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Singapore-listed First Sponsor joins ICD Property for their first Sydney project

by • November 25, 2019 • Overseas PropertyComments (0)148

A consortium led by Singapore-listed First Sponsor has joined forces with ICD Property to redevelop the iconic City Tattersalls Club, a Sydney project, signaling the group’s first Australian project since its inception in 2007.

First Sponsor primarily operates across three key business segments, namely property development, property holding and property financing and holds investments primarily across China, the Netherlands and Germany.

Sydney project

Image credit: First Sponsor Group

The partnership for the Sydney project comes following the landmark decision by the City of Sydney on November 14, whereby the council’s Central Sydney Planning Committee granted envelope approval to ICD Property for the Stage 1 Concept Development Application of its City Tattersalls Club site, which it is developing in partnership with the almost 125-year old club.

The approval allows for plans to rejuvenate the entire clubhouse, including retail, restaurants, a combined hotel and club reception on the ground level, as well as an event space, premium co-working centre, health and wellbeing facilities and other great member facilities.

There are also plans to develop a 49-storey tower above the historic site comprising residential apartments and a high end hotel (plus ancillary facilities).

First Sponsor’s involvement in the City Tattersalls Club iconic redevelopment is twofold. First providing equity partnership together with its investor consortium and leveraging on First Sponsor’s experience in property development to partner with ICD Property and the City Tattersalls Club with a hands-on collaborative approach to deliver a quality Sydney project. Secondly, as the sole construction financier providing funding for the project’s entire delivery.

The collaboration for the Sydney project is currently conditional on certain regulatory approvals and conditions which are expected to be formally achieved in the first quarter of 2020.

The announcement follows ICD Property’s track record of pursuing alternative lending options over traditional bank loans with the company’s Aspire Melbourne project – said to be the last ‘super tower’ in Melbourne – receiving financial backing from Australia’s leading development financier MaxCap and global finance conglomerate Goldman Sachs earlier this year.

ICD Deputy Managing Director Sal Quah said the company chooses its partners based on the requirement of each project and is excited to bring such a prominent name to Australia.

“Receiving support from such a significant property player in China and the Netherlands is a testament to our vision for the City Tattersalls Club redevelopment and we look forward to working alongside First Sponsor, and the club itself.”

“In addition, receiving construction funding from First Sponsor will allow for a more efficient and streamlined process with works on the City Tattersalls Club earmarked to commence following Stage 2 approval.”

First Sponsor’s Group CEO Neo Teck Pheng said that First Sponsor is excited and honored to have the opportunity to work with ICD Property and the City Tattersalls Club on such a unique development in core Sydney CBD with the good broking work from CBRE. Following the Sydney project, First Sponsor looks forward to more opportunities with its new Australian partners.

The First Sponsor/ICD Property joint venture and the City Tattersalls Club are preparing to undergo a design competition process with the City of Sydney in 2020, where a prestigious lineup of architects will vie for the design of the City Tattersalls Club in order to achieve the highest possible outcome for the site. Submission of a Stage 2 DA will follow soon after.

Mr Paul Ho, chief mortgage consultant at iCompareLoan said, “anyone looking to invest or refinance their Australian property, can now seamlessly finance it locally with the new HSBC International Mortgage. Exclusively for residential properties in Adelaide, Brisbane, Perth, Melbourne and Sydney.”

When they do, they can enjoy:

  • Option of AUD or SGD financing
  • Loan tenor of up to 30 years
  • Loan amount of up to 70% (for AUD loan) and 60% (for SGD loan) of purchase price or property value, whichever is lower

Exclusive promotional interest rate

As HSBC’s valued customer, you will be offered an exclusive promotional interest rates when you take up an International Mortgage (for Australian property only) with HSBC.

Loan Interest Rate
SGD Loan 3M SIBOR# + 2.28% throughout loan tenor (indicative 4.22% as at 7 May 2019)
AUD Loan 1M AUD VLR+ + 2.18% throughout loan tenor (indicative 3.78% as at 7 May 2019)

Eligibility:

  • Singapore Citizens / Permanent Residents or Foreigners (Employment Pass holders) residing in Singapore
  • Minimum loan size of $200,000 (AUD/SGD)

The minimum income to qualify for this International Mortgage for Australian property is $180,000 per annum. HSBC can provide such loans for foreigners residing in Singapore, whereas other banks cannot. Its Australian dollar loan rate is below 4% – one of the best any lender can provide. But refinance can only be done Singapore dollar to Singapore dollar or Australian dollar to Australian dollar.

If you are you planning to invest in properties in Australia but ensure of funds availability for purchase, you should talk to a trusted mortgage broker. These real estate financing professionals can set you up on a path that can get you a home loan in a quick and seamless manner. They are experts who do the work for you for free, while you lean back, rest and rely on our professionalism at absolutely no cost to you.

Mortgage brokers have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs.

Whether you are looking for a new home loan or to refinance, the Mortgage broker can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Australia. And the good thing is that all their services are free of charge. So it’s all worth it to secure a loan through them.

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