The Urban Redevelopment Authority (URA) yesterday gave a detailed breakdown of the price paid by the consortium developing the Marina Bay Financial Centre for the second and final phase of the 99-year leasehold site.
The consortium exercised an option on Feb 16 to buy the remaining portion of the site which can be developed into a gross floor area (GFA) of 194,000 square metres at a total land price of $907.67 million, URA said in a statement announcing yesterday’s signing of the building agreement for the second and final phase of the site.
Based on URA’s figures, the unit land price works out to $435 psf of potential gross floor area. The consortium had earlier paid an option fee of about $63.6 million for the right to purchase the remaining site.
Part of this option fee, amounting to $23.9 million, can be used to pay for the balance land. Thus, the net amount of land price payable by the consortium for the remaining site is $883.8 million.
The consortium members are Keppel Land, Cheung Kong Holdings/Hutchison Whampoa, and Hongkong Land. The group was the highest bidder for the site, with a $381 psf per plot ratio offer, when the tender closed in July 2005.
When the consortium signed the building agreement for the first phase of the project, amounting to 244,000 square metres of GFA, in October 2005, it had taken an eight-year option to buy the remaining 194,000 square metres of GFA.
URA said that the approved development mix for phase 2 would comprise mainly office and residential uses with a small retail component. However, the consortium can propose changes to the development mix and seek URA’s approval.
Source : Business Times - 9 Mar 2007
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment