 million) in a government land tender. It is situated in a mature residential precinct within the Xinwu district and has a permissible gross floor area (GFA) of about 360,500 sqm.

Keppel Land China intends to develop the site into a residential project comprising 2,053 high-rise, 456 mid-rise and 246 low-rise units. It is located in close proximity to the Sunan Shuofang International Airport and Wuxi railway station.

Ascendas REIT sells property at 84 Genting Lane

The manager of Ascendas REIT (A-REIT) is divesting 84 Genting Lane to corporate gifts firm Axxel Marketing for a consideration of S$16.68 million. The sale consideration represents a 66.8 per cent premium to the property’s original purchase price of S$10 million.

At end-March 2017, it was valued at S$15.8 million by Knight Frank. It has a gross floor area of 11,917 sqm and occupancy of 90.1 per cent as at end-September.

The divestment is part of A-REIT’s strategy to redeploy capital and optimise returns for unit holders. A-REIT expects to book S$15.3 million in net proceeds post deduction of divestment costs.

Post the transaction, A-REIT will own 100 properties in Singapore and 31 properties in Australia.

First Sponsor Group acquires Amsterdam property

First Sponsor Group has acquired majority apartment rights of a mixed-use office building in Amsterdam, the Netherlands, for EUR 55.5 million (S$88.6 million) called the Meerparc.

Meerparc is a five-storey strata-titled freehold property located in the South Axis, the main central business district of Amsterdam and sits on a site area of 9,744 sqm, and has a lettable floor area which includes 12,200 sqm of office space and 4,618 sqm of retail/commercial space.

As an-end-November, it has an office occupancy of 73 per cent with a weighted average lease term of 5 years.

In a statement, Neo Teck Pheng, group chief executive, said, the deal allows the group to expand its presence in Amsterdam South Axis, further enhancing the recurrent income potential.

Also Read:

SG Realty Dealbook: Allied Tech, Roxy-Pacific strike property deals

SG Realty: Cityneon Holdings buys Scorpio East; Oxley Holdings on acquisition spree

SG Realty: WeWork’s Funan launch; Roxy buys Derby Court; CWG sells Sydney land

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.