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Monthly Property Reports April 2008 Report KFHM opts out of Singapore bulk buy
Monthly Property Reports April 2008 Report KFHM opts out of Singapore bulk buy | KFHM opts out of Singapore bulk buy |
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KFHMB, the Malaysian unit of Kuwait Finance House (KFH), has failed to exercise an option on a bulk purchase of 97 four-bedroom units in a high-grade Singapore condominium development which would have been worth an estimated S$818.4 million, or around S$3,200 per sq ft.
KFHM opts out of Singapore bulk buy
by Robert Carry
Goodwood Residence is being developed by Goodwood Residence Development Pte. Ltd., which is a member of the GuocoLand Group. The parent company moved to explain the development, which threatened to hit shares in the group. GuocoLand released a statement on the issue, saying, “The Company [GuocoLand Limited (GLL)] wishes to inform that the 97 options [on Goodwood Residence] were not exercised and consequently, have lapsed. Nonetheless, the parties are presently in discussions, with a view to a grant of fresh options for units in the development. “The expiry of the options will not have any material financial effect on the GLL Group’s net tangible assets per share or earnings per share, for the current financial year ending 30 June 2008.” GuocoLand added that the Kuwaiti fund’s failure to buy the units might be indicative of tough times ahead for the Singaporean property market. The statement continued, “The current private residential property market appears to be cautious in Singapore... The units at Goodwood Residence will be marketed selectively at a later date.” The 210-unit development sits on a 2.5 hectare site along Bukit Timah Road in the city’s Orchard-Scotts area, and shares a 150 metre boundary with the expansive Goodwood Hill. It includes 20 hectares of Tree Conservation Area, designated by the Sing National Parks Board. The development, around 80 per cent of which is given over to landscaping and communal facilities, was the winner of the BCA Green Mark Platinum Award, conferred by the Building & Construction Authority (BCA). The incorporated green design elements include a 60 metre by 30 metre manicured lawn, 58 preserved trees, a number of green walls that extend vertically up the exterior of the building and a smart water management system, which gathers rainwater and water from the green walls which is then recycled for landscape use within the estate. The company behind the design, WOHA, was formed in 1994 by Singaporean Wong Mun Summ and Australian Richard Hassell. WOHA has received a number of local and international design awards such as the 2007 Aga Khan Award for Architecture, the 2007 Kenneth F. Brown Asia Pacific Cultural and Architecture Design Award and the 2006 President’s Design Award. The company also has offices in Thailand and has been involved in projects around the Asia Pcific region in countries such as Singapore, Malaysia, Thailand, Indonesia, Taiwan, Australia, Japan, the Maldives and China. More than 420,000 shares changed hands in the wake of the news of the failed deal, with the company’s stocks closing 3.4 per cent in the following day’s trading. Stocks in Singapore’s other key developers had a varied response; Ho Bee fell two cents to 95 cents and SC Global dipped four cents to $1.50. Keppel Land meanwhile, gained in trading and rose five cents to $5.35. CapitaLand also traded strongly, gaining 18 cents to $5.89. |
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