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Singapore Wealth Fund Selling Trophy Miami Golf Property

Singapore Wealth Fund Selling Trophy Miami Golf Property

Vacation News » Asia Pacific Vacation News Edition | By Michael Gerrity | May 30, 2014 11:33 AM ET



GIC, a Singapore-based sovereign wealth fund, is now planning to sell the Great White Course, one of five championship golf courses in Doral, located adjacent to the Trump National Doral Resort and Spa in Miami.
 
The 130-acre offering known as "Doral White" is being positioned as an unparalleled opportunity for a developer to build a massive, mixed-use community from the ground up at a "Main and Main" location in one of the country's fastest-growing suburbs. Current zoning would allow a developer to build up to 2,709 residential units, over 800,000 square feet of office, up to 300,000 square feet of retail, a school and an amphitheater/recreation facility on the site, located at NW 41st Street and NW 87th Avenue in Doral. The property is now being marketed by CBRE.

"Doral White represents a rare opportunity to acquire a massive development site in the United States' most land-constrained market," said CBRE's Robert Given. "A development site of this magnitude is a once-in-a-generation opportunity and would allow a developer to put their name and vision on the future of both Doral and Miami."

Doral's unusually fast population growth - nearly four times the national average - top-rated schools, highly educated workforce and vibrant office market have contributed to Doral's transformation from golfer oasis to true, pedestrian-friendly 24/7 city. There are currently three large-scale, mixed-use projects under construction in Doral - two within a half mile of the White Course - to meet the growing demand for housing and amenities. The Doral office market is also the second-largest in South Florida, home to several Fortune 500 companies and major employers such as Carnival Cruise Lines, Univision and the U.S. Southern Command.
 
The resurgence of Miami's condominium market, along with an influx of flight capital from Latin America, also positions Doral well for future growth. Doral has the largest population of Venezuelans of any U.S. city and the Venezuelan population is projected to grow by 40% between 2013 and 2015.
 
"Miami, and Doral in particular, have seen tremendous international buyer interest in condo projects due to flight capital seeking a stable destination," added CBRE's Gerard Yetming. "With condominium prices in Miami on the rise, buyers have moved westward for more affordable new construction housing."
 
GIC bought the property last year as part of a $1.5 billion portfolio acquisition of bankrupt U.S. resorts once owned by a group that included hedge fund Paulson & Co.
 
Doral At-A-Glance

  • Population projected to grow by 15.04% over the next five years, nearly double the 6.85% growth rate projected for Miami-Dade County.
  • One of the few areas in Miami-Dade County that is serviced by all A-rated schools. 
  • Household growth over the next five years projected at 13.19%, compared to Miami-Dade County's 7.21%.
  • Approximately 51.3% of the population holds a bachelor's degree or higher compared to only 25.4% in Miami-Dade County.
  • Average household income is $86,000.

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