YTL Corp Wins Bid for Prime Property in Singapore

YTL Corporation Berhad announced today that it has been awarded the tender for the en-bloc purchase of 50 residential units of the Westwood Apartments located on Singapore's famed Orchard Boulevard, for a total cash consideration of SGD435 million. This is the largest residential collective sale transaction since the new en bloc legislations came into force on 4th October. Westwood Apartments is a condominium development strategically located on the Orchard Road shopping and entertainment belt and within easy access of several stations on Singapore's efficient Mass Rapid Transit system. YTL Group Managing Director Tan Sri Dato' (Dr) Francis Yeoh Sock Ping, said, "The opportunity to develop prime, iconic properties that speak to the YTL brand is a very exciting one. This acquisition, our third land acquisition in Singapore in the last 2 years, is well in line with our wider strategy, focusing on upscale real estate in well-established markets, which enables us to employ our branding to enhance the value of these properties". "In the last 2 decades, the YTL Group has worked towards elevating the standard of upmarket lifestyle concepts in this region of the world to a standard that Asia deserves, through the development of hotels, villas and retail and residential properties. Southeast Asia, with its vast coastal areas, natural beauty and pristine waters, has largely untapped potential to become the Mediterranean or Caribbean of the East. Our focus continues to lie in developing the very finest in luxury homes, hotels, marinas and other real estate, architecturally designed and crafted to a world-class standard of excellence, and which blend ecologically with their natural surroundings to preserve the environmental value of these areas." Apart from geographical diversification and increase in YTL Corp's existing property development landbank portfolio in Singapore, the proposed acquisition will enable the Group to enhance its earnings potential from the high sale and rental rates expected from the renewed interest in the property sector in Singapore. The Group will be able to leverage on its existing local market knowledge, expertise and resources derived from its current involvement in the high-end Lakefront and Sandy Island residential development projects in Sentosa Cove, Singapore, which will comprise exclusive, bespoke homes. "Recent sales of well-designed branded properties amongst high net-worth individuals reflect the positive sentiments of the property market in Singapore. For example, the Ritz-Carlton Residences were recently sold for as high as S$5,000 psf, a reflection that Singapore is primed for growth in the indulgent property sector," said Michael Ng, Managing Director of Savills Singapore.