Wee Hur to sell Brisbane CBD property for $68 mil

By  PC Lee  / theedgemarkets.com.sg   | December 30, 2016 : 8:29 AM MYT       

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SINGAPORE (Dec 30): Wee Hur Holdings is selling a plot of land in the Central Business District of Brisbane, Australia, for A$65.1 million ($67.8 million).

The plot of land is part of the existing office building and an adjoining piece of land with a total land area of about 5,478 sq m.

 

The land will be reconfigured into two lots, one 3,690 sq m lot fronting Ann Street and the other 1,788 sq m lot fronting Turbot Street.

Wee Hur is selling the lot fronting Ann Street, while the other lot is being retained for future development.

A put and call option agreement for the sale of the property was entered into between wholly owned subsidiary Wee Hur (Ann Street) and &ldquo an unrelated and independent party&rdquo on Christmas eve.

As at end Sept, the property has a book value of $47.2 million.

Wee Hur is expected to record a gain after taxes of about $14.4 million from the proposed disposal.

Shares of Wee Hur closed flat at 23 cents.

http://www.theedgemarkets.com.sg/sg/article/wee-hur-sell-brisbane-cbd-property-68-mil

http://www.propertyguru.com.sg/property-management-news/2016/12/142406/7-upcoming-projects-to-look-out-for-in-2017

7 upcoming projects to look out for in 2017

Aerial view of the Clementi Avenue 1 site. Source: URA

A slew of new residential projects are set to launch next year, and are expected to attract keen interest from home buyers. Some sites to watch out for are:

1) Siglap Road

The 1.93ha site at Siglap Road was awarded to a consortium led by Frasers Centrepoint for $624.18 million in January 2016. The price works out to about $858 psf per plot ratio. Nearby amenities include the future Siglap MRT station, shopping malls and schools. The 99-year leasehold site is expected to yield about 840 units.

2) New Upper Changi Road  

Property developer Chip Eng Seng won the tender for the 2.4ha site at New Upper Changi Road in February 2016 after submitting the highest bid of $419.38 million, or $761 psf on the gross floor area. The 99-year leasehold plot is close to the Tanah Merah MRT station, Changi Business Park and the Singapore University of Technology and Design. It could yield up to 724 units.

3) Clementi Avenue 1 

The Clement Canopy, a 505-unit condominium in Clementi Avenue 1 in which UOL owns a 50 percent stake, is expected to launch in the first quarter of 2017. The 1.3ha site was awarded for $302.1 million ($615 psf per plot ratio) in December 2015. The 99-year leasehold land parcel is within proximity to the National University of Singapore (NUS) and Jurong Lake District, which is just one station away from the Clementi MRT station.

4) Alexandra View

The 0.8ha site in Alexandra View was sold to Tang City Holdings in November 2015 for $376.88 million. The price works out to approximately $851 psf per plot ratio. Located next to Redhill MRT station, the 99-year leasehold site could yield about 400 housing units. Several shopping malls and schools are also within the vicinity.

5) Bukit Batok West Avenue 6

Qingjian Realty was awarded the 1.5ha site at Bukit Batok West Avenue 6 in May 2016 after it submitted the top bid of $301.16 million. The price translates to about $635 psf per plot ratio. This is the Chinese developer&rsquo s first mixed-use development in Singapore, and it could build about 370 condo units on the 99-year leasehold site. Nearby amenities include the Bukit Batok MRT station, West Mall, schools and a polyclinic.

6) Martin Place

The 99-year leasehold site at Martin Place in River Valley was sold to GuocoLand in July 2016 for $595.1 million ($1,239 psf per plot ratio). The 1.6ha site could potentially yield about 445 units. The future Great World MRT station and several residential projects, including Martin Place Residences, Rivergate and Martin 38 are located nearby.

7) Fernvale Road

A consortium comprising Sing Development and Wee Hur Development won the 1.7ha residential site in September 2016 after submitting the highest bid of $287.1 million, or $517 psf per plot ratio. The 99-year leasehold site in Sengkang can yield 605 housing units. It is close to the Thanggam LRT station, eateries along Jalan Kayu and The Seletar Mall.

Look out for  reviews of the new projects that will soon be built on these sites, or check our current project reviews!

• ROSANNE BARRETT
• The Australian
• 12:00AM December 8, 2016
•  
• New and proposed office space in the Brisbane CBD is sufficient to meet demand for the next 18½ years, according to new analysis. 
• 
  
  A commercial office assessment report in support of an ­ application by Singapore-listed developer Wee Hur, written by respected property analyst Urbis, also found the 321,440sq m of ­ vacant space would provide ­ another 20 years of supply if the 10-year net absorption rate of 16,140sq m a year were applied.
  
  &ldquo Based on current net absorption figures, there is sufficient commercial office floor space in the new and proposed buildings to provide for the next 18½ years,&rdquo the report said.
  
  &ldquo Including the current vacant floor space in the Brisbane CBD doubles this time period.&rdquo
  
  
  The assessment was lodged with Brisbane council for Wee Hur&rsquo s bid to reduce the commercial component of its Buranda Transit Orientated Development at Woolloongabba, 4km south of the CBD.
  
  The office space is to be in the second stage. The first stage is under construction for &ldquo the largest purpose-built student accommodation in Brisbane&rdquo . It will have 1578 rooms, according to the company&rsquo s recent announcement to the Singapore stock exchange.
  
  The Australian  understands Wee Hur is also planning another student accommodation development for adjoining CBD sites, at 62 Ann and 89 Turbot streets, it bought in January for $63 million.
  
  The commercial office report outlines two scenarios. The first is the approved 7700sq m that it says would take 24 years to ­ absorb. The second is a 1440sq m area of shared incubator space or offices, alongside other uses, a cinema, dining, gym, childcare centre and medical centre.
  
  It proposes the inner south would absorb about 1430sq m of office space a year, including only 52sq m (3.6 per cent) within the Wee Hur development.
  
  &ldquo With a low market share, the proposed 1440sq m minor office offering at the subject site will be supportable by 2024-25, while the 7700sq m mixed-use offering will not be as supportable until 2043-44,&rdquo it said.
  
  &ldquo Given the circumstances and changing market conditions since the preliminary approval in 2010, Wee Hur are pursuing a ­ development typology that is slightly different to that of which is anticipated under the preliminary approval.&rdquo
  
  Wee Hur bought the 1.7ha site from Anthony John Group in 2015 for $51.3m. The third stage is a 168-unit residential development with commercial spaces at ground level. It is expected to launch early next year.
  
  Since buying the site, Wee Hur has sought to alter the existing preliminary approvals given the changing market.
  
  The transit oriented development will be built over the Buranda train station, and is located ­ opposite a major teaching hos­ pital, the Princess Alexandra Hospital.