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Thursday, November 29, 2007

YTL Corp wins RM1billion property bid in Singapore

KUALA LUMPUR: YTL Corporation Bhd has won a S$435 million (RM1.02 billion) bid for the en bloc purchase of 50 high-end residential units of the Westwood apartments located on Singapore’s Orchard Boulevard.

The purchase, which is YTL Corp’s third land acquisition in Singapore in the last two years, is the largest residential collective sale transaction since the implementation of the new en-bloc legislation on Oct 4, it said in a statement yesterday.

YTL group managing director Tan Sri Francis Yeoh Sock Ping said: “This acquisition... is well 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.”

The company said it would not assume any liabilities arising from the acquisition, as the purchase price would be funded from internally generated funds and bank borrowings.

“The effect on gearing will depend on the mix of internally generated funds and bank borrowings utilised to fund the acquisition, which has yet to be finalised at the current date,” it said, adding that the acquisition was expected to be completed in the next quarter.

“Besides geographical diversification and an increase in the group’s existing property development landbank 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 property sector in Singapore,” said YTL Corp.

The company said it would be able to leverage on the local market knowledge, expertise and resources available as it was currently involved in the Lakefront and Sandy Island residential development projects in Sentosa Cove, Singapore.

Meanwhile, Savills (Singapore) Pte Ltd managing director Michael Ng said recent sales of well-designed branded properties among high net-worth individuals reflected the positive sentiments of the property market in Singapore.

Citing Ritz-Carlton Residence as an example, Ng said they were sold for as high as S$5,000 per sq ft, a reflection that Singapore was primed for growth in the indulgent property sector.


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