Thursday, April 12, 2012

McDonald's Place sold to Oxley for $150m

Business Times: Wed, Apr 11
(SINGAPORE) The iconic McDonald's Place at King Albert Park has been sold for $150 million to Oxley Holdings, which plans to redevelop it jointly with three other listed companies.

Oxley Sanctuary, the property developer's wholly owned unit, yesterday bought all seven strata commercial units in the freehold development from Valewood Investments, the developer said in a statement last night.

Home to McDonald's Singapore's corporate headquarters, Cold Storage and a popular McDonald's outlet, the two-storey commercial building sits on a 5,534.8 square metre site zoned for commercial and residential use, with a plot ratio of three.

Situated at the junction of Bukit Timah Road and Clementi Road, the site will be walking distance from the Downtown Line's King Albert Park MRT station, which is under construction.

Oxley Holdings intends to redevelop the property jointly with Heeton Holdings, KSH Holdings and Lian Beng Group.

Heeton and KSH will each own a 42 per cent stake in Unique Rezi, which will in turn take a 30 per cent stake in Oxley Sanctuary, while Lian Beng's wholly owned unit, Luxe Developments, will take a 15 per cent stake in Oxley Sanctuary for this redevelopment.

Oxley said the $150 million purchase price was arrived at on a willing buyer-willing seller basis, after taking into account current market prices of properties in the surrounding area and its assessment of the site's redevelopment potential.

This works out to a price of $2,918 per square foot of net lettable area, based on the current lettable area of 4,776 sq m, marketing agent Knight Frank said.

Based on the potential gross floor area of 16,604 sq metres, and including an estimated development charge of $65.8 million, this works out to a land price of $1,207 per square foot per plot ratio, Knight Frank added...

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Martin Koh/ Sherry Tang
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