Greenlodge Condominium up for collective sale, asking price S$135m

http://www.channelnewsasia.com/stori...027718/1/.html

Greenlodge Condominium up for collective sale, asking price S$135m

By Ryan Huang, Channel NewsAsia | Posted: 30 December 2009 1630 hrs


SINGAPORE: Greenlodge Condominium on Toh Tuck Road has been put up for collective sale.

The owners are asking for S$135 million for the site, which works out to S$683 per square foot per plot ratio (psfppr) inclusive of development charge.

The freehold land of about 14,000 square feet currently comprises 80 units.

Its marketing agent, Newman & Goh, believes the site can be potentially redeveloped to 211 units of boutique apartments at an average size of 1,000 square feet.

Newman & Goh expects the new development to be able to fetch at least S$1250 per square foot.

The en bloc tender closes on 13 January 2010.

- CNA/sc

Difficult to get $1250psf. Even getting $1000psf will be tough given what else is around it.

When the Canadian School eventually does move then there is even less.

location is very the so so. Not worth it at 1250 for investment purpose. Might as well buy old condo at river valley, farrer road or even holland road.

So will it be another enbloc down the drain? :D

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Originally Posted by nobrainer32007

location is very the so so. Not worth it at 1250 for investment purpose. Might as well buy old condo at river valley, farrer road or even holland road.

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Absolutely agree. I live very nearby, and with neighbouring properties in the $700-800psf range, $1250 is really unrealistic. This is not an area that commands >$1000psf. With both Toh Tuck Rd and Jalan Jurong Kechil being small 1-2 lane roads, traffic is going to be unpleasant. Jurong Kechil already gets congested on wkends and evening hours.

The consipircy theorist in me says any "winner" of the tender will then approach the Canadian School to parcel their land together.

We all know the relocation of the school to Jurong is on hold until some sort of funding is found, but I don't know if they own the ground in Toh Tuck? Parcelling the two lands together makes for a reasonable sized space and would likely provide the funding the school needs to make progress on the Jurong campus.

http://www.businesstimes.com.sg/sub/...89540,00.html?

Published December 31, 2009

Green Lodge asking $135m for en bloc deal

With a development charge of $9.5m, it costs $683 psf ppr

By EMILYN YAP


GREEN Lodge at Toh Tuck Road has been put up for collective sale - the second residential site to be marketed en bloc in slightly more than a week.

Owners of the freehold Green Lodge are asking for $135 million. The site has a land area of 151,075 sq ft and a plot ratio of 1.4. Adding a development charge of around $9.5 million, the price works out to $683 per sq ft per plot ratio (psf ppr).

Newman & Goh is marketing the site and obtained consent for the sale from more than 80 per cent of the owners in April. Its investment sales head Jeffrey Goh tells BT that the absolute sum of less than $150 million is relatively affordable and he expects several developers to show interest in the parcel.

In a release, Newman & Goh notes that the site is 'attractively priced', given that developers have paid more than $500 psf ppr for state residential land in the last few months.

The price for Mayfair Gardens at Rifle Range Road - launched for collective sale by another agency just last Monday - is $857 psf ppr or $250 million (which includes the development charge). The 99-year leasehold site has a remaining lease of about 72 years.

Green Lodge currently comprises 80 units ranging from 1,679-2,110 sq ft in size. Mr Goh says there is potential to redevelop the site to house around 211 units with an average size of 1,000 sq ft. He expects the average selling price of the new development to be at least $1,250 psf, 'given the demand going forward'. The tender for the site will close on Jan 13, 2010.

According to caveats lodged, a unit at Green Lodge changed hands for $643 psf or $1.08 million last month. The site is located among other private residential estates, including Rainbow Gardens which was also sold en bloc. It is also near Beauty World Plaza and Bukit Timah Plaza, and will be close to the upcoming Beauty World MRT station.

Colliers International research and advisory director Tay Huey Ying notes that the location of the site is fairly attractive. Based on the absolute price, it is also 'one of the more palatable freehold development sites' on the market.

She estimates that the winning developer would have to sell the units at around $1,000-$1,100 psf. Nearby, units at The Beverly went for $888-$1,130 psf or $1.35-$2.1 million in October.

The collective sales market had been quiet for most of the year given the uncertain economic outlook. It was not until early this month that the first deal of 2009 emerged, in the $100.8 million sale of Dragon Mansion.

Activity is gradually returning with the recent launch of Mayfair Gardens and now, Green Lodge. 'It's a reaction to improved market conditions and sentiments,' Ms Tay says. 'The business environment and the investment environment should all be improving next year.'

http://www.straitstimes.com/Money/St...ry_472127.html

Dec 31, 2009

Green Lodge condo up for en bloc sale


THE improving property market has prompted owners at Green Lodge Condominium in Toh Tuck Road to put their estate up for collective sale.

They want $135 million for the freehold estate in Toh Tuck Road, an asking price of $683 per sq ft per plot ratio, including development charge.

That will give owners about $1.55 million to $1.58 million per unit - about 40 per cent more than the open market price, said Mr Jeffrey Goh, head of investment sales at the estate's marketing agent, Newman & Goh.

Like other sales launched in the latter half of this year, the Green Lodge owners voted for the en bloc sale many months ago but have held off until the market looked more promising.

The majority agreed to sell their property as early as April but the market was very weak then, said Mr Goh.

Green Lodge condo sits on a site of 151,075 sq ft near the Toh Tuck campus of the Canadian International School.

With a plot ratio of 1.4, it can be redeveloped to about 211 units of boutique apartments of about 1,000 sq ft, said Mr Goh. The new development could sell for at least $1,250 per sq ft (psf) on average, he added.

Other residential developments in the vicinity include The Beverly - which was launched earlier this year at an average price of $750 psf - Signature Park and Goodluck Garden.

More owners are now working towards launching their properties for collective sale in the wake of the improving market.

There will be more collective sale launches in the first and second quarters of next year, Mr Goh said.

But the success rate is still up in the air as there remains a mismatch of price expectations between sellers and buyers, he said.

There have been several collective sale launches this year but only one of them - Dragon Mansion - was sold.

The tender for Green Lodge closes on Jan 13, a day before the close of another collective sale tender - Mayfair Gardens in Rifle Range Road.

JOYCE TEO

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Green Lodge tender receives ‘a few’ bids
The Business Times
Thursday, 14 January 2010

http://www.straitstimes.com/STI/STIM...-newmangoh.jpg

The tender for the collective sale of Green Lodge at Toh Tuck Road closed yesterday afternoon but it is not clear if a winner for the site has emerged.

BT understands that there were ‘a few’ bids for the freehold parcel, but marketing agent Newman & Goh was tight-lipped over the results of the tender. It is conducting due diligence and has imposed a blackout period in the meantime.

The 80-unit Green Lodge, spanning 151,075 sqft with a plot ratio of 1.4, was put up for sale at end-December last year. The asking price stood at $135 million, and including a development charge of around $9.5 million, the price worked out to $683 psf ppr.

The winning developer would be able to launch a project with around 211 units measuring an average 1,000 sqft.

A consultant estimated that the units could be sold at around $1,000-$1,100 psf, while Newman & Goh projected an average selling price of at least $1,250 psf.

In a report issued yesterday, analysts from Goldman Sachs expressed reservations over the return of collective sales activity for now. ‘Even though developers are financially stronger, we think they will choose to stay on the sidelines in the en bloc market until demand returns more visibly in 2H 2010,’ they said.

‘A good indication of potential trigger points for en blocs is the widening of primary over secondary market prices.’

Quote:

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Originally Posted by Reporter

In a report issued yesterday, analysts from Goldman Sachs expressed reservations over the return of collective sales activity for now. ‘Even though developers are financially stronger, we think they will choose to stay on the sidelines in the en bloc market until demand returns more visibly in 2H 2010,’ they said.

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Is this type of meaningless statements all "analysts from Goldman Sach" are capable of issuing?

The developers who made the most money buying en bloc sites were those who bought when there was hardly any demand in sight. e.g. when Wheelock bought the Singapore Press Holdings site at River Valley for $400 psf ppr in 1H 2005, at where The Cosmopolitan is now selling for $1,900 psf. :scared-4:

Whereas CapitaLand, which bought Farrer Court for $783 psf ppr when demand returned visibly in 2H 2007, is still stuck with the land. :doh:

Once demand returns visibly, developers who try to get into the en bloc bandwagon will have to face:

1. Many competitors who think similarly.

2. A much higher reserve price set by the "greedy pig" en blockers (That's what they called us :p ... Hmmmph!!! :simmering: ).

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Toh Tuck Apartment up for collective sale with asking price of S$35.5M
Mok Fei Fei
Channel NewsAsia
Wednesday, 7 April 2010, 1358 hrs

Another group of owners in Singapore is hoping to cash in on the current red-hot property by launching an en bloc sale.

Toh Tuck Apartment, located off Upper Bukit Timah Road, has been put up for sale by tender.

The asking price is around S$35.5 million.

The freehold residential site comprises 13 apartment units with sizes averaging 223 sqm.

Each owner is expected to get an average S$2.73 million for their units.

That translates to S$650 psf ppr.

The site, spanning 40,449 sqft, has a permissible plot ratio of 1.4 and can be built up to 5 storeys.

Marketing agent HSR International said the site can be redeveloped into 75 apartment units

It added that the site has achieved 100% consensus from the owners

Tender for the sale closes on April 23.