Singapore’s GIC Pte is planning to sell the Great White Course, a 130-acre golf property adjacent to Trump National Doral Miami that may fetch $200 million as real estate prices surge in southern Florida.
The sovereign-wealth fund hired CBRE Group Inc. to market the course, which it bought in February 2013 as part of its $1.5 billion acquisition of bankrupt resorts owned by a group led by hedge fund Paulson & Co. The land has permits for residential, office and retail development, according to CBRE Vice Chairman Robert Given and Senior Vice President Gerard Yetming.
Demand for real estate is climbing in Doral, 12 miles (19 kilometers) west of downtown Miami, driven by property investors from the U.S. and Latin America along with employees from companies including Miami-based Carnival Corp. Doral’s population is projected to increase about 15 percent over the next five years, almost double the 6.9 percent growth rate projected for Miami-Dade County, according to CBRE.
“The Doral market currently is the second-largest office market in South Florida,” Given said in a telephone interview. “It’s already an international destination for in-migrating families. It has a huge consumer base. At the same time we have hit all the urban boundaries. We can’t build into the Everglades. It’s making this a high-barrier-to-entry market.”
Lay Choon Mah, a GIC spokeswoman, declined to comment on the planned sale.
The office-vacancy rate in Doral in the first quarter was 15.4 percent, compared with 17.4 percent statewide, according to data provided by CBRE.
Doral has benefited from the property resurgence in neighboring Miami. About 21,430 condos are proposed or under construction in Miami-Dade County, according to CraneSpotters.com, which tracks development in South Florida.
Great White, operated by Trump National Doral Resort, has entitlements for the development of 66 acres (27 hectares) including as many as 2,709 condominiums, apartments and single-family homes; more than 800,000 square feet (74,000 square meters) of office space; and as much as 300,000 square feet of retail. The property is likely to sell for $150 million to $200 million, according to Given and Yetming.
GIC has been on a shopping spree for U.S. office properties. In January, Time Warner Inc. said it’s selling its headquarters space at New York’s Time Warner Center to GIC, Related Cos. and Abu Dhabi Investment Authority for $1.3 billion.
“Now is the right time for GIC to market and monetize on their large investment that was made some time ago,” Yetming said. “This is an extremely exciting area. It’s a very fast-growing community within the Miami metropolitan area.”