Recent Collective Sales in Feb 2018

1. City Towers (SGD $401.9M). District 10

The freehold condominium development in District 10 was sold for $401.9M in early Feb 2018. Each unit’s owner was to receive between $2.78M – 11.5M. The project consists of 77 units and sold 13% above reserve price. The rate was $1,847 psf ppr (including a $3.5M development charge). The site has a land area of about 104,531 sq ft (with a plot ratio of 2.1), and can be redeveloped to 24 storeys of 190 new units (average size of 1098 sqft). JAPURA Development, linked to Hong Kong tycoon Li Ka-shing’s Cheung Kong empire, is the party that clinched City Towers.

2. Pearl Bank (SGD $728M), Outram Park Vicinity

The iconic Pearl Bank Apartments was recently sold to Capitaland at $728M in mid Feb 2018. The price matches the reserve price of the owners, which translates to $1psf. ,515 psf ppr after factoring a $201.4M premium for a lease top-up to a fresh 99-year lease. The site has a land size of 82,376 sqft of existing plot ratio of 7.45. There are plans to redevelop the site into a 800-unit condo project of total GFA of 613,530 sqft. Break even prices are expected to be $2,000-2,250 psf. The project is located near to the Outram Park MRT interchange and Chinatown, and future units are likely priced to be between $2,400 – $2,600 psf.

3. Brookvale Park (SGD $530M), Sunset Way

Brookvale Park, a 160-unit development in Sunset Way, has been sold to Hoi Hup Sunway, a joint venture between Hoi Hup Realty and Sunway Developments, for $530 million. The sprawling 999-year leasehold land is in a central yet lush setting. The sale price reflects a land rate of about $932 per sq ft per plot ratio, after factoring in an estimated development charge of about $26 million. Each owner would expect to receive gross sales proceeds of between $2.5 million and $4.4 million per unit. The site is a short drive away from Holland Village and Bukit Timah Nature Reserve, and near reputable tertiary and international education institutions such as Ngee Ann Polytechnic, Singapore Polytechnic, National University of Singapore, Singapore University of Social Sciences and Canadian International School.

4. Riviera Point (SGD $72M), River Valley area

Riviera Point in Kim Yam Road was sold to Macly Group, a Singapore property developer in Mid Feb for $72M. Riviera Point’s site area stands at 14,579 sq ft. The use of the land has been zoned as “residential” with a plot ratio of 2.8 and a height control of 36 storeys. The verified existing gross floor area is about 49,265 sq ft, which translates to a plot ratio of 3.379.

5. Cairnhill Mansion (SGD $362M), Cairnhill Road at District 9

The development in Cairnhill Road was sold to Singapore-listed property developer Low Keng Huat for SGD $362M. Cairnhill Mansions, an 18-storey block comprising 61 apartments, sits on a land area of about 43,103 sq ft. The price tag works out to $2,311 per square foot per plot ratio (psf ppr).

 

 

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High life at low cost

ARCHITECT Tan Cheng Siong has come up with a grand scheme that he says could triple Singapore’s land space by creating a vast network of elevated decks.

This vision, which he calls “Skyland”, involves elevated decks of about 20m wide or more, built to link MRT stations above the rails and available for use by cyclists and pedestrians.

Affordable homes could also be built on the decks, said Mr Tan, who designed Singapore’s first condominium (Pandan Valley) and its first super high-rise (Pearl Bank Apartments).

This vast project would free up enough space to ensure there is no need to increase plot ratios or even have people living underground to cope with the rising population, Mr Tan told The Straits Times on Tuesday.

“We have all this space in the sky, which can provide Singapore with low-cost land for the next 50, 100 years.”

He has been displaying his vision at the inaugural architecture exhibition ArchXpo at Marina Bay Sands over the past three days.

He said the authorities are aware of his plans but will, of course, require time to consider the massive proposal.

Under his plan, the Government would repossess HDB land in more mature estates where old flats would need replacing.

Above these areas, the Government would build elevated decks to link MRT stations, or community malls. The cost, he believes, would be at about $100 million for every 1km, or $60 per sq ft (psf).

This is money that a central authority – likely the Housing Board – may recoup by tendering the newly created space to developers, at about $100 psf.

Citizens may buy a 1,000 sq ft plot to build their home at about $150 psf, with a renovation budget of $50 psf. This would bring the total cost to $200 psf, or $200,000 per 1,000 sq ft unit.

The land below the decks may be re-zoned for enterprise use or communal, low-rise facilities for sports, schools or other amenities.

In this way, business space could be more affordable for small and medium-sized enterprises as well, Mr Tan said.

He added that with the safe separation of cyclists and pedestrians from cars, Singaporeans could also save on travel costs.

So instead of having super high-rises, Mr Tan hopes these homes will be a maximum of 50m to 80m high, or 15 to 20 storeys.

He said a good place to start would be older HDB towns such as Serangoon, Ang Mo Kio or Toa Payoh.

However, he envisions linking up the largely residential north as a “north constellation of hubs”.

Under his proposed master plan, the green spaces in central Singapore could be preserved, as there would no longer be any need to eat into them.

Mr Tan also has plans for some of the major trade and communications infrastructure.

He proposes what he calls the “south world corridor” – which includes the airport and ports and will take time to evolve – “built to engage the world and present the best with tourist icons”.

Additions he is suggesting include V-shaped office towers, which would allow more open space below, and a Marina South extension to Gardens by the Bay which will again leave ground space for public use.

“We built a city with low- cost housing. I’m sure we can build a future with low-cost land,” said Mr Tan.

 

Conservation Status for Pearl Bank

If the 38-year-old Pearl Bank Apartments gets the conservation green light, it could pave the way to preserve other buildings which have played a role in Singapore’s residential architectural history.

The Urban Redevelopment Authority (URA) has conserved more than 7,000 buildings, mostly shophouses and bungalows.

Now, for the first time, it has received an application to preserve a multi-strata private development.

If it gives its nod to Pearl Bank, architects say this will make it easier to protect other buildings with architectural, historic and social significance – such as the first Housing Board blocks in Queenstown which were built in 1960.

– See more at: http://www.straitstimes.com/news/singapore/housing/story/architects-keen-conservation-status-pearl-bank-20140508#sthash.v9vLtZ7i.QqdHWenq.dpuf

Pearl Bank still special after all these years

American architect Ed Poole was so set against a proposal to put Pearl Bank Apartments up for a collective sale in 2007 that he hired a lawyer and rallied his neighbours.

The attempt failed.

“Pearl Bank is irreplaceable,” said Mr Poole, 54, who lives in a penthouse unit in the landmark building along Outram Road. “There is no way you can find another apartment like Pearl Bank in Singapore.”

Indeed, for residents such as Mr Poole, architectural devotees and ordinary Singaporeans alike, the horseshoe-shaped building atop Pearl’s Hill, overlooking Chinatown and as far as Sentosa, is unique and should be preserved carefully.

Most of the apartment owners living there are now seeking a conservation order for the 38-storey Pearl Bank, the tallest residential building in Singapore when it was completed in 1976.

This is part of a plan thought up by the building’s architect, 77-year-old Tan Cheng Siong.

The management committee plans to apply to the authorities to extend its 99-year lease and increase its gross floor area to build a 27-storey residential block above the existing carpark.

If the plan goes through, the new area can be sold and the money collected can pay for upgrading works and a lease extension, without residents having to pay extra.

While some residents of the 272 apartments and eight penthouses had wanted to cash in through a collective sale, most had feared that selling out to developers would lead to the destruction of the beacon-like building.

The conservation order will ensure that the building is kept, while helping to finance the sprucing up it badly needs, say supporters of the plan.

Residents have had to put up with peeling paint, water leaks and even rats sometimes.

“Last year, we caught about three rats in our home. We have no idea how the rats climbed up 37 floors. Maybe through the pipes,” said a penthouse resident in her 40s, who gave her name only as Ms Ling.

Others complained of chipped steps in the stairwells and lifts that break down frequently.

Madam Too Poh Eng, 70, tries to take the newer of the eight lifts there. “Some lifts are so old that I recite a chant each time I take them. You never know when it will stall,” said the resident on the 14th floor.

– See more at: http://news.asiaone.com/news/singapore/pearl-bank-still-special-after-all-these-years#sthash.8JVAXutY.dpuf