2 sites in prime areas up for sale

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.


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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.

Two Development Sites Near Somerset MRT at Killiney Road Put Up for Sale

For Immediate Release, 2006-06-13

by Seah Li Ching

Colliers International, Singapore

International property consultant, Colliers International has put up two freehold residential development sites – located at 147 and 118-128 Killiney Road – for sale by tender on June 14, 2006.

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Killiney Apartments

The site at 147 Killiney Road is currently occupied by Killiney Apartments, a 16-storey residential development, which houses 44 apartment units. Under the 2003 Master Plan, the 40,348 sq ft development site is zoned for “Residential” use, with a gross plot ratio of 2.8 and an allowable building height of up to 10 storeys.

“Owners’ expectation of the price for the site is in the region of S$94-S$96 million (or S$835-S$852 psf ppr),” says Mr Ho Eng Joo, Director for Investment Sales at Colliers International. “The buyer may amalgamate the site with a neighbouring plot of sub-station measuring 806 sq ft. The combined sites can be re-developed into a 75-unit condominium development, with each unit measuring approximately 1,500 sq ft.”

Meanwhile, the other smaller development site located at 118-128 Killiney Road occupies a land area of 10,050 sq ft. Zoned for “Residential” use with first storey commercial under the 2003 Master Plan, the subject site has a gross plot ratio of 2.8. The site has an asking price range of S$21-S$23 million (or S$750-S$820 psf ppr). URA has granted outline permission for the re-development of a 30-unit, six-storey apartment, with shops on the first storey.

"These two properties present a rare opportunity for investors and developers. There is a great re-development potential near Somerset MRT station with the government’s commitment in rejuvenating the Orchard/Scotts Road shopping belt. The sites’ proximity to the two major upcoming retail developments (former Glutton Square and Somerset Central sites) along Somerset Road, will further enhance their attractiveness,” adds Mr Ho.

The tender for the two sites at 147 and 118-128 Killiney Road will respectively close on July 12 and July 06, 2006.