Some information concerning the upcoming Pinnacles@Wee Nam.
Nov 2003
Keppel Land acquires Newton site
Keppel Land Limited (KLL) has, through its wholly owned subsidiary Keppel Land Realty Pte Ltd, entered into a conditional sale and purchase agreement to purchase a 7,056 sq m freehold site at Keng Lee Road, off Newton Road for $88.21 million. This site is adjoining the current Pinnacles @ Wee Nam project.
This acquisition is subject to successful alienation of an adjoining 1,477.5 sq m of state land. After taking into account an estimated cost of $7.4 million, for the development charge for the site and land premium for the state land, the acquisition price for the entire 8,533.5 sq m site works out to about $372 psf per plot ratio.
The site will enjoy a plot ratio of 2.8 for residential use and can be redeveloped up to a height of 36 storeys.
Currently, Pinnacles @ Wee Nam is located on a 13,220.6 sq m land plot, which will now increase to 21,754.1 sq m after the acquisition. This makes the development one of the largest in the Newton area, with the current 280 units being expanded to a total of about 480 units in a more spacious environment. The amalgamated development is slated for launch by second quarter 2004.
Mr Kevin Wong, KLL’s Managing Director said, “The acquisition of this adjoining site is timely in view of the anticipated improved economic growth and market recovery. The amalgamated site will enable us to achieve greater efficiency and economies of scale, thereby allowing us to achieve better returns.
“A larger plot will also allow us to have a better design with a more integrated development equipped with a wider range of comprehensive recreational facilities. This acquisition will also enable us to design the buildings to have better orientation, giving residents panoramic views of the city’s landscape and greenery.”
The above transaction is not expected to have any significant impact on the net tangible asset per share or earnings per share of KLL for the year ending 31 December
2003.
The Pinnacles @ Wee Nam is a freehold full-facility condominium situated in the established residential Newton area, and located just minutes from the Newton MRT and Orchard Road.
It also enjoys easy access to good schools like Anglo Chinese (Barker Road) and Anglo Chinese Junior Schools, as well as shopping and recreation amenities at Novena and United Square.
Nov 2003
Keppel Land acquires Newton site
Keppel Land Limited (KLL) has, through its wholly owned subsidiary Keppel Land Realty Pte Ltd, entered into a conditional sale and purchase agreement to purchase a 7,056 sq m freehold site at Keng Lee Road, off Newton Road for $88.21 million. This site is adjoining the current Pinnacles @ Wee Nam project.
This acquisition is subject to successful alienation of an adjoining 1,477.5 sq m of state land. After taking into account an estimated cost of $7.4 million, for the development charge for the site and land premium for the state land, the acquisition price for the entire 8,533.5 sq m site works out to about $372 psf per plot ratio.
The site will enjoy a plot ratio of 2.8 for residential use and can be redeveloped up to a height of 36 storeys.
Currently, Pinnacles @ Wee Nam is located on a 13,220.6 sq m land plot, which will now increase to 21,754.1 sq m after the acquisition. This makes the development one of the largest in the Newton area, with the current 280 units being expanded to a total of about 480 units in a more spacious environment. The amalgamated development is slated for launch by second quarter 2004.
Mr Kevin Wong, KLL’s Managing Director said, “The acquisition of this adjoining site is timely in view of the anticipated improved economic growth and market recovery. The amalgamated site will enable us to achieve greater efficiency and economies of scale, thereby allowing us to achieve better returns.
“A larger plot will also allow us to have a better design with a more integrated development equipped with a wider range of comprehensive recreational facilities. This acquisition will also enable us to design the buildings to have better orientation, giving residents panoramic views of the city’s landscape and greenery.”
The above transaction is not expected to have any significant impact on the net tangible asset per share or earnings per share of KLL for the year ending 31 December
2003.
The Pinnacles @ Wee Nam is a freehold full-facility condominium situated in the established residential Newton area, and located just minutes from the Newton MRT and Orchard Road.
It also enjoys easy access to good schools like Anglo Chinese (Barker Road) and Anglo Chinese Junior Schools, as well as shopping and recreation amenities at Novena and United Square.