City&Country: Foreign Briefs

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Amber Glades asking for S$120 mil in collective saleFreehold development Amber Glades (right) in Singapore has been relaunched for collective sale, with an indicative price of S$120 million. The site, at 30 and 32 Amber Gardens, covers 40,917 sq ft and has a gross plot ratio of 2.8. The asking price translates into a unit land price of S$1,078 psf per plot ratio (ppr), comparable to the S$1,056 psf ppr CapitaLand recently paid for Marine Point in the vicinity. The new developer could build a 22-storey residential block with some 100 apartments averaging 1,050 sq ft each, says Colliers International, which is handling the sale.
“Amber Glades is perhaps one of the last few freehold sites in the Amber area suitable for a mid-sized development,” says Tang Wei Leng, executive director of investment services at Colliers. Its location in District 15, regular shape and dual road frontages “would appeal to niche developers familiar with the area or developers looking to replenish their landbank”, she adds. The indicative price would mean existing Amber Glade owners walking away with S$1.34 million to S$2.24 million each. The tender closes on March 2.

MCC Land sells 160 units of Canberra Residences during previewMCC Land (Singapore) has sold 160 of the 200 units offered at Canberra Residences during a recent preview, with prices ranging from S$830 to S$860 psf. The majority of the buyers are said to be HDB upgraders. The project at Canberra Drive, near the Sembawang MRT station, has 13 five-storey blocks with 320 units comprising a mix of one-bedroom units and four-bedroom dual-key houses sized at 614 to 2,250 sq ft. CB Richard Ellis and ERA are jointly marketing this project, which was officially launched on Feb 12. The developer was expected to release an additional 80 units for the official launch.

CBRE reports 48% rise in 4Q net incomeCB Richard Ellis Group (CBRE) has reported a 48% y-o-y jump in net income to US$95.1 million for 4Q2010 on a 27% rise in revenue to US$1.7 billion. For the full year, net income surged 501% y-o-y to US$200.3 million on a 23% rise in revenue to US$5.1 billion, boosted by a general recovery in business activity. “We believe the market remains in the early stages of recovery and we enter 2011 with excellent momentum in most business lines globally,” says CEO Brett White. For Asia-Pacific, full-year revenue was up 29% y-o-y, and 4Q revenue up 26% y-o-y, driven by strong demand for office leasing services, residential sales and some large-valuation transactions. The latter includes a HK$470 million sale of nine office floors with a gross floor area of some 65,000 sq ft at Overseas Trust Bank Building in Hong Kong and the brokering of a 20-year lease in Beijing, between Financial Street Holdings and Galaries Lafayette, for a 538,200 sq ft space. In 4Q, CBRE was also appointed by FMC Technologies to manage the development of two industrial projects, with a total size of 500,000 sq ft, in Singapore and Malaysia. “This is the largest project the team has ever secured in Southeast Asia and represents its foray into the industrial new-build market,” says CBRE Asia chairman and CEO Rob Blain.

Global office markets to post continuous growth to 2015The global office and commercial market is likely to see modest capital growth across most regions up to 2015, DTZ says in a report. However, the usual external factors of economic, financial market and regulatory uncertainties will still weigh in on the magnitude of growth. According to DTZ, rental rates will be the primary driver of capital growth, and the good news for landlords is that all markets bar Tokyo are likely to experience higher rental rates. Investors are expected to focus on the prime sections of the markets, as across many locations, prime rents have yet to recover to pre-crisis levels. DTZ also estimates that some US$376 billion worth of equity — a record level — will be available in target global real estate markets between 2011 and 2013. This strong potential demand for property assets all over the world comes despite strong growth recorded in 2010. — The Edge Singapore

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 846, Feb 21-27, 2011