reporter2
07-11-14, 17:18
http://www.businesstimes.com.sg/real-estate/frasers-centrepoint-fetches-s30m-for-new-holland-park-gcb
Frasers Centrepoint fetches S$30m for new Holland Park GCB
Price works out to around S$1,989 psf based on land area of 15,080 square feet
By Kalpana Rashiwala
[email protected]@KalpanaBT
7 Nov
FRASERS Centrepoint is said to have granted an option for the sale of a brand-new Good Class Bungalow in Holland Park at about S$30 million.
This works out to around S$1,989 psf based on land area of 15,080 square feet. The property's built-up area is 11,368 sq ft.
This is part of a pair of freehold GCBs that Frasers completed recently. The developer is said to be eyeing a similar price for the other unit, which has a land area of 15,070 sq ft and built-up of 10,777 sq ft.
Both bungalows are two storeys high and come with a pool, lift, five bedrooms, family area and helper's room. The pair are said to have received Temporary Occupation Permit (TOP) a few months ago.
Prior to the the rollout of the total debt servicing ratio (TDSR) framework in late-June 2013, Frasers Centrepoint had reportedly been asking for about S$38 million for the unit that just got sold and which has dual road frontage.
The developer's pre-TDSR asking price for the other unit was around S$35 million.
While the unit that has found a buyer has not met Frasers' earlier price goal, a seasoned GCB agent said that the nearly S$2,000 psf achieved for the unit is "a pretty good price for the seller, in current more subdued market conditions".
Moreover, the Holland area is not a top-tier GCB location, compared with places like Nassim, Cluny, Dalvey and Bishopsgate, he added.
Another point to note is that the price Frasers has received for its Holland Park GCB is close to the record price for a GCB transaction, set in October 2012, when boutique bungalow developer and investor George Lim divested a newly-built property in Leedon Park for S$2,110 psf.
"And Leedon area is more in demand compared to Holland Park," said the seasoned agent.
The Leedon Park bungalow Mr Lim sold is on 15,640 sq ft of land and spans two storeys and a basement.
It has six bedrooms and a pool. The property was completed in 2011 and had obtained Building and Construction Authority's Greenmark Gold Plus award.
Frasers Centrepoint fetches S$30m for new Holland Park GCB
Price works out to around S$1,989 psf based on land area of 15,080 square feet
By Kalpana Rashiwala
[email protected]@KalpanaBT
7 Nov
FRASERS Centrepoint is said to have granted an option for the sale of a brand-new Good Class Bungalow in Holland Park at about S$30 million.
This works out to around S$1,989 psf based on land area of 15,080 square feet. The property's built-up area is 11,368 sq ft.
This is part of a pair of freehold GCBs that Frasers completed recently. The developer is said to be eyeing a similar price for the other unit, which has a land area of 15,070 sq ft and built-up of 10,777 sq ft.
Both bungalows are two storeys high and come with a pool, lift, five bedrooms, family area and helper's room. The pair are said to have received Temporary Occupation Permit (TOP) a few months ago.
Prior to the the rollout of the total debt servicing ratio (TDSR) framework in late-June 2013, Frasers Centrepoint had reportedly been asking for about S$38 million for the unit that just got sold and which has dual road frontage.
The developer's pre-TDSR asking price for the other unit was around S$35 million.
While the unit that has found a buyer has not met Frasers' earlier price goal, a seasoned GCB agent said that the nearly S$2,000 psf achieved for the unit is "a pretty good price for the seller, in current more subdued market conditions".
Moreover, the Holland area is not a top-tier GCB location, compared with places like Nassim, Cluny, Dalvey and Bishopsgate, he added.
Another point to note is that the price Frasers has received for its Holland Park GCB is close to the record price for a GCB transaction, set in October 2012, when boutique bungalow developer and investor George Lim divested a newly-built property in Leedon Park for S$2,110 psf.
"And Leedon area is more in demand compared to Holland Park," said the seasoned agent.
The Leedon Park bungalow Mr Lim sold is on 15,640 sq ft of land and spans two storeys and a basement.
It has six bedrooms and a pool. The property was completed in 2011 and had obtained Building and Construction Authority's Greenmark Gold Plus award.