mr funny
10-04-07, 05:08
Published April 10, 2007
TG Development buys Eden Spring
By KALPANA RASHIWALA
EDEN Spring in Balmoral Road has been sold for $51 million to TG Development, a boutique developer controlled by the family that runs Tong Garden Group. And Hoi Hup Realty has picked up Charlton Garden at Upper Serangoon Road for $19.8 million.
http://img254.imageshack.us/img254/1600/bt601145910042007782b3eeg2.jpg
Sold: Eden Spring went for $51 million
DTZ Debenham Tie Leung brokered the collective sales of both freehold sites.
The $51 million price that TG is paying for Eden Spring reflects a unit land price of $1,004 per square foot of potential gross floor area including an estimated $3.7 million development charge. The 34,023 sq ft site is zoned for residential use with a 1.6 plot ratio - the ratio of potential maximum gross floor area to land area - and 12-storey maximum height under Master Plan 2003.
Charlton Garden in Upper Serangoon has a site area of 49,470 sq ft and is zoned for three-storey mixed-landed residential use with a 1.4 plot ratio.
Hoi Hup's price of $19.8 million works out to $315 psf per plot ratio including about $2 million in development charges.
The site can be redeveloped into a cluster housing project with 31 units. This will result in a land cost of about $700,000 per cluster home. Charlton Garden is now a four-storey walk-up development with 18 apartments. The site has a double frontage on to Charlton Lane and Upper Serangoon Road. The tender for Charlton Garden closed on Feb 8 and the deal with Hoi Hup was stitched up last month.
Eden Spring's tender closed on April 3.
TG Development buys Eden Spring
By KALPANA RASHIWALA
EDEN Spring in Balmoral Road has been sold for $51 million to TG Development, a boutique developer controlled by the family that runs Tong Garden Group. And Hoi Hup Realty has picked up Charlton Garden at Upper Serangoon Road for $19.8 million.
http://img254.imageshack.us/img254/1600/bt601145910042007782b3eeg2.jpg
Sold: Eden Spring went for $51 million
DTZ Debenham Tie Leung brokered the collective sales of both freehold sites.
The $51 million price that TG is paying for Eden Spring reflects a unit land price of $1,004 per square foot of potential gross floor area including an estimated $3.7 million development charge. The 34,023 sq ft site is zoned for residential use with a 1.6 plot ratio - the ratio of potential maximum gross floor area to land area - and 12-storey maximum height under Master Plan 2003.
Charlton Garden in Upper Serangoon has a site area of 49,470 sq ft and is zoned for three-storey mixed-landed residential use with a 1.4 plot ratio.
Hoi Hup's price of $19.8 million works out to $315 psf per plot ratio including about $2 million in development charges.
The site can be redeveloped into a cluster housing project with 31 units. This will result in a land cost of about $700,000 per cluster home. Charlton Garden is now a four-storey walk-up development with 18 apartments. The site has a double frontage on to Charlton Lane and Upper Serangoon Road. The tender for Charlton Garden closed on Feb 8 and the deal with Hoi Hup was stitched up last month.
Eden Spring's tender closed on April 3.