SingHaiyi Land, a subsidiary that’s fully owned by SingHaiyi Group, has entered a 50/50 venture with Haiyi Wealth to acquire Park West. This is a valuable residential site that’s located in Clementi. The property which was acquired for $840.9M is found close to the Clementi MRT station in Jalan Lempeng. Haiyi Wealth is a firm that’s controlled by a duo of husband and wife, Celine and Gordon Tang. Based on the land bid price by
Parc Clematis Bid Price by SingHaiYi Group
According to Huttons Asia, a marketing agent, this new acquisition can yield around 1.33 million square-feet in terms of gross floor area after its redevelopment. This is the third attempt by the property owners when it comes to a collective sale, Huttons Asia added. Park West is an estate with a 99-year leasehold. Its lease initially started in March 1982 and it occupies an area of around 633,644 square feet. In addition to that, it has an estimated 2.1 plot ratio.
Parc Clematis in Demand Due to Pricing
Huttons Asia’s head of investment sales, Mr. Terence Lian, further stated that this is a regular and strategic piece of property which is good for redevelopment for Parc Clematis based on the pricing. Its location next to the second CBD in Singapore and the One North R & D Park also add to it immense value. Mr. Lian said that this new project development is expected to have higher demand. This is due to the popularity of the surrounding projects like the Clement Canopy and the Trilinq.
Price Tag for Parc Clematis Condo
The $840.9 million price tag in addition to a differential premium of $290.6 million plus the lease upgrading premium means that the land cost per square feet per plot ratio is $850. Through a rights issue, SingHaiyi had previously completed a move to raise around $143 million. This amount was specifically raised for property investments. The group had proposed a non-underwritten rights issues that are renounceable of up to 1.44 billion of new shares. Each one of them cost 10 cents and they were to be issued based on one rights share per every two shares that are existing.
This is one of the latest acquisition by SingHaiyi which gives this company access to a property that’s found within a well-established residential area. In addition to that, this construction firm now has a good opportunity to enhance and expand its portfolio. Haiyi Holdings is the majority shareholder and it has around 56.17% stake in SingHaiyi. This firm is committing to subscribe for pro-rate entitlement of about 806 million rights-shares. Additionally, Haiyi Holdings also wants to accumulate any rights-shares which have not been taken up.