CapitaLand acquires Gillman Heights for S$548m in collective saleChannel NewsAsia | Posted: 06 February 2007 2042 hrs
The former HUDC development was first placed on the en-bloc market in July last year but residents did not receive any offers that they could accept until now.
When Gillman Heights was put up for sale six months ago, the frontrunners were seen to include developers like Frasers Centrepoint, MCL Land and Guocoland.
CapitaLand did not even figure in the picture then.
But sources told Channel NewsAsia that CapitaLand made a late entry last Friday.
Its offer was conveyed through a broker, but it was turned down.
CapitaLand then decided to reveal its identity on Monday and met with the residents.
After a lengthy discussion, the deal was finally sealed on Tuesday morning at about 5am, with the residents getting almost S$19 million more than their last known offer.
There are 607 apartments in Gillman – about 1,700 and 1,950 square feet each, and one shop unit.
Based on a S$363 per square foot per plot ratio, the residents will be compensated between S$880,000 to S$950,000 per unit.
The amount is inclusive of a differential premium of S$90 million to top up the lease to 99 years and maximise the use of the plot ratio from the present 1.65 to 2.1.
Property analysts say the acquisition reflects an improving market sentiment over the mid-tier market.
With over 80 percent of the owners supporting the sale, the transaction is expected to be completed by the end of this year.
Residents say they are now working on getting the support of the remaining residents.
CapitaLand says it plans on building a 24-storey condominium with about 1,200 units on the site, and the first phase is planned to be ready for launch next year. – CNA/ms
|Development Name:||The Interlace|
|Developer:||Capitaland Residential & HPL|
|# of Floors:||24|
|# of Units:||1040|
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