The first land sold in Singapore’s Marina Bay in nine years fetched a record price for a government land sale, with a Malaysian-led group bidding S$2.6 billion (US$1.9 billion).
The price is equivalent to S$18,180 per square meter of gross floor area, topping the S$15,166 per square meter paid in 2007 for the Asia Square Tower 1 site, CBRE Group Inc said.
“The top bid is a very bullish call on the Singapore office market,” Singapore-based Cushman & Wakefield Inc director of research Christine Li (李敏雯) said. “All the bids are higher than the market expectations of between S$1.3 billion and S$1.8 billion, which is a reflection of the steady restoration of investors’ confidence in the office market.”
The winning bid came from Wealthy Link Pte, the Singaporean Urban Redevelopment Authority said in a statement.
Wealthy Link is owned by IOI Properties Group Bhd, part of a Malaysian conglomerate with interests in palm oil and property development, Cushman said.
The tender follows a slew of commercial property deals in the city.
The plot sits next to Asia Square, which Qatar’s sovereign wealth fund in June agreed to buy from BlackRock Inc for S$3.4 billion in Singapore’s biggest office transaction.
CapitaLand Commercial Trust, Singapore’s largest office real-estate investment trust, in May agreed to buy a 60 percent stake in CapitaGreen in the central business district for S$393 million, and MYP Ltd, which operates an investment holding company, offered S$560 million for the Straits Trading Building.
The top bid was 34 percent higher than the lowest bid, submitted by a consortium led by Overseas Union Enterprise Ltd. The price was probably buoyed by the stronger-than-expected preleasing commitment rates for new office developments, such as Guoco Tower and Marina One, Cushman said.
The Central Boulevard development is scheduled to be completed by 2021. That would benefit IOI Properties, as there will be a dearth of new office openings from 2019 to 2021 — after a flood of supply through 2018.
An unidentified buyer committed to bid the reserve price of S$1.54 billion, or S$10,872 per square meter of gross floor area, the authority said on Aug. 30.
The site can be developed primarily for office use, with a smaller area reserved for residential housing, a hotel or serviced apartments.
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
Taiwan’s food delivery market could undergo a major shift if Singapore-based Grab Holdings Ltd completes its planned acquisition of Delivery Hero SE’s Foodpanda business in Taiwan, industry experts said. Grab on Monday last week announced it would acquire Foodpanda’s Taiwan operations for US$600 million. The deal is expected to be finalized in the second half of this year, with Grab aiming to complete user migration to its platform by the first half of next year. A duopoly between Uber Eats and Foodpanda dominates Taiwan’s delivery market, a structure that has remained intact since the Fair Trade Commission (FTC) blocked Uber Technologies Inc’s
RSS