Asia Digest: SG’s Cairnhill Astoria on sale for $146m; Ayala Land in development JV

Cairnhill Astoria

Freehold development Cairnhill Astoria, located in Singapore’s Cairnhill Rise, has been put on collective sale for $146 million while Philippine-listed Ayala Land Inc has inked a joint venture with two local firms for property development.

Singapore’s Cairnhill Astoria on sale for $146m 

Cairnhill Astoria, a 99-year-old freehold development in Singapore’s Cairnhill Rise, will be put up for collective sale for S$196 million ($146 million) via public tender on Thursday, according to Colliers International.

Built in 1983, Cairnhill Astoria comprises 36 apartments across a high-rise residential tower and a low-rise block. It sits on a 3,587.5-square meter site in Prime District 09 and is served by the Somerset and Orchard Road MRT stations.

Colliers said the reserve price reflects a land rate of S$1,964 per square foot per plot ratio, inclusive of an estimated development charge of S$16.34 million.

Ayala Land forms JV to develop PH property

Philippine-listed property developer Ayala Land Inc announced that it has formed a joint venture with local real estate firms Green Square Properties Corporation and Green Circle Properties and Resources to acquire and develop a total of 27.9 hectares of land.

In a disclosure to the Philippine Stock Exchange Wednesday, Ayala Land said, properties are located in Dingalan, Aurora and General Nakar, Quezon Province. Ayala Land will own 51 per cent of the JV while Green Square and Green Circle will jointly own the remaining 49 per cent.

Ayala Land is engaged in the planning and development of large-scale, integrated estates.

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