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02-06-2018, 01:37 PM
How valuable is LTC's 12,234.8 sm freehold industrial properties and land plots next to the MacPherson MRT interchange station if the site is redeveloped under a revised URA master plan? Would it be just the nice number of $118m as suggested by Knight Frank, or a lot more? Summary details of the properties are contained in Appendix III, p81, in the recent circular to LTC shareholders..
http://infopub.sgx.com/FileOpen/LTC%20Of...eID=492608
I am no property expert, but my gut feel tells me the site is worth a lot more, and I feel URA would agree with my view that it will be a big pity if the site and the adjoining areas (http://www.streetdirectory.com/sg/lion-i...53513.html) remain un-redeveloped in the next 5 years.
As an indication of how valuable freehold industrial land near MRT stations is, I like to highlight Far East Group's recent sale of its HQ property (land area : 1,936 sm) at 112 Lavender St (which is approx. 300 metres from the nearest Bendemeer MRT station) for a cool $27.0m..
http://infopub.sgx.com/FileOpen/Proposed...eID=494077
Just using the same unit land price, LTC's site would have a derived simple fair market value of $170m. Simple logic will tell us that this figure is likely still unrealistically low, as the LTC's site is much bigger (over 6x) therefore with much more redevelopment possibilities, and is just next to the MacPherson MRT station, which is an important interchange station for the Downtown and Circle lines.
http://infopub.sgx.com/FileOpen/LTC%20Of...eID=492608
I am no property expert, but my gut feel tells me the site is worth a lot more, and I feel URA would agree with my view that it will be a big pity if the site and the adjoining areas (http://www.streetdirectory.com/sg/lion-i...53513.html) remain un-redeveloped in the next 5 years.
As an indication of how valuable freehold industrial land near MRT stations is, I like to highlight Far East Group's recent sale of its HQ property (land area : 1,936 sm) at 112 Lavender St (which is approx. 300 metres from the nearest Bendemeer MRT station) for a cool $27.0m..
http://infopub.sgx.com/FileOpen/Proposed...eID=494077
Just using the same unit land price, LTC's site would have a derived simple fair market value of $170m. Simple logic will tell us that this figure is likely still unrealistically low, as the LTC's site is much bigger (over 6x) therefore with much more redevelopment possibilities, and is just next to the MacPherson MRT station, which is an important interchange station for the Downtown and Circle lines.