Wow! You have really good memory.Originally Posted by devilplate
Wow! You have really good memory.Originally Posted by devilplate
D1 or D2? I have doubts if you can't even get the district correct.
developer is a joint venture between Yi Kai Group and Fission Group... the two are jointly developing the Alexis condo near Queenstown MRT station
haha! the mother of MM units
I've seen her before when viewing some landed properties.Originally Posted by Squall8888
She's very customer friendly and quite chio
But of course, just eye candy for me.. buying decisino still need to base on own judgement and research.
chio? mindy wanna manage my portfolio?Originally Posted by focus
Looking at the size of the units, sure sellout one, no matter how bad is the layout. Buyers just look at absolute quantum and anything multiply by 480 sq ft will be a palatable number for the middle class investor. I just hope developers don't market this as luxury because how can a 484sqft shoe box be luxurious? If all our prime location property has to downsize so much, it just means the noveau rich investors r sorely missing in today's market.
u think they will launch at $2k psf? that would be double their purchase price
jia lat, everyone prefers our old friend home-run's Robinson Suites thread and slam poor mindy here.
09 June 09 The Business Times
by Kalpana Rashiwala
VTB Building said to have changed hands for $71 million VTB Building, an ageing freehold office block on Robinson Road, is said to have been sold for $71 million or about $1,061 per square foot (psf) based on existing net lettable area (NLA).
The price is about 18 per cent higher than the offers of around $60 million that the property had drawn earlier, as reported by BT last month.
The buyer is understood to be a joint venture between Yi Kai Group and Fission Group. The two are jointly developing the Alexis condo near Queenstown MRT station which sold like hot cakes earlier this year.
The sale of VTB Building entails a relatively long completion period of six months, which is when seller VTB Capital, part of VTB group (formerly known as Moscow Narodny Bank), will deliver vacant possession on the property to the buyers. Yi Kai and Fission are said to have bought the 16-storey building with an eye on tearing it down and redeveloping it into a residential project, subject to approval from the authorities to rezone the site, which is currently designated for commercial use.
The long completion period for the transaction gives more options to the buyers. 'They could, among other things, potentially be looking at flipping the property,' a market watcher suggested.
Another possibility would be to retrofit the existing office block and optimising its NLA. That was an option that some of the contenders for the property, which are said to have included overseas players, looked at.
VTB Building is more than 30 years old and has a 9,052 sq ft land area and a gross floor area of just over 91,000 sq ft, which reflects a plot ratio of 10.05. Under Master Plan 2008, the site is zoned for commercial use with an 11.2 + plot ratio and 35-storey maximum height.
The property is close to the Cross Street MRT station, which is scheduled to open around 2012 under Downtown Line 1.
Assuming that Fission and Yi Kai redevelop VTB Building for residential use, their $71 million acquisition price translates to a land cost of about $700 psf per plot ratio (based on an 11.2 plot ratio and assuming no development charge is payable). The breakeven cost for a new residential project could be about $1,100-$1,200 psf.
VTB's existing NLA is said to be 66,888 sq ft and roughly half of this space is currently empty. The remaining occupants, including VTB, will move out by year end. The bank is said to be considering a few locations in the CBD to lease premises, tapping current low office rents.
DTZ is understood to have brokered the VTB Building deal.
This is the third office block to have changed hands over the past month, after Parakou Building and Anson House. Parakou Building, a fairly new freehold property at the Robinson Road/McCallum Street corner, was purchased for $81.38 million or $1,280 psf of NLA by a unit of Cathay Organisation. Anson House changed hands for around $85 million or slightly over $1,100 psf of NLA. It was completed 11 years ago and is on a site with a remaining lease of around 87 years.
where got so cheap? sure 3k one. FH leh.
Originally Posted by august
Mother of MM..... Walt DisneyOriginally Posted by august
I dunno what came over me but i suddenly read LPS as Lau Pi SaiOriginally Posted by proud owner
Sound travels upwards for sure... Not so sure about satay fumes... Maybe you hear the 'satay lai ya satay' calls first before you smell them.Originally Posted by devilplate
Looking at the size, even if at close to 3k psf, it's only 1.3 or 1.4 million? So upfront cash is only $260k? I'm sure a lot of middle class has $200k+ to "play". Just hope they don't get burnt one day when there is no demand for such small units when TOP. But I'm sure it's highly affordable for the middle class investor who wants to have a CBD unit as a trophy or to partake in the MM party.
Originally Posted by august
With interest rate at almost zero. Where else to put moneyOriginally Posted by Wild Falcon
sigh....
go for at least a 2 bedder , with at least 1200 sqft ...Originally Posted by sh
i feel its much better than any MMs
in time to come, people will truly appreciate space .. comfort...
wah... 2 bedder with at least 1200sq ft... that is a rarity these days....
They have all gone enbloc....
On the verge of extinction....
Like it or not, it's the smaller units that give better rental return. I'm not taking about the extreme MM units (400sq ft with bay windows and planters), but the slightly larger ones, say 600sq ft.
Can anyone answer my earlier question above?Originally Posted by sh
I guess the answer is no, otherwise they would have advertised it BIG BIG...
I think most buy as an investment - tenants who rent such places are unlikely to drive. So not an important consideration.
Originally Posted by sh
It's an important criteria for the decision to buy or not, especially for MM units.
The area of a carpark is 2.4m by 4.8m that's 120sqft. (not counting the driveway) That's 25% of an MM unit of 480sqft.
I need to know if the MM comes with a carpark for an informed decision....
Carpark can also make money you know....
few years back govt alerady decided that we shouldnt waste space in CBD area on car park ..Originally Posted by sh
so i doubt it will have a lot to each unit
the office buildings in CBD have fewer and fewer carpark too ..
Which is exactly why I asked. If it comes with carpark, perhaps 3k per sq ft isn't such a bad price.
Carpark in CBD is going to be more and more valuable.
i dun understand the rationale....Originally Posted by sh
even if they provide 1to1 car lot....u dun own it wat...its considered as common ppty and u cannot rent it out leh?
not unless u buy those ppty tat comes with acessory lot attached to ur strate title deed...and even this case, i am not sure whether u can rent out ur car lot legally anot....some units at international plaza comes with accessory lot...any1 care to shed some light? can they rent out their car lot?
You are paying about 1.5mil for a unit. If your renting it out for 4% returns, it would be 5k a month. For someone who can afford 1.5mil for an apartment or 5k rental a month, he should be able to afford a car.
How much does it cost to have season parking in raffles place $300+ a month.
If given a development with or without carpark, which would you choose?
The next question is who owns the carpark, the developer or the MCST. If it's the MCST, at least the carpark money goes to the maintenance of the property. If the developer owns it, you're at his mercy for the parking rates if you drive.
There are developments within the CBD that comes with carparks, eg Emerald gardens, arris (yes, I know)....
The carpark is definitely a plus.
at 1.5 mio ... how big is the unit ?Originally Posted by sh
how many rooms ?
1.5 mil is just a guessimate lah... 500sq ft at 3k a sq ft...
1bedder nia...hahaOriginally Posted by proud owner
Originally Posted by devilplate
can get 5k rent meh ?
with tat kind of CMI layout ...at most 3.5k-4k in today's marketOriginally Posted by proud owner
5k more like for 2bedder
BUT its a FH status, so expect lower rental yield den 99LH Icon, lumiere etc
I doubt it too... which doesn't make it a good buy.....