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Wednesday, November 28, 2007

YTL buying Singapore apartments en bloc

PETALING JAYA: YTL Corp Bhd has entered into the largest residential collective sale transaction in Singapore since the new en bloc legislations came into force on Oct 4.

According to a statement, YTL Corp was awarded the tender for the en bloc purchase of Westwood Apartments, located on Singapore's famed Orchard Boulevard, for S$435mil cash.

Group managing director Tan Sri Francis Yeoh Sock Ping said the property acquisition was YTL Corp's third in the city-state in two years.

»The acquisition is in line with our wider strategy, focusing on upscale real estate in well-established markets« TAN SRI FRANCIS YEOH

The company is currently involved in the high-end Lakefront and Sandy Island residential development projects in Sentosa Cove, which will comprise exclusive, bespoke homes.

“The acquisition is in line with our wider strategy, focusing on upscale real estate in well-established markets, which enables us to employ our branding to enhance the value of these properties,” Yeoh said in the statement.

Westwood Apartments is a condominium development on the Orchard Road shopping and entertainment belt and within easy access of several stations on Singapore's Mass Rapid Transit system.

The more than 30-year-old, 50-unit condominium block is located on about 62,179 sq ft of prime freehold land.

Its address is synonymous with some of Singapore’s top luxury residences, including the St Regis Residences, The BLVD and Four Seasons Park.

YTL Corp said apart from geographical diversification and increase in its property development land-bank portfolio in Singapore, the acquisition would enable the group to enhance its earnings potential from the high sale and rental rates expected from the renewed interest in the city-state's property sector.

In the same statement, property consultancy Savills (S) Plc managing director Michael Ng said the recent sales of well-designed properties to high net-worth individuals reflected the positive sentiments in the Singapore property market.

“For example, the Ritz-Carlton Residences was recently sold for as high as S$5,000 per sq ft, a reflection that Singapore is primed for growth in the indulgent property sector,” he added.

According to an analyst at Affin Securities, the Singapore property market had good earnings potential which would bode well for YTL Corp's latest acquisition.

By The Star (by

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