Singapore: Champsworth Development, Hotel Grand Central strike realty deals

In a few real estate developments in the region, Champsworth Development has purchased 1 Draycott Park while Hotel Grand Central has acquired PWC Centre in Christchurch, New Zealand.

Champsworth Development purchases 1 Draycott Park for S$72m

Champsworth Development Pte Ltd, a subsidiary of Selangor Dredging Berhad, has purchased 1 Draycott Park from Savills Singapore for S$72 million through a private treaty deal.

The freehold site, approximately 17,442 sq ft, is currently occupied by a seven-storey block. Built in the 1990s, the development comprises eight apartments ranging in size from 860 sq ft to 6,200 sq ft. It is zoned for residential use with a plot ratio of 2.8. The site can be redeveloped up to a height limit of 36 storeys with a maximum permissible Gross Floor Area of 48,837 sq ft.

The property is located in a prestigious residential enclave in close proximity to country clubs, hotels, educational institutions and the main shopping belt of Orchard Road.

Suzie Mok, senior director of Investment Sales at Savills Singapore, who brokered the deal, says, “this transaction signals to the market that the high-end non-landed residential segment has moved on to the next phase of price recovery.”

At the land rate of S$1,787 ppr inclusive of development charge, the breakeven price for the new development is expected to range between S$2,700 and S$2,800 per sq ft.

Hotel Grand Central acquires PwC Centre in Christchurch

Hotel Grand Central has, through its unit, acquired the PwC Centre in Christchurch, New Zealand for NZ$49.0 million (S$48.6 million).

PWC Centre is a six-storey commercial office building that sits on an area of 3,749 sqm on Cashel Street. The property has a lettable area of 7,917 sqm, and is currently let out with a net rental of NZ$3.3 million per annum.

HGC says the proposed acquisition, which will be funded via internal funds and bank borrowings, will enable the group to expand its presence in the Christchurch commercial office market.

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