4 more properties go on en-bloc sale

Published March 8, 2007

4 more properties go on en-bloc sale

They are Himiko Ct, Green Meadows, Eden Spring, and a River Valley block

By KALPANA RASHIWALA


MORE sites continue to join the queue for collective sales. Himiko Court at Mt Sinai, Green Meadows in Upper Thomson, Eden Spring at Balmoral Rd, and an old block of apartments at 396 to 398 River Valley Rd are the latest offerings. All four properties are freehold.


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In the queue: Eden Spring's (above) asking price is $53.5 million - or $1,050 psf per plot ratio including DC, while the $348 million asking price for Himiko Court (next) works out to a unit land price of about $850 psf of potential gross floor area
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DTZ Debenham is marketing Himiko Court and Eden Spring, with respective land areas of 195,401 sq ft and 34,023 sq ft.

The $348 million asking price for Himiko Court works out to a unit land price of about $850 psf of potential gross floor area, inclusive of an estimated $1.07 million development charge.

The site is zoned for residential use with a 2.1 plot ratio and 24-storey maximum height under Master Plan 2003. Himiko Court is being offered through a tender that closes on April 12.

Eden Spring's asking price is $53.5 million - or $1,050 psf per plot ratio including an estimated $3.7 million DC. The site at 11C Balmoral Road is zoned for residential use with a 1.6 plot ratio and 12-storey maximum height under Master Plan 2003. Eden Spring's tender closes on April 3.

Orion Property Consultants is marketing Green Meadows, which has a 455,379 sq ft site area. Orion Property says the reserve price is in the $250 million-$260 million range - working out to $392 to $408 psf ppr. No DC is payable for the site, which is zoned for residential use, with a 1.4 plot ratio.

The closing date of the tender is April 12, unless the property is sold earlier by private treaty, Orion Property indicated.

Savills is offering the old block of apartments at 396 to 398 River Valley Rd for collective sale. The 'indicative guide price' of $36.5 million reflects a $700 psf ppr inclusive of an estimated $130,000 DC. The tender for the property closes on April 12.

March 8, 2007

Three more sites being sold en bloc

THREE more freehold sites were put up for collective sale yesterday.

One is a 32-unit estate sitting on 18,656 sq ft of land at 396 to 398 River Valley Road. It is going for an indicative price of $36.5 million, or about $700 per sq ft per plot ratio (psf ppr). It can yield 65 units at 800 sq ft each, said marketing agent Savills Singapore.

Eden Spring at Balmoral Road also went on sale yesterday with a price tag of $53.5 million. A development charge of about $3.7 million is payable, which works out to $1,050 psf ppr for the site.

The 34,023 sq ft plot can be developed into a 12-storey condominium with 31 units of 1,600 sq ft each, said marketing agent DTZ Debenham Tie Leung.

DTZ is also marketing Himiko Court in Ridgewood Close, off Mount Sinai Drive. Himiko Court owners hope to get $348 million, or $850 psf ppr including a development charge of $1.07 million.

Himiko Court sits on a 195,401 sq ft site, on which a 24-storey condominium can be built, said DTZ. The new condominium can have about 230 units of 1,600 sq ft each.

FIONA CHAN

7 March 2007

Potentially The Last Prime Freehold Residential Redevelopment Site Along River Valley Road is now up for Collective Sale by Tender

Savills Singapore is pleased to announce the launch for collective sale of a prime freehold residential redevelopment site along River Valley Road by tender.

The 30-year old existing development with a total of 32 units is located on an approximately 18,656 sq ft of prime freehold residential land at 396 to 398 River Valley Road. Subject to approval from the relevant authorities, the redevelopment site will enjoy a permissible plot ratio of 2.8 as indicated in the Master Plan 2003. The site can potentially yield up to 65 units of 800 sq ft apartments. The property enjoys a wide frontage along River Valley Road and is within a 5-minute walk to Great World City and Valley Point shopping centres, and within few minutes drive into Orchard Road and the Raffles Place Central Business District.

“The site has the potential to be developed into a boutique 1- or 2-bedroom SOHO-themed development. With its close proximity to the CBD, Orchard Road and clubbing scenes such as Zouk, Clarke Quay etc, a new development on this site with some clever and creative architecture would appeal strongly to the younger and more affluent executives,” said Steven Ming, Director of Investment Sales at Savills Singapore who is handling the sale.

“This will also be an attractive investment for developers who may wish to build and lease. The location has generally seen strong rental demand given its close proximity to Orchard Road and its amenities,” added Steven.
Some of the new and more prominent residential projects in the vicinity include One Jervois, Cosmopolitan and Lippo’s Trillium.

Nathanville was the latest collective sale in the River Valley area and was recently transacted at S$880 ppr.

The site has an indicative guide price of S$36.5 million or about S$700 ppr.

The tender is expected to close at 4 pm on the 12 April 2007.