BT: Soilbuild buys Ruby Plaza for $69 million - 13 Jul 07
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Daniel Leong
Jul 13, 2007, 12:45:47 PM7/13/07
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July 13, 2007
Soilbuild buys Ruby Plaza for $69 million
36-storey project can be built on Balestier Road site
By UMA SHANKARI
SOILBUILD Group Holdings has bought Ruby Plaza on Balestier Road for
$69 million through a collective sale, the developer said yesterday.
The price for the 39,500 sq ft freehold plot of land works out to
$582 per square foot (psf) per plot ratio. The site has a 3.0 plot
ratio, giving it a maximum gross floor area (GFA) of 118,500 sq ft.
There is no development charge payable.
The site can be developed into a 36-storey commercial and residential
development, said Soilbuild. The maximum allowable space for
commercial use is 40 per cent of the total GFA, which works out to
47,400 sq ft.
Soilbuild also said that it intends to apply for an adjoining plot of
state land of around 1,600 sq ft, which would take the total land
size to about 41,100 sq ft.
The site is along the main thoroughfare of Balestier Road, in an area
that has been growing in popularity among overseas investors and home
owners, said Soilbuild.
'The acquisition of the commercial and residential development site
is in line with our strategy of developing land sites in prime,
central locations close to amenities,' said Low Soon Sim, Soilbuild's
executive director. The group recently launched Montebleu, also in
the same area, which is now fully sold.
The acquisition will be funded by internal resources and bank
borrowings, Soilbuild said. The purchase is not expected to have any
material financial impact on the consolidated net tangible assets per
share and consolidated earnings per share of the company for the
current financial year ending December 31, 2007.
The deal was brokered by RealtorHub Real Estate. The property firm
originally marketed the Ruby Plaza together with the adjoining
Balestier Towers, but decided to go ahead with Ruby Plaza's sale
after owners holding at least 80 per cent of share value in the
property decided to sell - while the same consensus couldn't be
reached for Balestier Towers. The latter will be sold separately
later.
The price of $69 million is 11.7 per cent higher than the reserve
price of $61.8 million. Owners of the 36 apartments walked away with
between $1.0-$1.2 million a unit, while owners of the 89 shop units
took home between $273,000-$654,000 each.
Soilbuild's shares closed one cent down at $1.80 yesterday.
Soilbuild buys Ruby Plaza for $69 million
36-storey project can be built on Balestier Road site
By UMA SHANKARI
SOILBUILD Group Holdings has bought Ruby Plaza on Balestier Road for
$69 million through a collective sale, the developer said yesterday.
The price for the 39,500 sq ft freehold plot of land works out to
$582 per square foot (psf) per plot ratio. The site has a 3.0 plot
ratio, giving it a maximum gross floor area (GFA) of 118,500 sq ft.
There is no development charge payable.
The site can be developed into a 36-storey commercial and residential
development, said Soilbuild. The maximum allowable space for
commercial use is 40 per cent of the total GFA, which works out to
47,400 sq ft.
Soilbuild also said that it intends to apply for an adjoining plot of
state land of around 1,600 sq ft, which would take the total land
size to about 41,100 sq ft.
The site is along the main thoroughfare of Balestier Road, in an area
that has been growing in popularity among overseas investors and home
owners, said Soilbuild.
'The acquisition of the commercial and residential development site
is in line with our strategy of developing land sites in prime,
central locations close to amenities,' said Low Soon Sim, Soilbuild's
executive director. The group recently launched Montebleu, also in
the same area, which is now fully sold.
The acquisition will be funded by internal resources and bank
borrowings, Soilbuild said. The purchase is not expected to have any
material financial impact on the consolidated net tangible assets per
share and consolidated earnings per share of the company for the
current financial year ending December 31, 2007.
The deal was brokered by RealtorHub Real Estate. The property firm
originally marketed the Ruby Plaza together with the adjoining
Balestier Towers, but decided to go ahead with Ruby Plaza's sale
after owners holding at least 80 per cent of share value in the
property decided to sell - while the same consensus couldn't be
reached for Balestier Towers. The latter will be sold separately
later.
The price of $69 million is 11.7 per cent higher than the reserve
price of $61.8 million. Owners of the 36 apartments walked away with
between $1.0-$1.2 million a unit, while owners of the 89 shop units
took home between $273,000-$654,000 each.
Soilbuild's shares closed one cent down at $1.80 yesterday.
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