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.

The four other penthouse owners can expect proceeds starting from $4.95 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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Freehold Orchard Condo 5th attempt at Enbloc Windfall

Home owners at freehold condominium Cairnhill Mansions are looking to ride the wave of collective sales as they gear up for their fifth attempt at selling their estate, according to local news media.

The estate in Cairnhill Road consists of a 61-apartment complex with a maximum gross floor area of about 172,240 sq ft, yielding potentially 140 new units in the redevelopment.

At a guide price of $362 million the owners are seeking a higher rate than their last bid in 2011 — translating to $5.7 million each, or about $2,800 per sq ft (psf). Similar projects nearby have sold at between $1,700 psf and $4,000 psf for the past few months.

The estate’s prime address is expected to carry a premium. Not too far away at the former Zouk club address in River Valley area, a developer committed to bid at least $689.4 million for the government reserve site, triggering an URA land sale tender. https://www.ura.gov.sg/uol/media-room/news/2017/Sep/pr17-62

The Jiak Kim Street site can accommodate 525 apartments in a development up to 36 storeys, with ground floor commercial use.

 

One Tree Hill Gardens sold for S$65m

Lum Chang Holdings Limited is acquiring One Tree Hill Gardens for S$65 million, below the owners’ asking price of S$72.8 million. This is the first collective sale for this year. This collective sale translates to a land rate of S$1,664 per square foot (psf), based on the site area of 3,629.1 sq m (39,063 sq ft). The transaction is subject to approval from the Strata Titles Board.

The site is located at the junction of One Tree Hill and Jalan Arnap. It enjoys easy access to Orchard Road, and is within 300 m from the upcoming Orchard Boulevard MRT station along the Thomson-East Coast Line. The Lum Chang Group intends to redevelop it to residential landed homes for sale.

Derby Court at Novena up for En-Bloc Sale

Undaunted by the lacklustre en bloc residential sale market this year, a freehold condominium in the Novena area has launched a collective sale. Derby Court, a 35-year-old, 12-storey development comprising 20 apartments, has given an indicative price of S$68.28 million, or S$1,286 per square foot per plot ratio (psf ppr), based on an allowable gross floor area of 53,094 sq ft.

The land rate would be lowered to about S$1,169 psf ppr, including the 10 per cent bonus gross floor area allowed for balconies.

The 18,500 sq ft site at 5 Derbyshire Road, which is off Thomson Road and near United Square shopping mall, can potentially accommodate up to 70 apartments averaging 753 sq ft; the breakeven cost will exceed S$1,700 psf, said Savills Singapore, which is handling the sale.

No development charge needs to be paid because of the high development baseline which reflects a plot ratio of 2.869. The site is zoned “residential” with a plot ratio of 2.8 under the 2014 Master Plan.

The tender will close at 3pm on Jan 20, 2015.

The site is near Novena MRT station, Orchard Road and the central business district; it is also within 1km of popular schools such as St Joseph’s Institution (Junior) and Anglo Chinese School (Junior).

Suzie Mok, senior director of investment sales at Savills Singapore, said: “Sites with absolute price quantum of less than S$70 million for a high-rise 36-storey development are few and far between. This is a sweet spot to boutique developers in the present market.”

She added that Derby Court’s prime city-fringe location would give investors “good rental potential and long-term capital appreciation”.

The Novena neighbourhood is a medical hub, home to Mount Elizabeth Novena Hospital, Novena Medical Centre, Novena Specialist Centre and Tan Tock Seng Hospital. The upcoming Royal Square at Novena and the government’s masterplan for the future Health City Novena will boost the area as a medical tourism hub, Savills said.

Derby Court’s en bloc attempt follows that of Fragrance Court, put up for tender at a reserve price of S$70 million (about S$1,235 psf ppr) last month.

Galven Tan, director of investment properties at CBRE, told The Business Times that the tender, which closed last Wednesday, received “no proper bids”, but a few expressions of interest had come in.

The en bloc attempt has since entered a 10-week private treaty period, and talks with parties are ongoing. The collective sale agreement expires next year.

Last month, it was also reported that the owners of Cairnhill Mansions, an ageing District 9 property, are launching their fourth attempt at a collective sale. The owners previously failed to find a buyer at the reserve price of $361.5 million (S$2,308 psf). This year’s attempt at a collective sale follows previous attempts in 2005 and 2007.

The site could hold up to 70 apartments averaging 753 sq ft and with a break-even cost exceeding S$1,700 psf, said Savills Singapore.

http://business.asiaone.com/news/derby-court-en-bloc-sale-tender

Dunearn Road Property put up for enbloc sale

KHEAM Hock Gardens, a private residential site located off Dunearn Road, has been launched for sale by tender with a reserve price of S$59 million.

This translates to S$1,430 per sq ft for the site, which has an area of around 41,245 sq ft.

Located at 38 Kheam Hock Road, the existing freehold development comprises 19 apartments.

More than the required 80 per cent of owners have consented to the collective sale.