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.