3 sites up for collective sale

http://www.straitstimes.com/Money/St...ry_627923.html

Jan 25, 2011

3 sites up for collective sale


THREE freehold sites - two residential and one commercial - have been put up for collective sale, a further sign that the market remains buoyant.

The residential plots are the MacPherson Green condominium near Tai Seng MRT station and Holland Tower in Holland Heights.

The owners of MacPherson Green want up to $115 million for the 66,928 sq ft plot. Two strips of land nearby are also being offered as part of the sale.

The site consists of a 13-storey tower block of 48 apartments and nine townhouses. At that price, each owner can expect around $1.56 million for a 1,216 sq ft two-bedroom unit or $2.76 million for a 2,325 sq ft townhouse.

The other residential plot, Holland Tower, which sits on 21,879 sq ft of land, is a 14-storey tower with 19 apartments and is sited near the upcoming Holland Village MRT station.

No development charge is payable.

Marketing agent Jones Lang LaSalle declined to give an indicative price but recent developments in the area have sold for between $1,363 and $1,388 per sq ft per plot ratio.

Tenders for the two sites close on Feb 23.

The North Bridge Road Commercial Complex is also up for sale, with the tender closing on March 3. The six-storey block is used for retail outlets and offices.

The 11,615 sq ft plot can be built to a gross floor area of about 48,784 sq ft. However, marketing agent DTZ is seeking the Urban Redevelopment Authority's approval to retain the building's current gross floor area of 66,614 sq ft for the plot's future owners.

The indicative price is between $110 million and $115 million.

CHERYL LIM

Consortium to acquire MacPherson Green site for S$105m
By Jonathan Peeris | Posted: 10 March 2011 1531 hrs

SINGAPORE: A consortium of four companies have agreed to jointly acquire the MacPherson Green site for S$105 million, through a collective sale tender.

They include niche property developer Heeton Holdings, together with KSH Holdings, TEE International and Zap Piling.

Heeton will own 40 per cent of the project, while KSH will take up 25 per cent, TEE International will hold 20 per cent and Zap Piling will take the remaining 15 per cent.

The freehold land parcel has a site area of almost 67 thousand square feet and a plot ratio of approximately 2.1.

This means the new development can be built up to 24 storeys and become a landmark in a vicinity of low-rise buildings in District 13.

In a joint statement, the firms said the purchase price of the site works out to about S$750 per square foot per plot ratio, including the development charge.

Located minutes away from MacPherson MRT Station, the site has the potential to be re-developed into 200 apartments with an average size of about 800 square feet each.

Heeton said the acquisition is in line with its effort to strengthen its position in the mid to high-end residential property market.

The group is also planning to launch its new project situated at a prime site along Killiney Road soon.

-CNA/ac