Tag Archives: prime

Malaysian Developer Bought 1 Draycott Park for $72M

A unit of Malaysian property developer Selangor Dredging has bought a prime freehold residential plot in the plush Orchard area.

Champsworth Development (50 % owned by SDB International, a subsidiary of Selangor Dredging) paid $72 million for 1 Draycott Park. The sale price includes a development charge of about $15.3 million, translating to about $1,787 per sq ft per plot ratio, for the 17,442 sq ft site.

The developer purchased the land via private treaty from Ms Seow Ai Ling and Mr Tang Wee Houe who is an architect.

The developer said it was considering building “exclusive mid-rise apartments” on the site, which now has a seven-storey block built in the 1990s, with eight apartments ranging from 860 sq ft to 6,200 sq ft. The site, zoned residential, can be redeveloped up to 36 storeys high.

The site is in the residential enclave of Claymore Hill and Ardmore Park, near the Tanglin Club and American Club, which is also within walking distance of Orchard Road.

The purchase will be 30 per cent paid for with internal funds and the rest with bank borrowings. The break-even price for the new development is expected to be between $2,700 and $2,800 psf.

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Higher GCB prices despite few sales

Good Class Bungalows, the most prime of all landed residential properties in Singapore, are likely to hold their prices steady or may even rise, while number of transactions remain slow according to Business Times. This is due to the lack of supply and that the market is catered to very small privileged layer of Singaporeans and residents, unless there are shocks in the local economy. From 2010 to 2014, the annual number of GCB sales fell from 80 to 15 units. The median psf price however rose 35% from S$1107 psf to S$1490 psf. In 2015 so far, the median psf is S$1543 psf.

BT: Spring Grove up for en-bloc

Spring Grove House 160714

SPRING Grove, a residential redevelopment site along Grange Road, has been put up for tender by Knight Frank Singapore.

SPRING Grove, a residential redevelopment site along Grange Road, has been put up for tender by Knight Frank Singapore.

The site has an extensive land area of 24,481.2 sq m.

It currently comprises 3 blocks of 20-storey apartments with 325 residential units and the conserved Spring Grove House.

Under the Master Plan 2014, the site is designated as “Residential” with a Gross Plot Ratio (GPR) of 2.1.

http://www.businesstimes.com.sg/breaking-news/singapore/spring-grove-along-grange-rd-put-enbloc-sale-20140716

HDB Hub retail shopspace for sale at $65M

According to today’s BT report a row of HDB shopspace near Toa Payoh Hub is selling for over $11K psf for a remaining lease of 50+ years left.

A row of prime heartland retail shops in Toa Payoh Central is up for sale by tender at an indicative price of $65 million, which works out to an average of about $11,245 per sq ft (psf) for the 5,780 sq ft property.

Located in Block 190 of Toa Payoh Central, the property is a strata-titled shop subdivided for lease to four tenants, including Watsons. It has a remaining lease of 57 years. 

The average psf pricing seems high for a Housing Board retail shop, although  there are not many records of transactions of such retail units for comparison.

For retail spaces, human traffic is most important. The space is part of the “most prime row of shops” in Toa Payoh Central. Anyone going to the HDB Hub will pass through that area, and the atrium in front of the shops, used for roadshows or events, also pulls in crowds.

Current listings on CommercialGuru show that monthly rents for units along this stretch can hit $50 psf; rents in this stretch can be 20 to 30 per cent higher than shops elsewhere in Toa Payoh Central.

The HDB Hub is the only retail centre serving Toa Payoh residents, Savills noted. The hub, integrated with Toa Payoh MRT station and the bus interchange, is also near exit points of the Pan Island Expressway (PIE).

Toa Payoh, HDB’s second satellite town, is home to more than 109K residents.

 

Savills, the sole marketing agent, announced the sale yesterday but did not disclose the client. The tender closes at 3pm on Aug 12.

http://www.businesstimes.com.sg/specials/property/strata-titled-space-beside-hdb-hub-sale-65m-20140708