Recent Collective Sales in Mar 2018

1. Goodluck Garden (SGD $610M), Upper Bt Timah/Beauty World

The 210-unit residential developmen)t along Toh Tuck Road, has been sold collectively to the Qingjian Group of Companies for S$610 million. The sale price translated to a land price of about S$1,210 per square foot per plot ratio (psf ppr).  Each owner  should receive from S$924,000 to S$3.51 million upon the successful sale. The apartment sizes range from 95 sq m to 182 sq m, and the two shops are 30 sq m and 91 sq m, respectively. The development has a site area of 33,457.2 sq m. It is within minutes’ walk from Beauty World MRT Station. Based on a potential gross floor area of 46,840.08 sq m.3

2. Toho Mansion (SGD $120.43M), Holland Village

KBD Ventures, a subsidiary of construction and property developer Koh Brothers, has won the collective sale tender for Toho Mansion in Holland Road for S$120.43 million or around S$1,805 per sq ft per plot ratio. The freehold site, which has an area of 4,427.8 sq m and a plot ratio of 1.4, can be redeveloped into a potential gross floor area of 6,818.7 sq m, including a 10 per cent bonus balcony area.

Toho Mansion is a walk-up apartment complex with two four-storey residential blocks consisting of a total of 32 apartments. It sits on an elevated site next to a Good Class Bungalow housing estate and is in close proximity to Holland Village Shopping Centre and Chip Bee Gardens. Its many positive attributes include the coveted freehold tenure, single ownership, prestigious Holland Road address, high development baseline and the convenience of Holland Village, Chip Bee Gardens and the MRT station located right at its doorstep.

3. Makeway View (SGD $168M), Newton

A unit of Bukit Sembawang Estates has successfully tendered for the sale en bloc of the freehold Makeway View for S$168 million. The sale price reflects a land rate of S$1,626 per sq ft per plot ratio (psf ppr), including an estimated development charge of about S$21.26 million. Owners of the estate’s 28 apartments and four penthouses are expected to receive gross sale proceeds of between S$3.86 million to S$10.74 million per unit.

4. Katong Park Towers (SGD $345M). District 15

The owner of the biggest penthouse in the development will rake in $12.08 million after a unit of Bukit Sembawang Estates bought the estate for $345 million, which was about 20 per cent above the reserve price of $288 million.

Other owners will receive proceeds ranging from $2.25 million to $3.23 million, depending on their floor area and size. Katong Park Towers comprises 111 standard apartments, five penthouses and two commercial units, all on a land area of 140,758 sq ft. It is about 200m from Katong Park MRT, which is slated for completion in 2023.

The site has a plot ratio of 2.1 and a maximum building height of 24 storeys. The site is not affected by any traffic impact study. Katong’s rich heritage and rejuvenation initiatives under the Kallang Masterplan presents a great value to the developer.

5. Eunos Mansion (SGD $220M), District 14

Fragrance Group has snapped up the freehold Eunos Mansion for S$220 million in a collective sale. The owners at the 111,735 sq ft site, bound by Jalan Eunos and Bedok Reservoir Road, are expected to receive between S$1.48 mil ion to S$2.19 million, while the those of penthouses will receive S$3.55 million and S$4.7 million, respectively.

With a plot ratio of 1.6, that translates to S$1,118 per plot ratio, including a 10 per cent bonus balcony. The site could yield a mid-sized condominium project, given its proximity to the up-and-coming Paya Lebar Regional Centre and business parks at Eunos and Bedok Reservoir. There are no development charges payable due to its high development baseline.

 

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