View Full Version : Glenville up for en bloc sale
Glenville up for en bloc sale
By Mok Fei Fei | Posted: 08 September 2010 1250 hrs (http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1079846/1/.html)
SINGAPORE: Another apartment is angling for an en bloc sale.
Owners of Glenville off Upper Serangoon Road are asking between S$38 and S$40 million for the property.
That works out to about S$715 to S$745 per square foot per plot ratio for owners of the 32-unit, freehold residential development located at Lim Tua Tow Road
The site spans 43,335 square feet with a gross plot ratio of 1.4.
It can be built up to five storeys, yielding a potential gross floor area of more than 60,670 square feet.
It is subject to a development charge of about S$5.3 million.
Sole marketing agent Jones Lang LaSalle said the site can yield some 57 units with an average size of 1,000 square feet each.
It added that Glenville is in close proximity to Serangoon MRT Station, the upcoming NEX Mega Mall and Serangoon Stadium.
The tender for Glenville will close at 4pm on October 5.
-CNA/wk
whichever developer who buys it MUST apply for change of road name
otherwise cannot sell
best is ang mor tua kee kind of name :D
Glenville up for en bloc sale
By Mok Fei Fei | Posted: 08 September 2010 1250 hrs (http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1079846/1/.html)
SINGAPORE: Another apartment is angling for an en bloc sale.
Owners of Glenville off Upper Serangoon Road are asking between S$38 and S$40 million for the property.
That works out to about S$715 to S$745 per square foot per plot ratio for owners of the 32-unit, freehold residential development located at Lim Tua Tow Road
The site spans 43,335 square feet with a gross plot ratio of 1.4.
It can be built up to five storeys, yielding a potential gross floor area of more than 60,670 square feet.
It is subject to a development charge of about S$5.3 million.
Sole marketing agent Jones Lang LaSalle said the site can yield some 57 units with an average size of 1,000 square feet each.
It added that Glenville is in close proximity to Serangoon MRT Station, the upcoming NEX Mega Mall and Serangoon Stadium.
The tender for Glenville will close at 4pm on October 5.
-CNA/wk
Hard to have any buyers, would be interesting to see who bites. Big plays won't touch this, small players??
57 units X 1000 sqf = 57,000 sqf
$715 sqf to $745 for land cost
$200 for construction?
Break even $915 to $945 psf
57,000 x $915 = $52.1 Million
57,000 x $945 = $53.8 Million
Assuming average selling price $1000 psf = margins not very good. 5 million plus (+- 10% for balcony space)
If selling at $1200 psf = margins also not very attractive. 16 million plus (rough estimate)
16/45 = about 1/3 ratio... I dun think there would be buyers.
Dun forget demolishing cost.
whichever developer who buys it MUST apply for change of road name
otherwise cannot sell
best is ang mor tua kee kind of name :D
Will not change name lah.. looing for Tua Tow with Surname Lim.
Maybe can consider Lim Chai Tow after the enblock.
"Chai Tow" Buyers
Nobel Design Holdings says its Urban Lofts has been won the tender to acquire the Glenville freehold land at 11 & 13 Lim Tua Tow Road for $39.51 million.
The site area is 43,335 sq ft and is adjacent to New Gardens, 7-9E Lim Tua Tow Road.
Urban Lofts is a Joint Venture company set up by Nobel Design, Aspen Development, A.C.T Holdings and individual Soh Chooi Lai for the development of the property at New Gardens.
The total cost of acquiring the properties at New Gardens and Glenville is $60.51 million and the total area is 72,958 sq ft. The land is intended for the development of a condominium on the combined site.
The acquisition of the land is funded by bank loans and internal funds.
http://www.finanznachrichten.de/pdf/20100604_193132_547_321AE6055882511E4825772700258D39.1.pdf
James is the Managing Director of the A.C.T. Group, based in Singapore. He is also the Managing Director of ACT-Nobel Homes Pte Ltd, a joint venture with the SGX-listed Nobel Design Holdings Ltd. Notable developments include Gambier Court, Eastside Loft, Ventana, and Empire Lofts @ Mosque St. He is also a director of Fujitech Singapore Corp. Ltd, Hitachi Cable (S) Pte Ltd, Hitachi Hi-Tech (S) Pte Ltd, Zhao Wei Films Pte Ltd, Handy Investments Pte Ltd, vice chairman of the Tianjin Intertech Corp, and chairman of A.C.T. Investments, Inc.
A graduate of M.I.T. and the Wharton Business School, James started his career as a management consultant for Booz, Allen & Hamilton, and subsequently, A.T.Kearney.
In recent years James has achieved modest success as a theatre and film producer; through his Brink Creative Co., he produced Singapore's first Chinese musical, "December Rains" in 1996. He has co-produced numerous Singapore films, including the award-winning "12 Storeys" (Cannes 1997), One Leg Kicking (2001), the controversial "15" (Venice and Sundance 2004), and "Be With Me" (Cannes 2005).
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