BT: Landmark Tower has been put up for collective sale - 14 Jul 07

[Dan @ 94 777 977]

July 14, 2007
SuperBowl to sell 2 Balestier properties
By UMA SHANKARI

SUPERBOWL Holdings yesterday said it will sell two properties in
Balestier Road for $39.8 million.

They are slated to be developed into a 168-room hotel consisting of a

11-storey tower block on a two-storey podium with a basement car park
and swimming pool.

The price was arrived at on a willing-buyer-willing-seller basis,
SuperBowl said in a filing to the Singapore Exchange.

The company acquired the two properties last year for $17.8 million
and their unaudited book value as at June 30 this year stood at $18.3
million.

'Given the current property boom, the sale of these two properties is
commercially beneficial and would result in a substantial gain for
the group,' said Teo Ho Beng, SuperBowl's managing director.

'The sale proceeds can be used for future working capital, investment
purposes as well as for the acquisition of alternative sites. Bearing
in mind our interest in developing our hospitality business, the
resources would enable us to bid for other alternative sites that are
suitable for hotel development.'

The transaction is expected to have a positive material impact on
SuperBowl's financial performance for the financial year ending Dec
31, 2007, the company said.

Assuming the sale had been completed at the beginning of the 2006
financial year, the group's earnings per share would have increased
to 11.45 cents, from 2.05 cents.

SuperBowl's shares closed 2.5 cents up at 49.5 cents yesterday.

Separately, Landmark Tower, a 99-year leasehold residential site on
Chin Swee Road, has been put up for collective sale with an
indicative asking price of about $300 million.

The price works out to about $1,471 per square foot per plot ratio,
including a $31 million charge to top up the site's remaining tenure
to 99 years - from 72 years at present.

No development charge is payable.

The 60,821 sq ft site has a 3.7 plot ratio giving the successful
developer a total gross floor area of 225,038 sq ft to work with.

The site is ideal for redeveloping into a high-rise condominium with
150 apartment units of about 1,500 sq ft each, said Ho Eng Joo,
executive director of investment sales at property firm Colliers
International, which is conducting the public tender for the project.

'The location of the site, which commands an unobstructed city
panorama, a tranquil view of the Singapore River, as well as lush
greenery of Pearl's Hill City Park, will be a very popular site with
developers,' said Mr Ho.

Landmark Tower consists of 139 apartment and penthouse units.

If the price of $300 million is met, owners will be walking away with
between $1.5-2 million for each unit, which will represent an en-bloc
premium of over 100 per cent each, said Mr Ho.

The tender for the site will close on Aug 14 at 3pm.