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THREE Singapore developers are stepping up land banking via the collective sale market, with their latest tie-up being the acquisition of Park View Mansions in Yuan Ching Road for US$260mil (RM1.16bil).
Citing higher costs, construction delays due to labour shortage and supply disruptions, as well as macroeconomic uncertainties arising from the spike in inflation and interest rates, Chip Eng Seng told the Singapore Exchange on Thursday that, for the Park View acquisition, it is “prudent to manage these risks by collaborating with suitable partners whenever possible.”
Singapore-listed Chip Eng Seng says its partners, KSH Holdings and SingHaiyi Group, are “familiar parties with whom it has forged good working relationships through past and ongoing development projects”.
They partnered in a number of high-profile deals last year, including the US$650mil (RM2.89bil) collective purchase of the Peace Centre/Peace Mansion last December. Other partners in this deal include Ho Lee Group.
In May last year, the subsidiaries of Chip Eng Seng, SingHaiyi and Hong Kong-listed Chuan Holdings acquired Maxwell House for US$276.8mil (RM1.23bil) and earlier this week, Euro-Asia Apartments in Serangoon Road was sold to a KSH indirect subsidiary for US$222.18mil (RM989mil).
Developers may form joint ventures to pool resources and cut development costs, Cushman & Wakefield’s head of research Wong Xian Yang says.,
Tan Hong Boon, JLL executive director, Singapore capital markets, says the uptick in activity is a continuation of the collective sale cycle that started in 2020, but had been dampened by the December 2021 cooling measures.
Some developers are confident to re-enter the market now given the strong take-up of new launches including Piccadilly Grand, Liv@MB and AMO Residence amid low unsold inventory, analysts say.
But Tracy Goh, head of investment and collective sales at PropNex, notes that asking prices for some collective sale sites have increased, and it remains to be seen if developers will bite.
On Thursday, Chip Eng Seng announced that its unit CEL Development, together with Sing-Haiyi Pearl and TK 189 Development, were awarded the collective sale tender for the 160-unit, 99-year leasehold Park View Mansions. They intend to redevelop the site into a residential project with up to 440 units.CEL’s stake in the joint venture is 40%, while Sing-Haiyi Pearl and TK 189 have an interest of 30% each.
Sing-Haiyi Pearl is equally owned by SingHaiyi Group and Haiyi Holdings, which are controlled by Singaporeans Gordon Tang and Celine Tang - who are also Chip Eng Seng controlling shareholders.
KSH unit Kim Seng Heng Realty owns 66.67% of TK 189, while Ho Lee Group holds the remaining 33.3%.Park View’s previous collective sale attempt at US$320mil (RM1.4bil) failed in 2018.
Its US$260mil sale price translates to a land rate of US$1,023 (RM4,551) per sq ft per plot ratio, including the estimated differential premium and lease top-up to a fresh 99 years. — The Straits Times/ANN