Gilstead View sold for $96.5m

District 11

Site area: 3,299 square metres (35,510 square feet)

Plot ratio 2.8, 36 storeys

Tender closing 17 May 2007, 3pm.

2 Gilstead Road (S) 309061

Site area: 3,299 square metres (approx. 35,510 square feet)

Plot Ratio 2.8, up to 36 storeys

Walking distance to Newton MRT

Near amenities and reputable schools

Tender closing 17th May 2007 at 3 pm.

Handled by Jones Lang LaSalle.

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Published May 18, 2007

Bukit Sembawang bags Fairways Condo for $244m

Gilstead View in Newton area draws top bid of $96m

By KALPANA RASHIWALA


THE tender for Gilstead View in the Newton area closed yesterday with a top bid of $96 million, which works out to $1,036-1,056 psf per plot ratio inclusive of development charges (DC) estimated to range from $7 million to $9 million, sources say. This is higher than the $990 psf ppr achieved for the nearby Elmira Heights last month.

And in the Telok Blangah area, Bukit Sembawang bagged Fairways Condo for $244.3 million or about $785 psf ppr inclusive of estimated development charges of $8.45 million and $2.43 million for buying an adjoining piece of state land.

Both collective sale sites are freehold.

Colliers International brokered the Fairways Condo deal while Jones Lang LaSalle handled Gilstead View's tender.

JLL is said to have received more than five bids when the tender closed yesterday. Market watchers suggested that a party linked to Tiong Aik group may have put in the top bid for Gilstead View, but they added that it remains to be seen who bags the property, depending on factors including the negotiations on conditions accompanying the various bids.

Sources say the range in the estimated DC quantum ($7 million to $9 million) for Gilstead View is because the site's development baseline has yet to be confirmed.

Gilstead View has a 35,510 sq ft land area and is zoned for residential use with a 2.8 plot ratio (ratio of maximum potential gross floor area to land area) and 30-storey building height. The site can be redeveloped into a new condo with about 65 units averaging 1,500 sq ft. Assuming Gilstead View is sold for about $1,056 psf ppr, the break-even cost for a new condo project on the plot could be around $1,500 psf, according to industry observers.

Fairways Condominium has a freehold land area of 146,532 sq ft, and together with the adjoining state land of about 8,288 sq ft the total area adds up to 154,820 sq ft. The Fairways site is zoned for residential use with 2.1 plot ratio.

Based on the $785 psf ppr that Bukit Sembawang paid for the site, analysts estimate a break-even cost of around $1,200 psf for a new condo on the site.

Bukit Sembawang can build a 24-storey condo with about 250 units averaging 1,300 sq ft on the Fairways and adjoining state site. Market watchers expect the group to take around a year to launch the new project.

Inclusive of the latest acquisition of Fairways Condo, Bukit Sembawang has a residential landbank of about 4.2 million sq ft which can be developed into about 2,050 homes. The bulk of this land (around 3.8 million sq ft) is in Seletar Hills.

Published May 22, 2007

Gilstead View sold for $96.5m

Price is $1,070 ppr, inclusive of a development charge of $10m

By KALPANA RASHIWALA


GILSTEAD View has been sold for $96.5 million, which works out to about $1,070 psf of potential gross floor area, inclusive of an estimated $10 million development charge (DC).


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Casa Nassau: Offered for collective sale, together with an adjoining bungalow


Jones Lang LaSalle, which brokered the collective sale of the 35,510 sq ft freehold site, said this is a new benchmark in the Newton area. It also revealed the buyer is Chedstone Investment, which it said is an associate company of Selangor Dredging Bhd. Industry sources said that Singapore construction and property group Tiong Aik also had some role, but JLL declined to comment on this.

Selangor Dredging's current developments include Park Seven, a high-end condo in Kuala Lumpur, and a 21-bungalow project at Damansara Heights, also in the Malaysian capital.

JLL estimates the break even cost for a new project on the Gilstead View site is about $1,600 psf. The site is zoned for residential use, with a 2.8 plot ratio (ratio of maximum potential gross floor area to land area) and 36-storey height limit. The site is big enough to house a new project with about 75 apartments averaging 1,300 sq ft.

Meanwhile, collective sale sites continue to be launched for sale. Casa Nassau at Upper East Coast Road is being offered, together with an adjoining bungalow. The two properties have a combined land area of 65,110 sq ft and are zoned for residential use with a 1.4 plot ratio and five-storey height limit.

The indicative price range for the combined site listed by the properties' marketing agent, Credo Real Estate, is $47 million to $51 million, which reflects a unit land price of about $580 to $620 psf per plot ratio (psf ppr) inclusive of estimated DC of $5.63 million.

Also in the eastern part of Singapore, Colliers International has launched St Patrick's View, with an indicative land value of $63 million, or $544 psf ppr, including DC for the 83,013 sq ft freehold site. The plot has 1.4 plot ratio.

Weekend, May 26, 2007

Gilstead's soaring View

En bloc sale of condo sets record price for Newton area: Jones Lang LaSalle

Joseph Yadao
[email protected]


GILSTEAD View, a freehold 17-storey apartment block in the Newton area, has gone under the en bloc hammer for $96.5 million.

Chedstone Investment Holdings bought the site at approximately $1,070 per square foot per plot ratio (ppr), inclusive of the estimated $10-million development charge.

Real-estate firm Jones Lang LaSalle believes this is a new record for the Newton area.

"The sale of Gilstead View has set a new benchmark in the Newton area. It is the only property to go beyond $1,000 psf ppr," said Mr Lui Seng Fatt, regional director and head of investments for Jones Lang LaSalle.

Last month, investment company Ho Bee paid $990 psf ppr for Elmira Heights, which topped the previous benchmark price of $666 psf ppr that Wing Tai paid for Newton Meadows.

The 35,510 sq ft Gilstead site has a gross plot ratio of 2.8 and is subjected to height restrictions of up to 36 storeys. The estate has a total of 64 apartments averaging between 830 and 850 sq ft each.

Chedstone Investment is an associate company of Selangor Dredging Berhad (SDB), a premium lifestyle property company that specialises in niche residential developments.

A new high-rise, luxury development could be built on the plot, which has a gross floor area of 99,428 sq ft. This equates to around 75 luxury apartments averaging 1,300 sq ft each. Jones Lang LaSalle estimates the break-even price for this new project to hover around the $1,600 psf mark.

This is SDB's second property in Singapore. Its first project, currently known as Mount Emily Tower, is located at Wilkie Road.

"Like the development at Wilkie Road, the development at Gilstead Road will be a luxury condominium development and will have the unique brand of an SDB development," said Ms Teh Lip Kim, managing director of SDB.