, Singapore

Daily Briefing: CapitaLand to buy Temasek's Ascendas-Bridge for $11b; People's Park Centre raises its en bloc price to $1.35b

And NEA’s new sites for funeral parlours raise transportation concerns.

From Deal Street Asia:

CapitaLand has entered into a transaction with Temasek to acquire all the shares in its subsidiary Ascendas-Singbridge (ASB) which is an urban solutions provider valued at $11b.

Under the terms of the agreement, Temasek will receive $6 billion, which will be satisfied 50% in cash ($3 billion) and 50% in new CapitaLand shares ($3 billion). Post transaction, Temasek’s ownership of CapitaLand will increase from approximately 40.8% to about 51.0%.

The shares will be priced at $3.50 per share, representing a premium of 11.3%, or approximately $0.36, over CapitaLand’s one-month volume weighted average price of $3.14. The consideration takes into account the adjusted net asset value of Ascendas-Singbridge which includes the value of its fund management platform and the trading value of its three sponsored listed trusts.

Read more here.

From PropertyGuru:

Mixed-use development People’s Park Centre which is located along Upper Cross Street in Outram has pushed its en bloc prive from $1.3b to $1.35b that translated to a 45% premium over valuation.

This comes after the majority of the unit owners who took part in the extraordinary general meeting (EGM) approved the higher price and the method of apportionment.

With the new price, apartment owners can expect to pocket between $1.89m to $2.68m, according to the collective sale committee’s spokesperson Lee Chin Chee. Shop owners can get $267,000 to $16.4m, $432,000 to $4.43m for office owners, whilst the carpark owner can receive $56.7m.

People’s Park Centre consists of a carpark, 120 apartments, 256 offices and 324 shops. Built in 1970, the 99-year leasehold project has a remaining lease of over 50 years. It has a gross floor area (GFA) of about 820,000 sqft and stands on a 96,000 sqft site that is intended for commercial use under the current masterplan.

Read more here.

From Channel News Asia:

The four new sites identified by the National Environment Agency (NEA) for funeral parlour developments could present challenges for the bereaved and industry players in terms of transportation and leasing.

The new sites come as a welcome boost at a time when options are lacking amid growing demand, one funeral parlour said, but the fact that three of them will be within industrial estates could mean they might not be entirely accessible by public transport.

Three of the sites will be located at Woodlands Industrial Park E8, an industrial area along Bukit Batok Street 23, and at Ang Mo Kio Street 63, close to metal polishing and automotive spare parts factories. The fourth site will be at Mandai Road near the existing Mandai Crematorium and Columbarium.

"Industrial parks are good for manufacturing, but not suitable for the service profession, especially the funeral profession that handles families in heavy emotional grief,” Mount Vernon Sanctuary founder Ang Ziqian said.

Read more here.

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