LHN acquires Beach Road properties for $16.8 mil Industrial development at Loyang Drive for sale at $25 mil
LHN’s indirect, wholly-owned subsidiaries, LHN SB 2 and Coliwoo (BR), have each entered into an option to purchase properties located at 75 Beach Road for an aggregate consideration of $8.4 million respectively, amounting to $16.8 million in total.
The properties being purchased encompass eight residential flat units located on the third to sixth floors of the building.
LHN SB 2 will purchase four units located on the third and fourth floors, which the group says will be converted into its headquarters, which will be moved from its current location at 10 Raeburn Park.
Coliwoo (BR) will purchase the other four units located on the fifth and sixth floors, which the group says it intends to operate as a co-working and co-living space that will expand its portfolio of properties under the Coliwoo brand.
The acquisitions will be funded by internal sources of funding and bank borrowings.
An industrial development comprising two 4-storey industrial blocks adjoined by a single-storey building at 53 Loyang Drive is on the market at a guide price of $25 million, according to Savills Singapore.
The property occupies a total site area of approximately 162,650 sq ft with a gross floor area of about 116,427 sq ft.
The property is located off Pasir Ris Drive 3 and Loyang Avenue, in an immediate neighbourhood of industrial properties and HDB residential blocks.
Under URA’s Master Plan 2019, the land is zoned Business 2, with a maximum plot ratio of 2.5. “The current plot ratio of 1.8 remains under-utilised, which will offer prospects of potential asset enhancement or redevelopment opportunities,” says Sharon Teo, managing director, busi
SAVILLS SINGAPORE ness space, at Savills Singapore, who is marketing the property.
The property has a JTC leasehold of 60 years, effective from 1992, with a remaining lease of about 31 years.
The property is about a seven-minute drive to Pasir Ris MRT Station on the East-West Line.
Oakwood to open four new properties in China this year
Hospitality group Oakwood is set to open four new properties in China by December this year, growing its portfolio in the country by 50% in-market, and bringing the total number of managed properties in the country up to 12.
The four opening are Oakwood Premier Tonglu in Hangzhou; Oakwood Hotel & Apartments Daxing Beijing in the Daxing district in Beijing; Oakwood Residence Foshan in the new CBD, next to the picturesque Qiandenghu Lake; and
Oakwood Suites Chongli, which is accessible from Beijing in under an hour via the high-speed railway.
Chongli is the host city for the Beijing 2022 Winter Olympics, and the group intends to open its Chongli property ahead of the event.
Oakwood has also formed a strategic alliance with Country Garden Commercial and Culture Tourism Group, which will see the addition, by 2030, of 100 Oakwood Beluxs properties in China’s top 50 cities by GDP.
Seoul’s house prices record growth of 22% y-o-y in 4Q2020
House prices in Seoul have seen the highest jump of all Asian cities, recording a price growth of 22% y-o-y in 4Q2020, according to a Knight Frank report.
The South Korean capital ranked sixth out of 150 urban cities tracked by Knight Frank, while Singapore took 108th place.
Overall, urban house prices rose 5.6% on average in 2020, up from 3.2% in 2019, the report highlights. However, the gap between the strongest and weakest performing cities has grown bigger to date, at 42 percentage points, up from 36 in June 2020.
While a number of North American, Australasian and European cities are seeing home prices recording stronger price growth, Asian cities are trailing behind. Knight Frank attributes this to the link between the length and stringency of lockdowns, with markets that are experiencing the strictest measures seeing strong pent-up demand for residential assets, which is in turn fuelling price inflation.
Chinese cities have slipped down the rankings, while of the 15 US cities tracked by the index, 14 now sit within the top third of the rankings table, recording an annual price growth above 7%. In contrast, only two US cities fell into the category a year ago. —