SuperBowl Jurong put up for sale at indicative price of $20m

SuperBowl Jurong is up for sale with an indicative price of $20 million.

Colliers International in a release on Monday (Sept 14) invited interested parties to submit their offer for the entertainment complex at 1 and 3 Yuan Ching Road.

The deadline is 3pm on Oct 15.

The property comprises a part-two/part-three-storey block and a pair of two-storey blocks with a total net floor area of about 111,000 sq ft.

It sits on a 234,152 sq ft site, which has a JTC lease of 30 years with effect from Jan 1, 2002.

Under the 2014 Master Plan, the site is zoned for commercial and residential use.

SuperBowl Jurong currently enjoys a high occupancy rate of 99.6 per cent, with a strong tenant profile including Sheng Shiong supermarket, McDonald’s, Subway and SuperBowl, said Colliers.

Said Mr Tan Boon Leong, its executive director of industrial services: “SuperBowl Jurong has always been a landmark in the Yuan Ching area, where it enjoys a large catchment consumer base of Yuan Ching and Jurong residents.”

He added: “The Jurong Lake District has undergone a metamorphosis to become a vibrant commercial hub in recent years. The bustle will continue and spread when the Singapore-Kuala-Lumpur high-speed rail terminus, the edutainment clusters, as well as park connectors and pedestrian linkages to surrounding areas such as Taman Jurong and Yuan Ching, are completed in another few years.”

Queen Astrid GCB site up for sale at S$49-51m

A FREEHOLD Good Class Bungalow (GCB) redevelopment site in Queen Astrid Park is put up for estate sale by tender, with an indicative price of S$49-51 million.

This works out to S$1,399 to S$1,456 per square foot (psf).

Located off Holland Road, at the junction of Queen Astrid Park and Coronation Road West, the 35,011 sq ft site is currently occupied by a single-storey detached house.

Colliers International deputy managing director Grace Ng noted that the indicative price is “inviting” when compared to the peak median price of S$1,749 per sq ft recorded in the second quarter of 2014.

In the second quarter of this year, the median price for detached houses with land area of 15,000 sq ft (1,400 sq m) and above in District 9, 10 and 11 is S$1,410 per sq ft.

GCBs are highly coveted here due to its scarcity, with only some 2,500 islandwide.

Ms Ng said that the GCB site at 2 Queen Astrid Park, which is nestled in an exclusive neighbourhood zoned for GCBs, would not have been available for sale had it not been an estate sale.

The draw of the GCB site at 2 Queen Astrid Park lies in its exclusivity as it is on elevated grounds in tranquil surroundings with lush greenery, and yet with easy accessibility to Holland Village and Orchard Road.

“Furthermore, there is the potential for sub-division into two smaller plots, which is a rare attribute and would appeal to developers,” Ms Ng said.

The GCB site enjoys wide double road frontages onto Queen Astrid Park and Coronation Road West, with good accessibility via the Ayer Rajah Expressway and Pan Island Expressway, as well as Holland Village and Buona Vista MRT stations. The tender for the site closes on Nov 12.

The second quarter of this year saw a surge in the number and value of transactions in GCB areas – to at least 11 deals totalling S$282.3 million, up from just four deals adding up to S$95.3 million in the first quarter.

In recent transactions involving GCBs, a 31,125 sq ft site at 45 Belmont Road was sold in June for S$1,420 per sq ft while a detached house sitting on a 21,426 sq ft site at 26 Bin Tong Park was also sold in the same month for S$1,400 per sq ft.

In July, a Queen Astrid Park GCB was sold for S$32 million or about $1,169 psf on a 27,373 sq ft freehold plot. This plot cannot be subdivided. The buyer was Liu and Lee Investment, a company led by the low-key property investor Liu Shek Yuen.

Elsewhere, prime Good Class Bungalow land along Nassim Road could come on the market in the next several months as the British High Commission mulls over the potential sale of unused land at the Eden Hall site.

Sale of CPF building could fetch $450M

The CPF Building in Robinson Road is up for sale with a land price of around $450 million expected.

The CPF Board, which has been occupying most of the building since it was completed in the 1970s, initiated the sale after it signed a long-term lease agreement to rent space at Novena Square Towers A and B for its operations.

Its relocation later this year will free up prime office space in the central business district for higher-value uses, said CBRE, the marketing agent.

“The market has been anticipating the sale of this landmark commercial building, given the multiple number of development options it offers,” said CBRE director Galven Tan in a statement yesterday.

A prospective buyer could redevelop CPF Building (above) into a mixed-use development with office, retail, serviced apartments or possibly hotel, subject to approval, CBRE said.A prospective buyer could redevelop CPF Building (above) into a mixed-use development with office, retail, serviced apartments or possibly hotel, subject to approval, CBRE said. PHOTO: CBRE

“Developers and property funds have been starved of such opportunities in the Singapore market over the last few years.”

The tower is at the junction of Robinson and Maxwell roads, with a frontage of 120m in Robinson Road. “Given its strategic corner location, the property enjoys unobstructed sea views,” CBRE said.

The regular-shaped site is about 47,056 sq ft, with net lettable area of about 324,000 sq ft.

About 30 per cent of the space not rented by the CPF Board is being leased to a third party. Any future tenancy agreements will be up to the new owners.

The site is zoned commercial with a plot ratio of 12.88, inclusive of the bonus for land size and proximity to an MRT station, with a height restriction of 50 storeys. This translates to a potential gross floor area (GFA) of over 600,000 sq ft, or over 24 per cent more than the existing GFA.

The differential premium to maximise the GFA is about $75.5 million, CBRE said. The building’s tenure is 99 years from 1968.

A prospective buyer could redevelop the property into a mixed-use development with office, retail, serviced apartments or possibly hotel, subject to approval, CBRE said.

The immediate vicinity of Tanjong Pagar MRT station is undergoing rejuvenation with a good mix of new commercial, hotel and residential developments being built, it added.

The Urban Redevelopment Authority is also envisaging a direct link from CPF Building to Tanjong Pagar MRT station, which would enhance the building’s connectivity.

“Furthermore, the area will continue to evolve with the imminent development of the Southern Waterfront City when the container port is relocated,” it added.

Mr Tan of CBRE said it expects strong participation from local players and foreign developers. He said: “The CPF Building is a rare opportunity to create a landmark development in an otherwise tightly held asset class.”

The CPF Board’s service centre in Robinson Road will continue to operate till further notice.

Lor Lew Lian housing site triggered for tender

A residential development site within a 10-minute walk of Serangoon MRT station will be put up for tender next month.

The 1.4ha, 99-year-leasehold site in Lorong Lew Lian is close to Serangoon town centre, Nex shopping mall and various schools.

The public tender, lasting four to six weeks, will start next month on a date yet to be announced.

The site was on the Govern-ment’s reserve list and has been triggered for sale after a developer committed to bid at least $250 million, or $552.90 per sq ft (psf) per plot ratio (ppr), the Urban Redevelopment Authority (URA) said in a statement yesterday. It did not name the developer.

Land parcels on the reserve list are put up for tender only if a developer makes an acceptable initial offer, while confirmed-list sites go on sale regardless of interest.

Some experts said they were surprised that a reserve-list site has been triggered for sale, given the weak demand in the private residential market.

“The developer who triggered the sale may not win the bid after all,” SLP International executive director Nicholas Mak said.

“But this shows that attractively located sites in the north-east region are getting rather scarce,” he added. He expects at least eight to 12 bidders to participate in this tender.

Cushman & Wakefield research director Christine Li said property developers have recently renewed calls for the Government to tweak or even remove the Additional Buyer’s Stamp Duty for Singaporeans buying a second property.

“As General Election 2015 is over, it could be an opportune time for developers to get ready their ammunition in the event that the cooling measures are tweaked,” she said.

Some may want to boost their land bank in anticipation of the tweaks, she added.

Given that the site is located in a quiet neighbourhood lined with private houses and yet not far away from amenities and major transport nodes – it is served by two MRT stations, Bartley and Serangoon – Ms Li expects the tender prices for the Lorong Lew Lian land parcel to range between $670 and $720 psf ppr.

“The Botanique at Bartley near Bartley MRT station had been sold at a median price of $1,282psf since its launch in the second quarter.

I think that’s the price the developer will be benchmarking against,” she said.

GCB site in Cluny Hill area sold for S$21.52M

A plum vacant freehold site of 15,097 sq ft in the Cluny Hill Good Class Bungalow Area is being sold for S$21.52 million or S$1,425 per square foot based on the land area.

The property is being sold by Standard Chemical Corporation. The buyer is Aston Holdings, Realstar Premier Group, which brokered the transaction, told BT.

A company search revealed that Aston is 90 per cent owned by Tan Koo Chuan, who also controls developer Yi Kai Group. Based on caveats data, the Cluny Hill property was previously transacted in 2005 at S$6.64 million. The site includes three conservation trees. The transacted price of S$21.52 million is lower than the S$24 million that the seller is understood to have looked for earlier this year.

The S$1,425 psf on land area at which the property is being sold is lower than the S$1,659 psf at which a GCB along Cluny Road facing the Botanic Gardens was transacted at in February 2014. Market watchers suggest one factor for the lower price for the Cluny Hill property is that there is a power station next door.

Unauthorized use of restaurant as bar result in $35K fine

Project Lifestyle, which runs Witbier Cafe (left), was fined $35,000 yesterday for flouting a ban on bars and pubs in the Kampong Glam conservation area. It is the first such case to be prosecuted in court. The firm had ignored repeated enforcement notices to rectify the breach in planning permission.

Project Lifestyle, which runs Witbier Cafe, was charged with making an unauthorised change in the use of its premises from a restaurant to a bar – the first such case to be prosecuted in court.

The company was fined $20,000 earlier this year by a district judge, but the prosecution appealed for an increase to $50,000.

Witbier Cafe, located on the first storey of a two-storey shophouse in Kandahar Street, opened in July 2011. The premises are allowed to be used only as a restaurant.

Since September 2005, the Urban Redevelopment Authority (URA) has not allowed the setting up of new pubs, bars and nightclubs in Kandahar Street and certain other roads in Kampong Glam.

In 2012, URA officers raised concerns that Witbier Cafe could be construed as a bar.

Under planning regulations, the primary purpose of a restaurant is the sale of food to be consumed on the premises; the sale of alcoholic drinks is incidental.

The rules state that a bar, on the other hand, is a place where the primary activity is the sale and consumption of alcoholic drinks.

The company then took steps to change the menu and the layout, and the URA took no further action.

The agency even wrote to Project Lifestyle thanking it for its cooperation in reverting Witbier Cafe to the approved use.

It also reminded the company that the premises could not be used for a bar.

But when URA officers dropped in incognito some time between November 2013 and January last year, they found logos and names of alcoholic drinks displayed inside and outside the shop; a layout consisting of a bar counter and several high tables with bar stools; and a “happy hour” for alcoholic drinks prominently advertised.

These changes had been made without permission.

A URA spokesman told The Straits Times that the operator was brought to court because it chose to ignore repeated enforcement notices to rectify the breach in planning permission.

In raising the fine to $35,000 yesterday, Judicial Commissioner See Kee Oon pointed to the company’s persistent offending and lack of remorse, as well as the need to disgorge its wrongful profits.

“The background facts strongly suggest a calculated or cynical breach, possibly motivated by the hope that enforcement might not ensue or that any consequent sanctions might be worth their while,” said the Judicial Commissioner.

But he did not think a $50,000 fine was warranted, given that there were no structural or physical alterations, nor any change in the appearance of the building.

He also noted that the district judge had already considered the cultural sensitivities, given the cafe’s proximity to Malay-Muslim landmarks.

The offence of carrying out unauthorised works in a conservation area carries a fine of up to $200,000. Further fines of up to $10,000 per day can be imposed if a breach continues after conviction.

The URA spokesman said: “Should the operator continue with the unauthorised use, we will not hesitate to take further action.”

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