25,741 Square Feet............just sold for............................. (Arlington, Stanley: appointed, sale, condo)

[Hal Roach]

105,000,000 USD, in Singapore. Does anyone have any recent comps on prime parcels in NoVa? I think an influx of the same type of Chinese investors that bought that parcel in Singapore, may become more prevalent in the DC area. I think it shows that both the money is out there, and the sky is the limit on prime pieces of land. It's a little puzzling that they have been relatively low profile over the years in the area. It's only a matter of time.

[NC211]

Oh they're here, trust me, they're just buried in JV agreements that makes them silent. But, they're here.


The problem with dealing with Chinese investors is they usually come with state requirements. For instance, on a construction project - typically has to be a Chinese construction company for their investment to be "blessed" by the Chinese governing authorities. So, if they're parked in a joint venture agreement as just the equity source, US lenders feel better about doing the deal. Additionally, regulations are much tougher now on investors. Especially those who'd rather not be fully identified and verified. Those days are going bye bye.


S. Korea has the world's largest project going on. Basically a brand new, state of the art city is being developed. S. Korea is positioning to become the tech HQ for the entire world. That .60 acre they paid $105m for, likely is a skyscraper site that when translating that price into actual planned (and approved) square footage for the sky scraper, makes sense as a "land basis".


But if not, I've got .38 acres in Loudoun County that comes with a home that I'll part with for $100m, no questions asked. I'll even throw in the cat!

[FCNova]

Originally Posted by NC211

But if not, I've got .38 acres in Loudoun County that comes with a home that I'll part with for $100m, no questions asked. I'll even throw in the cat!

I'm hoping you get a deal. That would be one hell of a comp for my house

[Hal Roach]

It's a hotel site, located next to the existing Four Seasons and St. Regis Hotels. Could still be a skyscraper. I was hoping to see some numbers out of Arlington or DC...the height restriction would have to negatively impact prices, but 30 million for an acre wouldn't surprise me on K St. I recently read that for new condo buildings in Bangkok, the land cost represents 60% of total project costs. I went by a lot last week, that was 1.2 acres, purchased for 40 million USD, 10 years ago (in BKK), still vacant, but worth even more.

[Hal Roach]

The sellers were "disappointed" and thought it was worth 10-17% more. Note, this is a down market in Singapore right now. Hong Kong Gaming Tycoon Ho Buys Prime Singapore Hotel Plot - Bloomberg
Stanley Ho is the buyer. Ho's Hotel, perhaps?

[VRE332]

Originally Posted by Hal Roach

The sellers were "disappointed" and thought it was worth 10-17% more. Note, this is a down market in Singapore right now. Hong Kong Gaming Tycoon Ho Buys Prime Singapore Hotel Plot - Bloomberg
Stanley Ho is the buyer. Ho's Hotel, perhaps?

Hal's Roach and Ho's

[tysonsengineer]

26000 in prime Manhattan would pull down comparable, especially if it was upzoned for skyscraper heights. I believe in the DC area the height per acre price has generally been 30 to 40 million, largely in the golden triangle area; in other words about 18M to 24M for 26,000 sf

In Tysons you can see values between 8M and 15M in some areas per acre. For already rezoned for 300' to 400' height you could see a parcel ready for development go for 15M to 30M for an acre, or 9M to 18M for 26,000 sf (although in Tysons you almost never see sub 1 acre parcel divisions, usually they are 2 to 3 acres in size in the upzoned area.

Arlington I have to imagine is comparable, probably a bit more for already upzoned land compared to Tysons, but maybe not in some areas because of the greater height restrictions in some parts of Arlington (means less value for the developer).

[Hal Roach]

I just saw another sale in Singapore....43 story office building....2.5 Billion usd...bought by the Qatari Sovereign Fund...1600 usd psf.

[Hal Roach]

correction...1960 psf.

[VRE332]

Originally Posted by Hal Roach

correction...1960 psf.

That's insane to think that these guys believe they will be competitive