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News Release

Singapore

Versailles up for Collective Sale by Jones Lang LaSalle

Collective Sale by Tender closing on 30 May (Thursday) 2013 at 2.30pm



SINGAPORE, 25 April 2013 – Versailles, a 55-unit residential development, has been launched for sale by tender by sole marketing agent Jones Lang LaSalle Singapore.

The District 15 freehold site, with a land area of approximately 53,073 sq ft, is zoned “Residential” with a gross plot ratio (GPR) of 2.1 in the 2008 Master Plan.  It could potentially be built up to 24 storeys, subject to approval from the relevant competent authorities.

The exisiting development is a 4-storey condominium built in the early 1990s. It would be the owners’ first attempt to market the property on an enbloc basis.

“This is a rare freehold condominium redevelopment site that is located within walking distance to the up and coming Paya Lebar Central. According to the Urban Redevelopment Authority, 12 hectares of land around Sims Avenue have been set aside for this commercial hub at the city fringe. It will comprise a mix of offices, hotels, retail and public spaces, some with riverfront. The vibrant commercial hub will be a focal point for activities and a natural gathering spot for commuters, shoppers and office crowd.” says Ms Yong Choon Fah, National Director of Investments at Jones Lang LaSalle.

The potential Gross Floor Area (GFA) of approximately 122,598 sq ft could yield some 148 units of varying sizes, based on the URA’s guideline on maximum allowable number of dwelling units for non-landed residential developments outside the central area.

“The new project on this site should be popular amongst owner-occupiers and investors due to the upcoming Paya Lebar Central and the lack of supply of new residential projects in the vicinity. It should also appeal to families with school-going children due to its proximity to popular schools such as Kong Hwa School, Haig Girls’ School, Tanjong Katong Primary School and Chung Cheng High School.” says Ms Yong.

“The locale of Paya Lebar and Guillemard Road is set to see rapid transformation with the actualization of the Paya Lebar Central, the eventual redevelopment of the Guillemard camp site and the potential redevelopment of the Police Logistics Department (Police Logistics Base).  The “sold out” launches of Paya Lebar Square and One KM, which are both under construction, have already created much hype in the area’” adds Ms Yong.

Located some 500 to 600 metres from the Paya Lebar MRT interchange station for the Circle and East-West lines and Dakota MRT station for the Circle Line, the site enjoys direct and easy access to most parts of the island including the Central Business District, Orchard Road and the Changi International Airport.

The owners of Versailles are expecting offers in the region of $105 - $110 million which translates to approximately $1,088 - $1,133 psf per plot including development charge, on the potential GFA. More than 80% of the owners, by share value and strata floor area have consented to the collective sale.

The tender for Versailles closes at 2.30 pm on Thursday, 30 May 2013.

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Notes to editors
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47.2 billion of assets under management.

Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 22,200 employees operating in 79 offices in 14 countries across the region. The firm was named ‘Best Property Consultancy’ in nine Asia Pacific countries at the International Property Awards Asia Pacific 2012, in association with HSBC, and was highly commended in a further three countries. For further information, please visit www.joneslanglasalle.com.sg, www.jllresidential.com/sg 200 East Randolph Drive Chicago Illinois 60601 │ 22 Hanover Square London W1A 2BN │ 9 Raffles Place #39–00 Republic Plaza Singapore 048619