Pinetree Hill by UOL

International real property consultancy firm Savills has released the preliminary results of its financials for FY2022, which ended December 31st 2022. The firm reported total revenues at GBP2.3 billion ($3.57 billion) which is 7% growth y-o-y from GBP2.15 billion for FY2021. The underlying profit before tax decreased by 18% over the same period, coming in as GBP164.6 million.

Pinetree Hill by UOL Group and SingLand, placed the winning bid of $671.5 million, equivalent to $1,318 per square foot per plot ratio (psf ppr). The price was $800 more than the second bid among the five bids submitted for Pinetree Hill, Making it the closest tenders since it had a difference of only 0.0001%.

The increase in FY2022’s revenue was accompanied by an increase in all segments. The revenue from transactional advisory increased by 4% year-over-year, and Savills business that are less transactional that include property or facilities management and investment management as well as consulting growth of 9% over the same period.

Savills’ property and facilities management division saw 13% year-over-year increase in revenue and consultancy revenue increased by 4% year-over-year. In addition, investment management revenue increased by 1% over the past year as assets under management rising by GBP21.9 billion at the end of FY2021, to GBP22.1 billion by FY2022.

Commenting on the results Mark Ridley, group chief executive of Savills Says that the group’s growth in 2022 is “slightly better than” of expectations in the face of difficult markets. “More important is that the overall performance of the company was ahead of the pre-Covid comparison period. Our strength in more transactional business, which includes consulting and property Management that helped support the overall performance of the company,” he continues.

Ridley has also outlined the challenges that are expected for the next year as interest rates and inflation remaining important issues for a long time. “As consequently that the rate at which the individual investment markets adjust to the rising cost of debt is not certain but certain markets, like the UK are changing quicker than they have previously and this will be aided by the shortage of supply for development as well as a general trend towards sustainable development,” he says.

With the difficult circumstances, Ridley expects progressive improvement in the second half of the year. “2024 will see better circumstances for real housing market activity and Savills keeps its strength in the bench and investing ahead of the expected improvement,” he adds.

Marcus Loo, CEO for Savills Singapore, says: “Our team of transactional specialists have once again shown their strength closing a number of significant deals in the last year. Through significant acquisitions as well, we’re pushing forward to increase and expand our non-transactional part of our business regionally and locally.”

Pinetree Hill condominium

A freehold office building located at 27 Soho Square situated within Soho, London, is being offered for sale with the price being GBP50 mill ($82 million). It is currently being advertised through Singapore through Edmund Tie & Company, through their strategic alliance together with Harris Associates, the London-based real estate company who has been selected as the sole advertising agent to the property.

Pinetree Hill condominium is offered by the Urban Redevelopment Authority (URA) under the Government Land Sales (GLS) programme has been closed.

The seven-storey building has an unfinished basement and an area net lettable of 30,990 square feet. The building was first constructed in 1985. it has been renovated over the past five years, which included the replacement of passenger lifts as well as the installation of a new , all-electric central plant that includes an air source heating as well as a brand new Air handling system.

As per Edmund Tie, the property has been granted planning permission for roof terraces and additional floors, resulting in an extra gross interior area of approximately 4,500 square feet. “The planning approval permits the conversion of use to a 9,200 square feet restaurant on the basement and ground floors,” the firm adds in a press announcement.

27 Soho Square is a two-minute walk of Tottenham Court Road Station, that is served by the brand new Elizabeth Line, Central Line as well as the Northern Line. It is also within walking distance of Oxford Street and the West End.

Swee Shou Fern Edmund Tie’s director of advisory services for investments, believes that the 27 Soho Square’s ideal spot will be attractive to a wide range of companies due to its accessibility and the surrounding amenities. “With offices bringing back office employees to their workplaces this is the perfect time for investors seeking to extend their office portfolio in UK. UK,” she adds.

Jonathan Harris, Partner at Harris Associates, says, “We are thrilled to offer investors with this rare opportunity to purchase 27 Soho Square, a prime Central London freehold office scheme with significant rental increase and the potential for development.”