LOS ANGELES — Singapore sovereign wealth fund GIC is planning to sell the Great White Course, a 53ha Greg Norman-designed golf property adjacent to the luxury Trump National Doral Miami resort that may fetch US$200 million (S$250 million) as real estate prices surge in southern Florida.

GIC hired CBRE to market the course, which it bought in February last year as part of its US$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, said CBRE vice-chairman Robert Given and senior vice-president Gerard Yetming.

“Now is the right time for GIC to market and monetise on their large investment that was made some time ago,” Mr Yetming said. “This is an extremely exciting area. It’s a very fast-growing community within the Miami metropolitan area.”

The property is likely to sell for US$150 million to US$200 million, said Mr Given and Mr Yetming.

A GIC spokeswoman declined to comment on the planned sale.

Demand for real estate is climbing in Doral, 19km west of downtown Miami, driven by property investors from the United States and Latin America, along with employees from companies such as Miami-based Carnival.

Doral has also benefited from the property resurgence in neighbouring Miami. About 21,430 condominiums are proposed or under construction in Miami-Dade County, said CraneSpotters.com, which tracks development in South Florida.

Great White, operated by Trump National Doral Resort, has entitlements for the development of 27 hectares, including as many as 2,709 condos, apartments and single-family homes; more than 800,000 sq ft of office space; and as much as 300,000 square feet of retail.

GIC has been on a shopping spree for US office properties. In January, Time Warner said it was selling its headquarters space at New York’s Time Warner Center to GIC, Related Cos and Abu Dhabi Investment Authority for US$1.3 billion. BLOOMBERG