mr funny
14-03-07, 13:09
Published March 14, 2007
2 sites in prime areas up for sale
By PAMELA CHEW
TWO freehold residential development sites in prime locations are up for sale this week.
http://img90.imageshack.us/img90/6583/bt583077413032007fdbefxr6.jpg
Killiney Apartments: The indicative sale price for the site is about $115 million
Colliers International yesterday offered a Killiney Road site for sale via an expression of interest - the same site offered for sale by tender last June.
And tomorrow, Cushman & Wakefield (C&W) begins the sale by tender of Pender Court, a residential apartment block minutes from the future Sentosa integrated resort (IR).
Pender Court is in Wishart Road within walking distance of HarbourFront MRT Station. The site area is 65,500 sq ft, with a plot ratio of 1.4.
As for the asking price, a C&W spokesman declined to give a figure, saying: 'It is really up to the market to tender.'
But in an earlier statement, C&W managing director Donald Han said: 'Ninety-nine-year development sites for Sentosa condo plots have already achieved benchmark prices in excess of $1,350 per square foot per plot ratio.'
He noted that 'current going prices for apartments at The Caribbean @ Keppel Bay are in the region of $1,500-$1,600 per sq ft'.
As for how much the 40,348 sq ft Killiney Road site is expected to fetch, Colliers International director for investment sales Ho Eng Joo said: 'The indicative sale price is around $1,000 per sq ft per plot ratio, inclusive of development charge, or about $115 million'.
The Killiney Road site is zoned for residential use, with a gross plot ratio of 2.8 and a 10-storey height limit.
Both Colliers and C&W are optimistic that the sites will attract investors.
Colliers' Mr Ho said of the Killiney Road plot: 'Its proximity to the Somerset area, coupled with the rejuvenation of Orchard Road, will help attract developers.'
The buyer could possibly redevelop the site into a 75-unit condominium development with each unit measuring around 1,500 sq ft, he added.
C&W said the Pender Court site offers 'tremendous potential' to developers looking to 'land-bank a freehold residential site within proximity to the IR'.
C&W's sale by tender of Pender Court closes on April 25, while offers for the Killiney Road site can be submitted to Colliers by March 28.
2 sites in prime areas up for sale
By PAMELA CHEW
TWO freehold residential development sites in prime locations are up for sale this week.
http://img90.imageshack.us/img90/6583/bt583077413032007fdbefxr6.jpg
Killiney Apartments: The indicative sale price for the site is about $115 million
Colliers International yesterday offered a Killiney Road site for sale via an expression of interest - the same site offered for sale by tender last June.
And tomorrow, Cushman & Wakefield (C&W) begins the sale by tender of Pender Court, a residential apartment block minutes from the future Sentosa integrated resort (IR).
Pender Court is in Wishart Road within walking distance of HarbourFront MRT Station. The site area is 65,500 sq ft, with a plot ratio of 1.4.
As for the asking price, a C&W spokesman declined to give a figure, saying: 'It is really up to the market to tender.'
But in an earlier statement, C&W managing director Donald Han said: 'Ninety-nine-year development sites for Sentosa condo plots have already achieved benchmark prices in excess of $1,350 per square foot per plot ratio.'
He noted that 'current going prices for apartments at The Caribbean @ Keppel Bay are in the region of $1,500-$1,600 per sq ft'.
As for how much the 40,348 sq ft Killiney Road site is expected to fetch, Colliers International director for investment sales Ho Eng Joo said: 'The indicative sale price is around $1,000 per sq ft per plot ratio, inclusive of development charge, or about $115 million'.
The Killiney Road site is zoned for residential use, with a gross plot ratio of 2.8 and a 10-storey height limit.
Both Colliers and C&W are optimistic that the sites will attract investors.
Colliers' Mr Ho said of the Killiney Road plot: 'Its proximity to the Somerset area, coupled with the rejuvenation of Orchard Road, will help attract developers.'
The buyer could possibly redevelop the site into a 75-unit condominium development with each unit measuring around 1,500 sq ft, he added.
C&W said the Pender Court site offers 'tremendous potential' to developers looking to 'land-bank a freehold residential site within proximity to the IR'.
C&W's sale by tender of Pender Court closes on April 25, while offers for the Killiney Road site can be submitted to Colliers by March 28.