In real estate developments in the region, WeWork will open a co-working space at CapitaLand’s Funan development while Roxy-Pacific buys Derby Court and CWG sells land in Sydney.
WeWork’s new facility to come up at CapitaLand’s Funan
CapitaLand’s property under development, Funan, will host a 40,000 sq ft WeWork co-working space.
The Funan integrated development comprises a 500,000 sq ft mall serving as a platform to inspire retail innovation; two Grade A office blocks that will serve the needs of established MNCs and co-working spaces for the mobile workforce; as well as The Ascott Limited’s lyf brand of co-living serviced residence designed for millennials.
Amenities in Funan will include a Golden Village Cineplex, a gym, swimming pool and a 55-lane rock-climbing facility, as well as a theatre.
Roxy-Pacific buys Derby Court
Roxy-Pacific Holdings has entered into a conditional agreement to purchase Derby Court for a consideration of S$73.9 million. The transaction is conducted through its wholly-owned subsidiary RH Developments Two.
Derby Court is a freehold residential site situated at 5 Derbyshire Road in Singapore. The site has an estimated total land area of 18,406 sq ft and is zoned Residential under the 2014 Master Plan with a gross plot ratio of 2.8. The acquisition will be financed through a mix of internal funds and bank borrowings.
CWG disposes off Sydney land
CWG International’s subsidiary, Bluesky Parramatta, in which it has a 95.8 per cent stake, is disposing off a land plot in Sydney, Australia to Parkes 88 for a consideration of A$40 million (S$40.6 million). CWG was formerly known as Chiwayland International.
Situated at 14-20 Parkes Street Harris Park NSW 2150, its total area is estimated at 2878 sq m. It is located in the centre of Parramatta, which is reportedly poised to emerge as an alternative central business district of Sydney.
As at end November, the property’s book value is A$31 million. A valuation conducted by Civic Valuations places its value at A$38 million. This disposal represents an opportunity for Bluesky to exit its entire interest in the property.