Anderson 18 to go on the market soon

Property
Published November 9, 2006

Anderson 18 to go on the market soon
112,100 sq ft site one of the biggest collective sale sites in Ardmore Park


By KALPANA RASHIWALA

TAKING advantage of strong sentiment in the high-end residential sector, Knight Frank is racing to put Anderson 18 on the market this month.

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If the reserve price of $411.2m is achieved, Anderson 18 will be the biggest collective transaction in absolute dollar terms so far

The reserve price for the 112,100 sq ft freehold collective sale site has been set at $411.2 million. This reflects a unit land cost of about $1,450 psf of potential gross floor area, including an estimated development charge (DC) of $43.9 million. The unit land price is almost 6 per cent higher than the $1,369 psf per plot ratio including DC that Wing Tai paid last month for Ardmore Point, just behind Anderson 18.

Anderson 18 is one of the biggest collective sale sites to come on the market in the Ardmore Park area for many years, says Knight Frank executive director Foo Suan Peng. The two preceding collective sale sites in the area - Ardmore Point and Pin Tjoe Court - each had about 60,000 sq ft of land area. If the reserve price of $411.2 million is achieved, Anderson 18 will be the biggest collective transaction in absolute dollar terms so far, according to Mr Foo.

Anderson 18 is next to Raffles Girls' Secondary School and close to Shangri-La Hotel. It can be redeveloped into a new condo of about 175 units averaging 1,800 sq ft. The site is zoned for residential use with a 2.8 plot ratio and 36-storey height limit.

Anderson 18, completed about 15 years ago, was developed by Bonvests Holdings, whose chairman Henry Ngo and his associates are said to own five of the 71 units in the existing development. BT understands that Mr Ngo and his friends are said to be considering signing the collective sale agreement.

Knight Frank expects to obtain signatures from the owners of six other units this month. This, along with signatures it has already obtained, should give it the requisite consent from owners controlling at least 80 per cent of share values to proceed with launching the tender for Anderson 18.