The Parisian site at Angullia Park sold for S$283m

The freehold site at Angullia Park that The Parisian sits on has been sold for S$283 million.

The buyer is China Sonangol Land, part of the China Sonangol international holding company headquartered in Hong Kong.

According to real estate consultancy CB Richard Ellis which brokered the deal, this is the biggest private residential land sale in two years.

The site, located near Orchard Road, can accommodate a 36-storey development comprising 52 three and four-bedroom units and two penthouses.

The Parisian was bought by developer Overseas Union Enterprise in a collective sale for S$228.1 million in December 2006.

In a filing with the Singapore Exchange, OUE said, the transaction presents the group with an opportunity to review its financing strategy for its property development business segment.

By selling the Parisian, OUE said it can focus its resources on its other project The Grangeford.

The sale will result in a profit for the Group of about S$19.1 million as at 30 June 2009.

It will also result in a rise in net tangible assets per share from S$10.84 to S$10.94, based on OUE’s group results for Financial Year 2008.

And earnings per share will increase from S$0.21 to S$0.31 after the transaction.

CBRE said the purchase price of S$283 million will translate to about S$2,058 per square foot per plot ratio, with breakeven price estimated at S$2,500 to $2,600 psf.

It added that depending on the launch date the selling price could be around S$3,500 psf.

Source : Channel NewsAsia – 22 Oct 2009

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