Asking price of $40m for Bellerive collective sale

Singapore
Published November 7, 2006

Asking price of $40m for Bellerive collective sale

By KALPANA RASHIWALA

OWNERS of the freehold Bellerive at Keng Chin Road in the Bukit Timah area are teaming up to sell their homes.


Their asking price of about $40 million works out to a unit land price of about $750 per square foot of potential gross floor area inclusive of an estimated $6.6 million development charge (DC), says marketing agent Newman & Goh. This is 13 per cent higher than the $665 psf ppr, including DC that Far East paid for three freehold adjoining collective sale properties across the road in September - Century Ville, Le Marque and Villa Margaux. Newman & Goh also brokered the earlier deal.

The firm's head of investment sales Jeffrey Goh said yesterday he is confident of achieving the higher unit land price. 'The market has continued to move north since September. And regular-shaped sites in prime districts continue to be in demand by developers.'

Bellerive currently comprises 31 apartments and owners of units controlling more than 80 per cent of share values have consented to a collective sale. Assuming the owners get the $40 million they are asking for, they stand to walk away with sums ranging from slightly over $1 million to $1.5 million a unit - or about 45 per cent more than what they would have received had they sold their apartments individually. The 29,439 sq ft, squarish site site in District 10 is designated for residential use with a 2.1 plot ratio (ratio of potential gross floor area to land area) and 24-storey maximum height. The site can be redeveloped into a new project with 47 units averaging 1,300 sq ft. The site is close to Anglo- Chinese School (Barker Rd) and Singapore Chinese Girls' School.