Elmira Heights up for collective sale for $326m
Property
Published February 22, 2007
Heiwa Court sold for $11 million
Elmira Heights also up for collective sale for $326m
By UMA SHANKARI
HEIWA Court in the East Coast has been sold for $11 million in a collective sale, marketing agent Knight Frank said yesterday.
The amount paid by buyer Roxy Homes Pte Ltd works out to about $388 per square foot per plot ratio (psf ppr), inclusive of an estimated development charge of $85,000.
Each of the 12 owners of Heiwa Court will make a premium of about 70 per cent over what their units would have fetched on the market. They will each walk away with gross proceeds of about $915,000 from the sale.
The freehold Heiwa Court has a land area of 1,900 sq m and is zoned for residential use with a 1.4 plot ratio - giving it a gross floor area of 28,600 sq ft. The maximum building height is five storeys.
Knight Frank said that 27 apartments of 1,200 square feet each can be built on the site, which right now comprises of two blocks of three-storey residential apartments. The development is located within the East Coast residential area, said Knight Frank.
Separately, property consultancy DTZ Debenham Tie Leung has put up Elmira Heights on Newton Road for collective sale with a $325.5 million price tag.
The price, which includes a development charge of about $23.5 million, works out to about $1,070 psf ppr.
Elmira Heights has a site area of 10,100 sq m and a plot ratio of 2.8 - giving it a maximum gross floor area of 304,000 sq ft. The maximum building height is 117 metres, or about 30 storeys.
About 171 residential units about 1,600 sq ft each can be built on the site, DTZ estimates. Right now, Elmira Heights has 126 apartments. Owners can expect an average 30-40 per cent en-bloc premium if the asking price is met, DTZ said.
'Elmira Heights sits on high ground and is a very choice freehold site in the Newton area,' said Tang Wei Leng, DTZ's director for investment advisory services. 'It is a popular location for foreigners, in particular, people from Hong Kong and Indonesia. We believe a high quality condominium can be built on the site and the units can be priced at or above $2,000 per sq ft.'
The tender for Elmira Heights closes on March 29.
Re: Elmira Heights up for collective sale for $326m
Elmira Heights joins others in collective sale market
DTZ Debenham Tie Leung has put Elmira Heights, a property off Newton Circus, up for collective sale.
The property has a site area of 108,550sqft. According to the Master Plan 2003, it can be redeveloped into a 30-storey condominium that is subject to a height control of 117 metres.
Along with the plot ratio of 2.8, it translates to the new development having a gross floor area of 303,939sqft. It could house around 171 residential units averaging 1,600sqft.
“Elmira Heights sits on high ground and is a very choice freehold site in the Newton area. It is a popular location for foreigners, in particular people from Hong Kong and Indonesia,” said Ms Tang Wei Leng, director for investment advisory services, DTZ Debenham Tie Leung.
She added: “It is relatively convenient and the beauty of it lies in its residential setting. We believe a high quality condominium can be built on the site and the units can be priced at or above $2,000psf. Accordingly, the land price works out to $302 million, reflecting $1,070psf per plot ratio.”
On top of that, a development charge of around $23.5 million is payable for maximising the allowable intensity to 2.8.
Elmira Heights is just a few minutes walk to the Newton MRT station. Besides being near Orchard Road and Scotts Road, it is also a 10minute walk away from Novena Hub.
With a total of 126 apartments in the freehold development, owners can expect an average of 30 to 40 per cent gains should the collective sale goes through.
The tender exercise for the collective sale closes on March 29 at 4pm.
Source: Weekend Today, 24 February 2007
Collective sale of Elmira Heights
Collective sale of Elmira Heights
Published date: 21 February 2007
Global real estate adviser DTZ is putting up the collective sale of Elmira Heights on Newton Road for sale by tender.
The property sits on a site of 10,084.6 sq m (108,550 sq ft). The site can be developed into a high-rise condominium, subject to a height control of 117 metres, which translates to approximately 30 storeys. At a plot ratio of 2.8, the new development can yield a gross floor area of 303,939 sq ft. Assuming a building efficiency of 90% and average unit size of about 1,600 sq ft each, about 171 residential units can be developed on the site. A development charge of around S$23.5 million is payable for maximizing the allowable intensity to 2.8.
Elmira Heights has a prominent frontage close to the Newton MRT Station. Located off Newton Circus, the property enjoys easy access to major arterial roads, leading to all parts of Singapore. It is also in close proximity to Orchard Road and Scotts Road, as well as Novena Hub (within 10 to 15 minutes walking distance). Several popular schools such as Anglo-Chinese Junior, St Joseph’s Institution (Junior) and Anglo-Chinese (Barker Road), are all within a 1km distance.
Ms Tang Wei Leng, DTZ’s Director for Investment Advisory Services said: “Elmira Heights sits on high ground and is a very choice freehold site in the Newton area. It is a popular location for foreigners, in particular people from Hong Kong and Indonesia. We believe a high quality condominium can be built on the site and the units can be priced at or above S$2,000 per sq ft. Accordingly, the land price works out to S$302 million reflecting S$1,070 per plot ratio.”
Currently, Elmira Heights comprises a total of 126 apartments. The owners can expect an average of 30% to 40% gain if they sell collectively.
The tender closes on Thursday, 29 March 2007, at 4:00pm.
1 Attachment(s)
Ho Bee buys Elmira Heights for $279 m
Acquisition of Residential Site - Elmira Heights, 5 & 7 Newton Road, Singapore
Re: Ho Bee buys Elmira Heights for $279 m
Elmira Heights sold to Ho Bee Group for $279m. That is $990 psfppr. Assuming construction costs for luxury condo is $400 psfppr, their breakeven for a new condo on the site is $1390 psfppr. That is breakeven $psfppr (price per sq foot per plot ratio). Enuff said.
Ho Bee acquires Elmira Heights for $279m
Published April 20, 2007
Ho Bee acquires Elmira Heights for $279m
Its land bank of 730,000 sq ft can be developed into 700 homes
By KALPANA RASHIWALA
HO Bee Investment's latest $279 million or $990 psf per plot ratio acquisition of Elmira Heights at Newton Road has boosted the developer's residential land bank to about 730,000 sq ft.
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The sale has been closed: Owners of Elmira Heights' existing 126 units will receive $2 million to $2.4 million
This land bank can be developed into about 1.4 million sq ft gross floor area, or nearly 700 high-end homes, on five sites. The price for the five sites adds up to $960 million, although Ho Bee owns only 50 per cent of two of these sites - the Seaview Collection condo plot on Sentosa Cove and Holland Hill Mansions - and 90 per cent of The Waterfront Collection plot at Sentosa Cove.
Elmira Heights is 'probably at the highest point in the Newton area', reckoned Ho Bee chairman Chua Thian Poh. Market watchers note that Ho Bee's $990 psf ppr unit land price, which is inclusive of an estimated $22 million development charge (DC), is 50 per cent higher than the last benchmark in the area - $666 psf ppr including DC that Wing Tai paid about a year ago for Newton Meadows.
Elmira Heights' collective sale was brokered by DTZ Debenham Tie Leung. Its director Tang Wei Leng said owners of Elmira Heights' existing 126 units will receive either $2 million or $2.4 million per unit, depending on the size of their unit.
Industry observers reckoned Ho Bee's break even cost for a new condo on the site could be around $1,400 to $1,500 psf.
DTZ executive director Margaret Thean said: 'With its prime freehold location in District 11 and riding on Ho Bee's signature of top-quality developments, the new development is likely to command an average of $1,800 psf under the current market conditions.'
Ho Bee said it plans to redevelop the 108,550 sq ft freehold site into a 30 storey twin tower condo with a total of about 170 apartments of about 1,800 sq ft and larger. The project will come with full-condo facilities. 'The plan is to develop three and four-bedroom apartments and penthouses to cater to the growing demand for large units,' the group said in a release yesterday. The project is slated for release next year.
Separately, Ho Bee announced it had sold 28 of the total 29 villas on Paradise Island, Sentosa Cove, since last month. Over 50 per cent of buyers were foreigners. Prices ranged from $7 million to $18 million for each villa.
On average, the price works out to about $1,100 psf of land area, nearly 40 per cent higher than the $790 psf average the group achieved earlier for its villas on the nearby Coral Island in late 2005/early 2006. Ho Bee has sold 20 of the 21 villas at Coral Island.
Ho Bee's latest 99-year villas at Paradise Island have land areas of about 7,000 sq ft to 15,000 sq ft.
Ho Bee buys site in Newton; sells 28 villas
April 20, 2007
PROPERTY DEALS
Ho Bee buys site in Newton; sells 28 villas
HO BEE Investment made two big splashes yesterday - it paid $279 million for a freehold site near Newton Road and announced that one of its Sentosa Cove projects has almost sold out.
Its purchase, via a private treaty, was the 126-unit Elmira Heights, where owners will each get $2 million or $2.4 million, depending on the size of their units.
Ho Bee paid about $990 per sq ft (psf) of gross floor area, a new high for the Newton area, according to DTZ Debenham Tie Leung which brokered the sale.
The last collective sale deal in the area was in May last year when Wing Tai Holdings bought Newton Meadows for $660 psf per plot ratio. The Newton area's prices have since shot up as new developments such as Newton One set new benchmarks.
Ho Bee plans to build two 30-storey towers with 170 apartments of about 1,800 sq ft each, on the Elmira Heights site. It could sell them for $1,800 psf on average, said DTZ Debenham Tie Leung.
In another announcement, the developer, known for its Sentosa Cove projects, said it has sold 28 of the 29 villas on Paradise Island in the gated enclave.
Buyers - more than half of whom were foreigners - forked out an average of about $1,100 psf during a three-week preview that started last month. The price is about 40 per cent higher than that of its first Sentosa development, Coral Island, early last year. The villas ranged from $7 million to $18 million each.
JOYCE TEO
Re: Ho Bee buys Elmira Heights for $279 m
