HK, S'pore investors buy Beverly Hills landmark
LOS ANGELES: The family firm of Mr Wee Cho Yaw is among a group of investors that has paid a knockdown price of US$150 million (S$197 million) for a former landmark property in Beverly Hills.
Joint Treasure bought the 3.2ha property next to the Beverly Hilton for less than a third of its sale price of around US$500 million in 2007, at an auction from Mexican billionaire Carlos Slim's bank, Inbursa.
Joint Treasure purchased the property on behalf of three of its consortium partners - the Chow Tai Fook Group of Hong Kong, the Wee Cho Yaw Family Group and Mr David Chiu of Far East Consortium International. Far East Consortium is not related to Singapore's Far East Organization.
Other United States properties acquired by the group include the New York Four Seasons Hotel and two New York City apartment and condominium buildings.
The 9900 Wilshire Boulevard site, formerly home to the upscale Robinsons-May department store, was owned by Britain's Candy Brothers but fell into foreclosure this year and was acquired by Inbursa, a lender. It is at the junction of Wilshire and Santa Monica boulevards in the heart of Beverly Hills.
The new owners intend to develop it with 235 condo units and 17,000 sq ft of retail and restaurant space, under a plan given permission by local authorities in 2008.
'This is an incomparable site that cannot be replicated, and we intend to build a superb project offering world-class luxury residences,' said Mr Daniel Yiu, senior adviser to Joint Treasure.
AGENCE FRANCE-PRESSE, LOS ANGELES TIMES
The 9900 Wilshire Boulevard site was formerly home to the upscale Robinsons-May department store. -- PHOTO: AGENCE FRANCE-PRESSE
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