Top Global: is among a syndicate of investors, which include Pua Seck Guan's Perennial Real Estate, and Kwee Liong Seen's Chesham Properties, to buy landmark Capitol Site for $250m or $461/sqft ppr...
The consortium expects to invest ~$700m in total to transform the site, with max gfa of 542k sqft, into an iconic 5-star hotel (>200 rooms), theatre (800-1000 seats, the largest in Spore), retail and residential development (80 apts of 1066-2368 sqft each), with underground link to the City Hall MRT Station...
The consortium seems to have gotten a good deal. The other two short-listed bidders were CMA & CapitaLand (with a bid of $238m) and a consortium that included private equity group GAW Capital ($130m). And amongst the initial 14 submissions, the top price offer is believed to have crossed the $400m mark, but was likely not selected as it involved a more substantial residential component…
Top Global is a property developer helmed by Sukmawati Widjaja, sister of tycoon Oei Hong Leong, who also owns hotels in Indonesia and China.
The mother share trades at 1ct.
It has warrants due 150929, with exercise price of 0.5ct, and trades at 0.5ct.
Note that the warrants due 130612 is overvalued relative to the mother share, and W150929, as it also has an exercise price of 0.5ct, but has a shorter life and is priced at 1ct.
No comments:
Post a Comment