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Singapore Property News

MGPA offloads 162 Cascadia units to Alpha fund

The latest transaction prices the Cascadia units at $1,280-$1,300 psf on average, below the $1,450 psf that MGPA paid three years ago

The Business Times - May 21, 2010
By: Kalpana Rashiwala

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MGPA offloads 162 Cascadia units to Alpha fund

(SINGAPORE) Private equity property group MGPA is understood to have sold its stake in the 162 apartments it bought at The Cascadia in 2007 to a fund managed by Keppel Land's Alpha Investment Partners.

BT understands the latest sale priced the freehold apartments on Bukit Timah Road at about $1,280- 1,300 per square foot on average.

This is about 10-12 per cent below the $1,450 psf average price or $280.36 million that MGPA paid for the units more than three years ago.

The latest pricing of $1,280-1,300 psf reflects a deal size of $247.5-251.4 million. However, the transaction does not involve a direct sale; instead, the Alpha fund is believed to have bought the companies that MGPA used to make the acquisition in 2007.

BT understands that under a deferred payment scheme offered by the project's developer Allgreen Properties, MGPA has so far paid 30 per cent of its 2007 acquisition price.

The rest of the payments will begin to kick in when the project receives its TOP (temporary occupation permit) towards year-end.

Allgreen, the Singapore- listed property vehicle of Malaysian tycoon Robert Kuok, did another bulk sale in late 2007, involving about 20 units, to a Spanish fund for about $1,600 psf.

According to latest government data, at end- April, 349 units were still available for sale in the 536-unit condo. Allgreen began a preview of the project this week.

The development, which will have 13 blocks, comprises one, two, three and four-bedroom apartments as well as penthouses.

Unit sizes range from 570 sq ft for a one-bedder to 1,506 sq ft for a four-bedroom apartment with a study room. Penthouses are 3,700-5,200 sq ft. Knight Frank is marketing the 10-storey project, which is beside Tan Chong Motor Centre.

MGPA also owns 19 apartments at 8 Napier, which it is also said to be looking to sell.

In addition, it owns 8 Shenton Way and is developing the Asia Square project at Marina View comprising offices, shops and a hotel.

MGPA, headquartered in Bermuda and with offices in Europe and Asia, manages over US$10 billion in assets in these two regions.

Alpha Investment Partners has been stepping up its investments in Singapore. One of its funds has taken a majority stake in the consortium which bought Katong Mall late last year for $247.6 million. Another of its funds controls at least 90 per cent of a company that owns The Spazio on Cecil Street.

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Location 'elevates Mount Sophia's cachet'

Location 'elevates Mount Sophia's cachet'

The Straits Times - 18 Oct 2014

Area's character continues to evolve, with art schools adding zest


Vacated prime sites await word on their future

Vacated prime sites await word on their future

The Straits Times - 17 Oct 2014

AS A number of prime sites get vacated, the authorities are working out what use they should be put to. For example, it was announced last month that the Central Manpower Base (CMPB) is moving out of Depot Road to Upper Bukit Timah.


CPG inks 83,000 sq ft lease at Westgate Tower

CPG inks 83,000 sq ft lease at Westgate Tower

The Business Times - 20 Oct 2014

CPG Corporation has taken a lease of 83,000 sq ft at Westgate Tower next to Jurong East MRT Station

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New office projects see space snapped up

The Business Times - May 20, 2010

By: Kalpana Rashiwala