View Full Version : Hong Leong Garden Shopping Centre launched for sale by tender
SINGAPORE: Hong Leong Garden Shopping Centre at West Coast Way has been launched for sale by tender with an indicative price of between
S$160 million and S$170 million.
This works out to be a land rate of approximately $752 to $794 per square foot per plot ratio for redevelopment up to a gross plot ratio of 1.6, after
factoring in the estimated land premium for the potential of acquiring the adjoining state land parcel and a development charge.
Marketed by Credo Real Estate, Hong Leong Garden currently comprises 72 apartments and 66 shop units. The site has an area of more than 150,000
square feet with a lease term of 956 years.
Credo said that the Singapore Land Authority (SLA) has also granted an approval to enlarge the site area by combining the adjoining state land
parcel of nearly 13,500 square feet.
Under its 2008 Master Plan, the site is zoned "Residential with commercial at 1st Storey" with a gross plot ratio of 1.6 and an allowable height of up to 12 storeys.
Deputy Managing Director at Credo Real Estate, Tan Hong Boon, said the site may be transformed into a condominium development with a
self-contained hub that offers dining options and amenities to residents in the development and neighbouring housing estates.
If sale is successful, units cld b sold ard $1400 psf next year. Good for west coast properties. By then Hundred Trees wld b near its TOP, n subsale wld b ard $1300 psf.
Let's hope no retrenchment. :D
http://www.businesstimes.com.sg/sub/suite/story/0,4574,453242-1314129540,00.html?
Published August 23, 2011
West Coast development put up for collective sale
HONG Leong Garden Shopping Centre, a 138-unit development at West Coast Way, has been put up for collective sale.
Marketing agent Credo Real Estate said the development, located next to the Hundred Trees condominium, currently comprises 72 apartments and 66 shop units built in the 1980s by the Hong Leong Group.
The 956-year leasehold site has an area of 150,816 square feet.
Under the 2008 Master Plan, the site is zoned 'Residential with Commercial at 1st Storey' with a gross plot ratio of 1.6, and an allowable height of up to 12 storeys.
More than 80 per cent of the owners (by share value and strata floor area) have agreed to sell the property.
Credo said in its press statement yesterday that the Singapore Land Authority (SLA) has also granted in-principle approval for the amalgamation of the adjoining state land parcel of about 13,482 sq ft.
This means that the sale site can potentially be enlarged to 164,298 sq ft with total gross floor area at about 262,877 sq ft.
The sellers are expecting offers of between $160 million and $170 million, or about $752 to $794 per square foot per plot ratio, after factoring in the estimated land premium for the state land parcel and a development charge.
Tan Hong Boon, Credo's deputy managing director, said: 'The appeal of the subject site lies in the flexibility of the commercial and residential mix in the new development.
'Depending on the creativity of the developer and subject to approval from the authorities, the site may be transformed into a condominium development with a trendy self-contained hub that offers an array of amenities and dining options to the residents in the development as well as to the resident catchment in the neighbouring housing estates.'
Mr Tan also said that given its potential for a unique mixed-use product and the scale of the investment, the Hong Leong Garden Shopping Centre site should attract keen interest from medium- to large-scale developers.
The tender closes at 2.30pm on Sept 19.
http://www.straitstimes.com/Money/Story/STIStory_704898.html
Hong Leong Garden site put up for collective sale
Published on Aug 23, 2011
By Esther Teo, Property Reporter
DEVELOPMENTS that incorporate shops into a residential project are getting more popular with another site up for collective sale.
Bids are expected to top $170 million for the Hong Leong Garden Shopping Centre in West Coast Way, according to marketing agent Credo Real Estate.
The 150,816 sq ft site consists of 72 apartments and 66 shop units and has a gross plot ratio of 1.6.
It is zoned as residential with commercial on the first floor, with an allowable height of up to 12 storeys.
The asking price works out to about $752 to $794 per sq ft per plot ratio, inclusive of the possible acquisition of an adjoining 13,482 sq ft of state land and a development charge.
Credo expects keen interest from medium to large-scale developers for the 956-year leasehold site built in the 1980s by the Hong Leong Group.
Mr Tan Hong Boon, Credo's deputy managing director, said the site's appeal is in the flexible way the commercial and residential elements can be mixed in the new development.
'Depending on the creativity of the developer... the site may be transformed into a condo development with a trendy self-contained hub that offers amenities and dining options to residents (and people) in the neighbouring housing estates,' he added.
The commercial element is likely to be well-received as residents in the West Coast enclave would be able to enjoy the convenience of shopping at their doorsteps instead of travelling to Clementi or Jurong East Central, Mr Tan noted.
'The developer of this site could choose to configure the commercial component into multiple strata titles and sell, or they could retain the entire stake for investment while controlling the tenant mix,' he added.
Recent sales of mixed-use sites such as the Lion City Hotel, Bedok Central, Punggol Central and Hillview Avenue have attracted healthy interest from developers.
Mr Tan also noted that the West Coast has long been seen as a residential location, popular among families and the expatriate community due to its proximity to schools such as the National University of Singapore and Singapore Polytechnic.
In recent years, the completion of the Biopolis and Fusionopolis at one-north and the Government's plan to transform nearby Jurong Lake District into the largest commercial hub outside the city centre have also hyped up the area, he added.
tender closing soon...any bro has latest inside news?
A development like Greenwich would b good for all west coast properties nearer to e jurong east side.
stalingrad
20-09-11, 15:06
A development like Greenwich would b good for all west coast properties nearer to e jurong east side.
I predict it would be sold to city development, which has sold many projects in this area.
My guess is capital land will be very keen with such development potential and also want a share in this district
My guess is capital land will be very keen with such development potential and also want a share in this district
These big property developers are all buddy buddy lah. they will not submit unfriendly or hostile bidding to erode each other's margin.
Capitaland strong hold is JLD, while Hong Leong Garden will have to be CDL. The only people who will spoil their party are the smaller developers.
devilplate
21-09-11, 22:29
Saw news, sold to Oxley.
Sold for 170mil, 800psf
Market still strong
Cfm mm units:sleep:
bargain hunter
21-09-11, 23:26
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_0A5E2E8DA900E35F48257912003E143E/$file/OxleyHongLeongGarden.pdf?openelement
oxley 65%, consortium of Heeton, KSH, Tee and ZP Piling 35%
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_0A5E2E8DA900E35F48257912003E143E/$file/OxleyHongLeongGarden.pdf?openelement
oxley 65%, consortium of Heeton, KSH, Tee and ZP Piling 35%
Oxley= MM units...., finally Oxley & MM units reached D5 Liao! Maybe soon Oxley and MM units push further to Jurong & Boon Lay vicinity...
stalingrad
22-09-11, 07:39
Oxley= MM units...., finally Oxley & MM units reached D5 Liao! Maybe soon Oxley and MM units push further to Jurong & Boon Lay vicinity...
yes, my home is gonna be surrounded by MM units.
given the price Oxley paid and construction costs, the new project will be launched at $1,300-1400psf on average.
Is $800psf the most expensive enbloc psf so far?
Or is s$170 mil the most expensive enbloc land price so far?
yes, my home is gonna be surrounded by MM units.
given the price Oxley paid and construction costs, the new project will be launched at $1,300-1400psf on average.
My take on this pricing is that it is now the norm for new launches to price at S$1000psf and above. Those that are priced below are more likely to be snapped up regardless of it's location.
It appears that we have reached a new plateau. :scared-3:
Sub sales of HT will increase soon. MM r badly needed bcoz of e middle management expatriats working in Tuas n Jurong Island.
bargain hunter
22-09-11, 09:33
(SINGAPORE) In the biggest collective sale so far this year, a consortium led by Oxley Holdings has clinched the Hong Leong Garden Shopping Centre, a mixed development at West Coast Way, for $171.128 million.
This works out to a unit land price of about $804-819 per square foot of potential gross floor area - depending on the mix of commercial and residential quantum proposed by the developer at the allowable 1.6 gross plot ratio (ratio of maximum potential gross floor area to land area).
The unit land rates take into account the estimated land premium for the potential acquisition of adjoining state land of 13,482 square feet and a development charge at prevailing rates, said Credo Real Estate, which brokered the sale.
Hong Leong Garden Shopping Centre, comprising 72 apartments and 66 shop units, was built in the 1980s by the Hong Leong Group. It was put up for collective sale last month through a tender exercise which closed on Sept 19.
'The tender exercise was keenly contested, drawing four submissions. Even with the availability of Government Land Sale sites, en bloc sites like Hong Leong Garden Shopping Centre are attractive as developers have the flexibility to do a mix of commercial and residential units in the new development,' said Credo deputy managing director Tan Hong Boon.
Next to the site is Hundred Trees, a condo project being developed by City Developments Ltd (CDL) on the former Hong Leong Garden condo site. CDL, in partnership with parent Hong Leong Group, is believed to have participated in the recent tender for Hong Leong Garden Shopping Centre.
The consortium which emerged as the successful buyer is 65 per cent controlled by Oxley Holdings; the remaining 35 per cent is held by Unique Consortium, comprising Heeton Holdings, KSH Holdings, TEE International Limited and Zap Piling.
The sale is subject to approval of the Strata Titles Board.
This is the biggest collective sale so far this year in value and the largest collective sale in terms of land size in four years. So far this year, 37 collective sales totalling close to $2.24 billion have been inked, surpassing the 36 deals totalling about $1.77 billion for the whole of last year, according to Credo.
Hong Leong Garden Shopping Centre stands on a 956-year-leasehold site with a land area of 150,816 sq ft. Owners stand to receive gross sales proceeds of $1.17-1.64 million per apartment and between $792,000 and $1.51 million per shop unit.
Under Master Plan 2008, the site is zoned for 'Residential with Commercial at 1st Storey', with a gross plot ratio of 1.6 and a 12-storey maximum height.
Oxley can redevelop the site into a project with a maximum gross floor area of 262,877 sq ft, assuming it is successful in buying the adjoining state land.
'The site may be transformed into a condominium development with a trendy self-contained hub that offers an array of amenities and dining options to the residents in the West Coast locale,' according to Credo's Mr Tan.
This is believed to be Oxley's biggest property acquisition to date.
The group, an exponent of shoebox units, has experience developing mixed developments with ground-floor shops and apartments above.
devilplate
22-09-11, 10:20
where is westman?
enbloc still strong....no nid scare:D
This was priced to sell...most of the recent EB tenders are just testing their luck. 5-10% over priced on a ppr basis.
where is westman?
enbloc still strong....no nid scare:D
We could see Oxley launching this b4 year-end, they seem very fast to get their act together....
Launch price could be ~$1300psf, given small units at Carabelle and Hundred Trees in vicinity are:
recent transaction from URA:
CARABELLE WEST COAST WAY Condominium1925,000 883 Strata 1,048 Jun-11
HUNDRED TREES WEST COAST DRIVE Condominium1875,000 786 Strata 1,114 Aug-11
devilplate
22-09-11, 10:47
We could see Oxley launching this b4 year-end, they seem very fast to get their act together....
not possible....for enbloc, fastest turnard time is 9mths
for GLS, fastest is 6mths to be launch ready
Oxley has experience in mixed residential-commercial development and was already in D5 last year (e.g. viva vista @ pasir panjang).
I would think launch probably closer to $1400-1600psf for the 1BRs
and $1300-1500psf for the larger ones.
Next enbloc closing is "Park West" just diagonally opposite HT and HG.
devilplate
22-09-11, 10:59
This was priced to sell...most of the recent EB tenders are just testing their luck. 5-10% over priced on a ppr basis.
really priced to sell meh?:confused:
breakeven 1100psf wor
how abt tulip garden? i wud tot its priced to sell too....whahahaha
not possible....for enbloc, fastest turnard time is 9mths
for GLS, fastest is 6mths to be launch ready hmmm, 9mths from now, mean mid of 2012..., lots of things can happen by then..., Oxley got to pray hard positive sentiments on MM still holds...
stalingrad
22-09-11, 11:09
really priced to sell meh?:confused:
breakeven 1100psf wor
how abt tulip garden? i wud tot its priced to sell too....whahahaha
told you D10 is dead meat.
Pmet sold his 2 HT units too early.
hmmm, 9mths from now, mean mid of 2012..., lots of things can happen by then..., Oxley got to pray hard positive sentiments on MM still holds...
This is almost 999 LH. Developer can take its own sweet time. If launch early next year, it will TOP in 2016. A safe buy if u have secure job.
This is almost 999 LH. Developer can take its own sweet time. If launch early next year, it will TOP in 2016. A safe buy if u have secure job. MM project shld be faster..., no need 4 years to build.., 2-3years max..
MM project shld be faster..., no need 4 years to build.., 2-3years max..
What about the tenure for the ajoining stateland? also 956 years?
Does anybody know how much the devloper has to pay for the state land and the psf for the price of the total land that the condo will be built upon.
My understanding is that the owners of Hong Leong got the 170M which workks out to around 800psf for their condo only.
As in ST today, top of $819 psf in land cost alone if they built to the max gross area allowed.
What about the tenure for the ajoining stateland? also 956 years? .
interesting point.
MM project shld be faster..., no need 4 years to build.., 2-3years max..
On paper play safe, 2016... Actual ard 2015 if launch early next year. 12 storey n large plot afterall. HT shd TOP end 2012 or early 2013. Paint n windows r up in some stacks.
Wow such high land cost, priced to sell at $1400 Psf? Recent fate of MM at balestier is not looking too good.
Pity those condo nearby, not only got highway symphony, also got enbloc drumming now.
Wow such high land cost, priced to sell at $1400 Psf? Recent fate of MM at balestier is not looking too good.
Pity those condo nearby, not only got highway symphony, also got enbloc drumming now.
HLG is only 4 to 5 stories, drumming should be over within a few weeks.
What about the tenure for the ajoining stateland? also 956 years?
No, it will take on the lesser of the two.
FH + 999 = 999
FH + 99 = 99
999 + 99 = 99
where is westman?
enbloc still strong....no nid scare:D
Here I am... congrats to HL owners!!! :cheers1:
Roger roger....:D :D
No, it will take on the lesser of the two.
FH + 999 = 999
FH + 99 = 99
999 + 99 = 99
Thanks that was what i thought, developer keep the 956 and sell as 99. lets wait and see.
devilplate
23-09-11, 10:55
Thanks that was what i thought, developer keep the 956 and sell as 99. lets wait and see.
i cant the project name liao....there is a project whereby a small part of their land is 99LH and the rest is FH
I think what they could do is to use the 99LH land for commercial purpose like restaurant and supermarket, while the 999 land for residential.
Can read about Hong Leong Garden from KE report and analysis
If I rem correctly, The Parc also bought an adjacent parcel. FH.
blackjack21trader
26-09-11, 08:44
owners at Hong Leong, remember to negotiate for free furniture dumping from your units or allow you to leave your old furnitures behind by the successful developer.
Good Luck :)
神龙股侠。
owners at Hong Leong, remember to negotiate for free furniture dumping from your units or allow you to leave your old furnitures behind by the successful developer.
Good Luck :)
神龙股侠。
Appreciate an update on your views on the property market next year! ;)
blackjack21trader
27-09-11, 18:55
Appreciate an update on your views on the property market next year! ;)
yes brother hyenergix, your humble brother here will do that once the stock markets stabilise. Now say what also no use liao, markets so haywire. It is better to exercise caution here now when buying property.
anyway, to add. Do you know you can negotiate with developers to allow you some time to stay upon enbloc completion. For e.g like a grace period of like 2 weeks to 2 months. So you can use the money to shop for a place first. Usually they will hold back like 2 to 5% just to play safe.
i dun wan you guys to gong gong when the next enbloc booms arrive at your doorsteps ;)
yes brother hyenergix, your humble brother here will do that once the stock markets stabilise. Now say what also no use liao, markets so haywire. It is better to exercise caution here now when buying property.
anyway, to add. Do you know you can negotiate with developers to allow you some time to stay upon enbloc completion. For e.g like a grace period of like 2 weeks to 2 months. So you can use the money to shop for a place first. Usually they will hold back like 2 to 5% just to play safe.
i dun wan you guys to gong gong when the next enbloc booms arrive at your doorsteps ;)
Bro BJ21, when the time is ripe, pls give views in terms of OCR, RCR and CCR...so that we can stir some active debate and discussions among old birds in this forum who's been quiet recently...:D
yes brother hyenergix, your humble brother here will do that once the stock markets stabilise. Now say what also no use liao, markets so haywire. It is better to exercise caution here now when buying property.
anyway, to add. Do you know you can negotiate with developers to allow you some time to stay upon enbloc completion. For e.g like a grace period of like 2 weeks to 2 months. So you can use the money to shop for a place first. Usually they will hold back like 2 to 5% just to play safe.
i dun wan you guys to gong gong when the next enbloc booms arrive at your doorsteps ;)
You mean in 201x? I will have to wait until my neck becomes very long as I doubt stock market will resume sensibility tt soon. I don't have good feeling about properties in general next year, except for those in strategic locations. Just need a confirmation. Cheers.
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