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View Full Version : Newton View fetches $147.6m in en bloc sale



mr funny
20-08-10, 02:05
http://www.businesstimes.com.sg/sub/news/story/0,4574,400156,00.html?

Published August 19, 2010

Newton View for sale en bloc

Freshly launched unit at The Scala in Serangoon also up for auction

By EMILYN YAP


OWNERS of Newton View have climbed aboard the collective-sale bandwagon, putting their estate up for tender with an indicative price of $153-155 million.

The freehold residential development at 26 Newton Road (between Newton and Novena MRT stations) sits on a 37,577 square foot site with a plot ratio of 2.8 and a permissible gross floor area (GFA) of 105,215 sq ft.

Including an extra 10 per cent of space for balconies, the GFA can go up to 115,737 sq ft. Savills Singapore is handling the tender and expects the winning developer to be able to build a condominium with about 80 units averaging 1,300 sq ft each.

The developer will have to pay an estimated development charge of some $582,000. At the indicative price, the overall cost of the site would work out to $1,460-$1,479 psf per plot ratio (psf ppr).

Savills' investment sales head Steven Ming reckons Newton View's location is a selling point. 'New developments in the area have been substantially sold, reflecting the location's desirability,' he said.

Separately, a two-bedroom unit at The Scala in Serangoon - fresh from a developer's launch last month - has been put up for auction.

Industry watchers say it is unusual for an owner to sell a residential property at auction so soon after a launch. Hong Leong Holdings rolled out the 99-year leasehold 468-unit project in the last week of July. According to official data, 68 units were left that month.

Jones Lang LaSalle is handling this owner's sale. Its head of auctions Mok Sze Sze said the seller is a regular client who has put other properties up for auction previously, and is confident of selling the unit this way.

DTZ's senior director for investment advisory and auction, Shaun Poh, said owners typically auction units some time after launch, when a project is close to obtaining its temporary occupation permit (TOP) or has been substantially constructed.

orange
20-08-10, 19:10
whichever developer buys the newton view site will surely build mickey mouse apartments. due to plot size, i don't think any large units are possible if the developer wants a good profit.

jlrx
20-08-10, 21:58
whichever developer buys the newton view site will surely build mickey mouse apartments. due to plot size, i don't think any large units are possible if the developer wants a good profit.

http://www.premiumgiftservice.com/images/mickey-mouse-head-2.jpg

orange
21-08-10, 02:43
http://www.premiumgiftservice.com/images/mickey-mouse-head-2.jpg

haha stupid face

andy
21-08-10, 21:08
whichever developer buys the newton view site will surely build mickey mouse apartments. due to plot size, i don't think any large units are possible if the developer wants a good profit.

By the time you add construction cost, the break even could be over $1800psf and the selling over $2000psf.

I think it is going to be difficult;-)

mr funny
12-01-11, 19:32
http://www.businesstimes.com.sg/sub/suite/story/0,4574,421239-1294775940,00.html?

Published January 11, 2011

Newton View up for collective sale again


NEWTON View is up for collective sale again for the second time in less than six months - but with a slight cut in the asking price.

The owners of the district 11 freehold project are now asking for $150 million, slightly less than the $153-$155 million they were looking for when the site was first put on the market in August 2010.

Then, the tender closed with several developers submitting interest and bids but the reserve price was not achieved, said marketing agent Savills Singapore.

The new asking price works out to $1,302 psf per plot ratio (psf ppr), including an estimated development charge of some $582,000 and assuming a gross floor area of 115,737 sq ft.

Newton View, at 26 Newton Road, sits on a 37,577 square foot site with a plot ratio of 2.8 and a permissible gross floor area (GFA) of 105,215 sq ft. Including an extra 10 per cent of space for balconies, the GFA can go up to 115,737 sq ft.

At the asking price of $1,302 psf ppr, the estimated breakeven is about $1,981 psf, Savills Singapore said. It expects the winning developer to be able to build a condominium with about 147 units averaging 750 sq ft each.

Savills Singapore executive director and head of investment sales Steven Ming said that since the property was last offered for sale in August 2010, the high-end market has picked up.

More transactions have taken place in recent weeks and several projects are enjoying good sales velocity, he said: 'This has sparked a renewal of interest among developers for prime sites and hence a decision was undertaken to launch the site for sale now.'

The tender for the site will close at 3pm on Jan 28.

Amber Woods
25-01-11, 12:39
Newton View up for collective sale again http://www.asiaone.com/a1media/site/common/blank.gif NEWTON View is up for collective sale again for the second time in less than six months - but with a slight cut in the asking price.
The owners of the district 11 freehold project are now asking for $150 million, slightly less than the $153-$155 million they were looking for when the site was first put on the market in August 2010.
Then, the tender closed with several developers submitting interest and bids but the reserve price was not achieved, said marketing agent Savills Singapore.
http://forums.condosingapore.com/ (http://ad.doubleclick.net/click%3Bh%3Dv8/3a9a/3/0/%2a/b%3B217987923%3B0-0%3B1%3B39581935%3B4307-300/250%3B36235241/36253119/1%3B%3B%7Esscs%3D%3fhttp://newslink.asiaone.com) The new asking price works out to $1,302 psf per plot ratio (psf ppr), including an estimated development charge of some $582,000 and assuming a gross floor area of 115,737 sq ft.
Newton View, at 26 Newton Road, sits on a 37,577 square foot site with a plot ratio of 2.8 and a permissible gross floor area (GFA) of 105,215 sq ft. Including an extra 10 per cent of space for balconies, the GFA can go up to 115,737 sq ft.
At the asking price of $1,302 psf ppr, the estimated breakeven is about $1,981 psf, Savills Singapore said. It expects the winning developer to be able to build a condominium with about 147 units averaging 750 sq ft each.
Savills Singapore executive director and head of investment sales Steven Ming said that since the property was last offered for sale in August 2010, the high-end market has picked up.
More transactions have taken place in recent weeks and several projects are enjoying good sales velocity, he said: 'This has sparked a renewal of interest among developers for prime sites and hence a decision was undertaken to launch the site for sale now.'
The tender for the site will close at 3pm on Jan 28.
This article was first published in The Business Times (http://www.businesstimes.com.sg/).

andy
07-03-11, 21:29
Newton View up for collective sale again http://www.asiaone.com/a1media/site/common/blank.gif NEWTON View is up for collective sale again for the second time in less than six months - but with a slight cut in the asking price.
The owners of the district 11 freehold project are now asking for $150 million, slightly less than the $153-$155 million they were looking for when the site was first put on the market in August 2010.
Then, the tender closed with several developers submitting interest and bids but the reserve price was not achieved, said marketing agent Savills Singapore.
http://forums.condosingapore.com/ (http://ad.doubleclick.net/click%3Bh%3Dv8/3a9a/3/0/%2a/b%3B217987923%3B0-0%3B1%3B39581935%3B4307-300/250%3B36235241/36253119/1%3B%3B%7Esscs%3D%3fhttp://newslink.asiaone.com) The new asking price works out to $1,302 psf per plot ratio (psf ppr), including an estimated development charge of some $582,000 and assuming a gross floor area of 115,737 sq ft.
Newton View, at 26 Newton Road, sits on a 37,577 square foot site with a plot ratio of 2.8 and a permissible gross floor area (GFA) of 105,215 sq ft. Including an extra 10 per cent of space for balconies, the GFA can go up to 115,737 sq ft.
At the asking price of $1,302 psf ppr, the estimated breakeven is about $1,981 psf, Savills Singapore said. It expects the winning developer to be able to build a condominium with about 147 units averaging 750 sq ft each.
Savills Singapore executive director and head of investment sales Steven Ming said that since the property was last offered for sale in August 2010, the high-end market has picked up.
More transactions have taken place in recent weeks and several projects are enjoying good sales velocity, he said: 'This has sparked a renewal of interest among developers for prime sites and hence a decision was undertaken to launch the site for sale now.'
The tender for the site will close at 3pm on Jan 28.
This article was first published in The Business Times (http://www.businesstimes.com.sg/).

any news on the development?

mr funny
24-03-11, 19:42
http://www.businesstimes.com.sg/sub/suite/story/0,4574,430790-1300391940,00.html?

Published March 17, 2011

Newton View fetches $147.6m in en bloc sale

Newton Lodge, Braddell Park and Coronation Grove also up for grabs

By KALPANA RASHIWALA


NOVELTY group has clinched Newton View for $147.6 million through a collective sale. The price works out to $1,403 per square foot of potential gross floor area for the 37,577-sq-ft freehold site.

http://www.businesstimes.com.sg/mnt/media/image/launched/2011-03-17/BT_IMAGES_KRCOLLECT17.jpg
Newton View: The price for the 37,577- sq-ft freehold site works out to $1,403 per square foot of potential gross floor area

No development charge (DC) is payable based on the 2.8 plot ratio (ratio of potential gross floor area to land area) allocated for the site under Master Plan 2008. Savills Singapore brokered Newton View's collective sale through private treaty following the close of tender in late January.

'We received interest from several local and foreign developers,' said Savills executive director Steven Ming.

The reserve price set by the majority owners has been met. The transaction will be subject to approval by the Strata Titles Board.

Meanwhile, the pool of properties launched for collective sale continues to grow. The three latest additions are Newton Lodge, Braddell Park and Coronation Grove, which could be worth a total of $216 million to $230 million.

Newton Lodge, which is near Novena MRT Station, has a freehold land area of about 21,409 sq ft and is zoned for residential use with a 1.4 plot ratio (ratio of maximum gross floor area to land area).

Its reserve price of $40 million reflects a unit land price of $1,407 per square foot per plot ratio (psf ppr) inclusive of an estimated $2.18 million DC.

'If a developer maximises the bonus 10 per cent balcony space, the price works out to $1,340 psf ppr with a breakeven cost of approximately $1,860 psf,' said CB Richard Ellis, which is marketing Newton Lodge's collective sale.

Several developments in the immediate vicinity, such as L'VIV and Lincoln Suites, have transacted at between $1,976 psf and $2,168 psf in the past three months, it added.

Over at Coronation Road, Coronation Grove, offering a 999-year-leasehold land area of 62,011 sq ft, has been put up for collective sale through unanimous consent by its owners.

This means the sale will not be subject to approval by the Strata Titles Board, giving certainty to the buyer as to the date of completion of sale, notes Credo Real Estate, which is marketing Coronation Grove's collective sale.

The property currently comprises 24 walk-up apartments and is zoned for three-storey semi-detached houses.

'Under this zoning, the developer of the site could choose to build a combination of conventional semi-detached and detached houses, as well as strata semi-detached houses and strata bungalows, subject to approval from the relevant authorities and payment of DC if applicable,' says Credo executive director Yong Choon Fah.

According to a study commissioned by an architect, the buyer has the option of redeveloping the site to accommodate up to 28 strata semi-detached houses or 11 conventional bungalows. Another option is to build a mix of 10 conventional semi-detached houses and 14 strata semi-detached houses, she added.

Owners are expecting offers for the site in the region of $86-$90 million, or $1,387-1,451 psf on land area assuming no DC is payable. However, an estimated $5-10 million DC may be payable depending on the gross floor area of the proposed new development on the site.

Braddell Park's owners are expecting offers of about $90-100 million for the 91,360 sq ft freehold site at Jalan Lateh, off Braddell Road and Upper Serangoon Road. It is also being marketed by Credo.

Singapore Land Authority has granted in-principle approval for the sale of an adjoining piece of state land of about 6,540 sq ft, allowing the buyer to enlarge the site to about 97,900 sq ft.

The site is zoned for residential use with 1.4 plot ratio and a five-storey maximum height. The $90-100 million expected price reflects about $675-748 psf ppr inclusive of an estimated $2.55 million payable to the state for the adjoining plot. However, the unit land price to the buyer may be even lower if it chooses to build 10 per cent additional gross floor area for balcony space.

'DC is not payable for the redevelopment of the site up to a plot ratio of 1.4. The optional 10 per cent balcony gross floor area may also be partially or completely free of DC,' said Credo deputy managing director Tan Hong Boon.

The tenders for Braddell Park, Coronation Grove and Newton Lodge close on April 14, 18 and 20 respectively.

mr funny
24-03-11, 20:26
http://www.straitstimes.com/Money/Story/STIStory_645909.html

Mar 17, 2011

Collective sales: One site sold, three up for tender

http://www.straitstimes.com/STI/STIMEDIA/image/20110317/ST_19472571.jpg
Owners of residential units in Newton View will get either $3.6 million or $4.8 million each, depending on whether they own smaller- or bigger-sized apartments. -- PHOTO: SAVILLS (SINGAPORE)

THE steady pick-up in the collective sale market continues to roll on, with one site successfully sold and another three put up for tender.

Newton View, a condominium on a 37,577 sq ft site midway between the Newton and Novena MRT stations, was sold to developer Novelty Corp for $147.6 million, property firm Savills said yesterday. It has a plot ratio of 2.8.

Owners of residential units in Newton View will get either $3.6 million or $4.8 million each, depending on whether they own smaller- or bigger-sized apartments, said Savills executive director for investment and prestige homes Steven Ming.

The sale price translates to a rate of about $1,403 per sq ft per plot ratio (psf ppr), and the developer can expect to break even by selling for $1,850 psf to $1,950 psf, he added.

Three other sites were put up for collective sale yesterday.

Newton Lodge, a freehold 16-unit apartment development, is fairly near Novena MRT and has a reserve price of $40 million, said CB Richard Ellis (CBRE).

At 21,409 sq ft, with a plot ratio of 1.4, the price works out to be about $1,340 psf ppr, said CBRE, which implies a break-even price of $1,860 psf.

CBRE executive director Jeremy Lake said: 'Several boutique developers and high net worth individuals have already expressed their keen interest to acquire the site.'

Credo Real Estate also launched two sites for collective sale yesterday: one in Braddell and another near Bukit Timah.

Braddell Park is a 45-unit condominium on a 91,360 sq ft site in Jalan Lateh, near Upper Serangoon Road.

The developer that buys the site, which has a plot ratio of 1.4, may build up to five storeys. The plot can host about 145 apartment units with an average size of 1,000 sq ft each, depending on the layout, said Credo.

The sellers of Braddell Park are expecting offers of about $90 million to $100 million, which works out to about $674 to $746 psf ppr, said Credo. The tender for this site closes on April 14.

The second site Credo launched for tender is Coronation Grove, a 62,011 sq ft development that currently has 24 apartments.

Located near Coronation Road, off Bukit Timah Road, Credo said the owners are expecting offers in the region of $86 million to $90 million.

This represents about $1,387 psf to $1,451 psf for the given land area.

Credo executive director Yong Choon Fah said the buyer has the option of building semi-detached houses or bungalows on the site.

The tender for this site closes on April 18.

AARON LOW