It’s been reported that a considerable amount of freehold waterfront land located on the exclusive Wailoaloa Beach in Fiji is now up for sale with a $10 million (US) price tag being expected.
Adam Yared, a sales agent from Sims Urban Oasis Guocoland, has said that this rare waterfront property along Wailoaloa Road is 50 acres in total and consists of two 25 acre pieces of property. He further adds that this opportunity is a unique one for any developer of Sims Urban Oasis is looking at or investor because these combined properties along the waterfront offer 500 meters of access along the beach to the beautiful Wailoaloa Beach. These two are also the only freehold properties that are still available that are within a few minutes of the Nadi International Airport.
Sims Urban Oasis Residential Condo
Mr. Yared has shared that. Already approved for this location, is a resort complex or a 250 room hotel. Yared has also confirmed that, aside from the access to Nadi town center that this property provides, the properties have already been fully serviced with telephone, water and electricity connections for Sims Urban Oasis.
Yared continued that these properties have been zoned for either tourism or residential developments and it is expected that the properties will be appealing to those developers that have an expertise is resort, tourist or marina facilities in Urban Oasis Sims Drive.
More looking at Aljunied Sector City Fringe
So far, interest has been shown by local buyers for Sims Urban Oasis Condo who have offshore connections, and a few investors that are based in Asia. Yared pointed out that, even though there has been a jump in the amount of Asians taking their holiday in Fiji, the hospitality sector in the local area is not sitting idly by. Yared shares that plans are in the works to provide improvements in shopping experiences, as well as other hospitality options, with the hope of attracting a larger part of the ever growing Chinese tourism market in Sims Urban Oasis.
The Singapore Media recently reported that Blackstone, a Global Investment and Advisory Company is doing its due diligence for the bulk purchase of Singaporean Luxury residential properties. There are rumours that Blackstone is negotiating to buy 18 four bedroom apartments at Paterson Suites for an estimated price of around two thousand, one hundred Singapore dollars per square foot.
The 18 flats totalling 39,535 square foot are currently owned by a Recap investment fund managed by SC Capital Partners, part of a block of 20 unite purchased by the Recap fund directly Westwood Residences Koh Brothers from the project developer Bukit Sembawang in 2010 for $118.61 million Singapore ($2,700 per square foot). Recap sold two of those units during 2013 at $2,596 per square foot and $2,775 per square foot. Paterson Suites, which is located in the Paterson Road Lengkok Angsa area, got a Temporary Occupation Permit during the 3rd quarter 2010.
Westwood Residences Units
Rumour also has it that Blackstone is also doing due diligence on a ten storey Westwood Residences for a price of around $159 million (Singapore) (around $1,860 per square foot assuming a strata area of around 85,552 square foot. Arch Capital, established by the Ayla Group, owns the property on Anderson Road. As of 5pm on Tuesday, the application rates for 2nd-timers for two plus three-room units in Westwood Residences stood at 0.3 and while two plus three-room flats in a Jurong West project posted an application rate from second-timers of 0.3 plus 1.6 respectively.
Westwood Residences EC Prices
The 159 million Singapore dollar price is markedly lower than the indicative price of $ 250 to $260 given in 2013 when listed for sale in an expression of interest scheme and also well below the $200 million ($2337 per square foot) paid by Arch in 2010.
Ku Swee Yong Century 21’s Chief Executive says that funds looking to make bulk purchases of residential properties such as Westwood Residences by Heeton Homes would expect prices of 30% to 40% below current market prices for Westwood Residences in the West, to allow for the 15% Additional Buyers Stamp Duty (ABSD), the extremely low 20% Loan to Value on the investment and their profit margin. He added that this would have a lowering effect on market valuations in the areas around these sites and thus is negative for the market.