Owners cut price for Whitley estate

[sleek]

Whitley Heights up for en bloc sale
By Jo-ann Huang | Posted: 05 January 2011 2128 hrs
SINGAPORE: After a strong run last year, it looks like the en bloc market is ushering in the new year with a bang.

Apartment complex Whitley Heights is up for collective sale -- the first property to be offered this year.

Re-zoned for landed housing, the site should attract substantial interest, according to analysts.

Experts said sites like the Whitley Heights apartment complex are a rare find.

Located off Whitley Road, it consists of three blocks of three-storeys, each with a total of 45 units. Apartment sizes range from 1,600 square feet to 2,100 square feet.

Credo Real Estate managing director Karamjit Singh said: "There are very few residential redevelopment sites available in the market place for them to get their hands on to build landed properties or mixed landed.

"Here, when we talk about mixed landed, we are referring to the ability on the part of the developers to build a whole variety of either terraces, semi detached or detached houses.

Mr Singh added that Whitley Heights is the largest freehold plot in Districts 9 to 11, sized at 130,165 square feet. He said it is the largest site put up for collective sale in more than three years.

Now that demand for landed property is rising due to supply constraints, analysts expect Whitley Heights to attract bids from mid-tier as well as major developers.

Prices for landed housing increased 20 per cent last year, outpacing the non-landed residential market.

International Property Advisors chief executive officer Ku Swee Yong said: "We've got a limited supply; right now, total stock in Singapore is just under 70,000 units.

"What's coming up in the next five years could be about three to four thousand units of new landed housing".

Whitley Heights is expected by analysts to attract bids ranging from S$185 million to S$210 million.

That means each of the owners gets to pocket a S$4 million if the sale goes through.

This translates to S$1,421 per square foot to S$1,613 per square foot over the land area.

Credo Real Estate said Whitley Heights could be developed into as many as 80 strata terrace houses or about 60 strata semi-detached houses, subject to approval.

Going forward, analysts are bullish on the landed housing market.

They forecast that prices of landed housing will rise by eight to 10 per cent this year.

Prices of landed housing are currently at S$7,600 to S$9,300 per square metre, 25 per cent lower than prices of non-landed housing.

"Right now, there's a little bit of a price gap on a per square foot basis versus high-rise properties," Mr Ku said.

"The gap has shrunk within the last eight to 10 years from 30 over per cent. Now the gap is only at 25 per cent. We expect the gap to shrink further because the demand for landed properties is stronger than the demand for high rise properties."

Analysts also expect en bloc deals, which were worth S$860 million last year, to double in 2011.

Mr Ku noted that other private properties which have the potential to follow in Whitley Heights' footsteps are Kiam Hock Gardens, Kew Lodge, Orchid Apartments and Charming Gardens.

Like Whitley Heights, these properties are located in Districts 9 to 11.

But the site could multiply its value proposition. Sources say that the two private low-density properties are a barrier to direct access into Chancery Hill Road and Chancery Lane.

"A smart developer would try to buy off the two properties and rebrand the entire redevelopment into an exclusive Chancery Lane residence," said a property consultant who declined to be named.

Tight government land supply in the city fringe region has led to successful en bloc sales in the area.

For example, fellow city-fringer and en bloc property Maison Royale, which is located at Surrey Road, was sold off last month to Giant Land for S$46 million.

-CNA/wk

[mr funny]

http://www.businesstimes.com.sg/sub/...20578,00.html?

Published January 6, 2011

For sale: two housing plots, industrial site

Kaki Bukit tender in 2 weeks; Whitley Heights, Residence 81 go en bloc

By EMILYN YAP


THE new year has brought with it a slew of residential and industrial sites for developers to invest in.

Two private home developments are up for collective sale. One is the freehold Whitley Heights, located off Whitley Road, which occupies a land area of 130,165 square feet.

The owners are asking for $185-210 million, which works out to around $1,421-1,613 per square foot (psf) of land area.

Whitley Heights is more than 20 years old and has 45 walk-up apartments in three three-storey blocks. Under the 2008 Master Plan, the site is designated for two-storey mixed landed houses upon redevelopment.

This means that the buyer can choose to build a combination of conventional terraces, semi-detached and detached houses, strata terraces, strata semi-detached houses and strata bungalows.

Credo Real Estate is handling the tender for Whitley Heights, which closes on Jan 26. It notes that the project could be the first site with an area of more than 100,000 sq ft to be sold en bloc for landed development in more than three years.

According to Credo, the buyer could build as many as 80 strata terrace houses or around 60 strata semi-detached houses on the site.

'Supply for landed sites has been few and far between,' said Credo managing director Karamjit Singh. 'The dearth of supply can only result in price escalation for landed homes.'

Credo found that from 2000 to 2010, barely 4,000 units were added to the stock of landed homes, leading to an increase of less than 6 per cent.

As a result, the stock of landed housing as a proportion of all private residential homes has dropped to 27 per cent last year from 35 per cent in 2000.

Over at Telok Kurau, the freehold Residence 81 is up for auction with an indicative price of around $25.1 million, which translates to $950 psf of strata floor area.

The five-year-old property has a single owner and will be sold with vacant possession. BT understands that the owner is part of the Hotel 81 group, and the sale is the result of a property portfolio reorganisation.

Residence 81 sits on a site measuring 15,455 sq ft and has a total strata floor area of 26,446 sq ft. There are 21 strata-titled units, of which two on the ground floor have been reconfigured into a communal area.

Colliers International is handling the auction, scheduled for Jan 19. According to its deputy managing director Grace Ng, the buyer can apply for naming rights for the development and put the individual units up for sale.

The buyer can also rent the units out. 'Leasing demand is expected to stay robust in 2011, partly supported by the projected increase in hiring, especially by financial institutions,' she said. 'Rents for private residential homes can be expected to climb further by 8 to 12 per cent on average in 2011.'

While the sale process is just beginning for some home owners, residents of Maison Royale have bagged $46 million for their freehold estate in Newton. The buyer, Giant Land, may have to pay another $2.55 million in development charge, leading to an overall price of around $1,230 psf per plot ratio (psf ppr).

In the industrial sector, an unnamed developer has committed to pay at least $18 million or $68 psf ppr for a 30-year leasehold state land parcel at Kaki Bukit Road 4.

The 2.45-hectare site on the reserve list, zoned for Business 2 development, will be launched for tender in two weeks' time.

[mr funny]

http://www.straitstimes.com/PrimeNew...ry_620948.html

Jan 6, 2011

Huge collective sale site slated for landed homes

Owners of Whitley Heights apartments hope to rake in $210m

By Cheryl Lim


The tender for the collective sale of Whitley Heights condominium, off Whitley Road, is the first for the year. The owners are asking for between $185 million and $210 million for the deal. This works out to a maximum of $1,613 per sq ft. Each owner stands to pocket $4 million to $4.7 million. -- ST PHOTO: ALPHONSUS CHERN

A HUGE redevelopment site in one of Singapore's prime neighbourhoods, District 11, has just become the first collective sale offering to hit the market this year.

But for property watchers, the most intriguing feature of the proposed sale of Whitley Heights, just off Whitley Road, is that most unusually, an apartment site is on sale to be redeveloped into landed homes.

Most residential sites go on sale en bloc as they can be redeveloped into high-rise condo units but this is the reverse. Sales of freehold landed home sites are very rare, especially plots this large, at 130,165 sq ft or 1.21ha. The site is only a stone's throw from the large houses in Chancery Lane and top schools.

The last large-scale collective sale for mixed landed development was of Nim Park in the Seletar area, back in 2007.

One key factor in how this closely watched collective sale will play out, say market experts, is that price gains for landed homes have been outstripping those for non-landed homes of late.

Marketing agent Credo Real Estate's managing director, Mr Karamjit Singh, said: 'Between the second quarter of 2009 and the third quarter of 2010, prices of landed properties jumped 54 per cent while non-landed prices rose 39 per cent.'

The supply of landed homes is also limited, having not grown as fast as that of non-landed homes, experts say. The number of landed homes as a proportion of total private residential homes fell from 35 per cent in 2000 to 27 per cent last year.

Whitley Heights owners are asking for between $185 million and $210 million, which works out to a maximum of $1,613 per sq ft. Each owner stands to pocket $4 million to $4.7 million.

The condominium comprises 45 walk-up units housed in three three-storey blocks. The units range from 1,600 sq ft to 2,100 sq ft.

Under the Urban Redevelopment Authority's 2008 masterplan, the site is zoned for two-storey mixed landed homes upon redevelopment.

The freehold site could house up to 80 strata terrace houses or around 60 strata semi-detached houses, said Credo.

Property firm Knight Frank's head of consultancy and research Png Poh Soon said it was a good chance for the condo owners to cash in on the surge in landed home prices.

He said developers are always on the lookout for good sites and locations. 'This situation is very rare... usually when you redevelop, the land use is intensified so when the project is done up, you can build more and increase the developer's profit margin,' he said.

A successful sale could prompt nearby low-rise projects such as Villa Des Flores to attempt a collective sale, market watchers added.

The tender for Whitley Heights closes on Jan 26.

[email protected]

[mr funny]

http://www.todayonline.com/Business/...up-for-en-bloc

Prime site up for en bloc

Whitley Heights, rezoned for landed housing, will see hot bidding: Analysts

by Jo-Ann Huang Limin

05:55 AM Jan 06, 2011


SINGAPORE - After a strong run last year, it looks like the en bloc market is ushering in the New Year with a bang.

Apartment complex Whitley Heights is up for collective sale - the first property to be offered this year. Rezoned for landed housing, the site should attract substantial interest, analysts say.

Experts say sites like the Whitley Heights apartment complex are a rare find. Located off Whitley Road, it consists of three blocks of three storeys each with a total of 45 units. Apartment sizes range from 1,600 sq ft to 2,100 sq ft.

"There are very few residential redevelopment sites available in the market place for them to get their hands on to build landed properties or mixed landed," said Mr Karamjit Singh, managing director of Credo Real Estate, the appointed marketing agents for Whitley Heights.

He said the rezoning to mixed landed housing would allow developers to build a whole variety of terraces, semi-detached or detached houses.

Whitley Heights is the largest freehold plot in Districts 9 to 11; sized at 130,165 sq ft, it is the largest site up for collective sale in more than three years, said Mr Singh.

Now that demand for landed property is rising due to supply constraints, analysts expect Whitley Heights to attract bids from mid-tier as well as major developers.

Prices for landed housing increased 20 per cent last year, outpacing the non-landed residential market, which saw a 10- to 12-per-cent rise.

Mr Ku Swee Yong, chief executive officer of International Property Advisors, said the supply of landed housing is very limited. "Total stock in Singapore is just under 70,000 units. What's coming up in the next five years could be about 3,000 to 4,000 units of new landed housing. That isn't enough to meet the demand," he said.

Analysts said Whitley Heights is expected to attract bids ranging from $185 million to $210 million. This translates to $1,421 to $1,613 per sq ft over the land area and means that every owner gets to pocket a cool $4 million if the sale goes through.

Credo Real Estate said Whitley Heights could be developed into as many as 80 strata terrace houses, or about 60 strata semi-detached houses, subject to approval.

Analysts are bullish on the future of the landed housing market. They forecast that prices of landed housing would rise by 8 to 10 per cent this year.

Mr Ku noted that other private properties, which have the potential to follow in Whitley Heights' footsteps, are Kiam Hock Gardens, Kew Lodge, Orchid Apartments and Charming Gardens.

[bargain hunter]

THE owners of Whitley Heights, just off Whitley Road, are relaunching their estate for tender at a lower price.
Credo Real Estate, which is handling the collective sale exercise, revealed yesterday that the first attempted sale in January this year was unsuccessful.
The offers received for the 130,165 sq ft freehold site in one of Singapore's prime neighbourhoods, District 11, were below the owners' initial reserve price.
'Earlier, the owners were hoping to achieve between $185 million and $210 million, which reflected a land rate of $1,421 to $1,613 per sq ft (psf),' said Credo managing director Karamjit Singh.
Now, they have lowered their price target to $165 million, or $1,268 psf, he said.
More than 80 per cent of the owners have consented in writing to the reduced reserve price.
Asked if the tender would be successful after the adjustments, Mr Singh said he remains optimistic.
'It should be all right because the owners have made a significant enough adjustment to attract developers' interest,' he said.
'At $165 million for the land, the developer may expect to break even at around $3 million per strata terraced. They should be able to sell the new strata units at an average of $3.6 million to $3.7 million per unit.'
Whitley Heights is a stone's throw from the large houses in posh Chancery Lane and a number of top schools.
Analysts reckon the unsuccessful tender earlier this year is not so much reflective of the current market, but more of the nature of the site and its development uses.
When most residential apartment sites go en bloc, they are typically redeveloped into high-rise condominium units.
But for Whitley Heights, the site - which currently houses a 45-unit condo development - is to be redeveloped into two-storey landed homes.
This means the developer of the site could choose to build a combination of conventional terraced, semi-detached and detached houses, as well as strata terraced, strata semi-detached houses and strata bungalows.
This implies potentially less 'intensive' use of the land for any developer, said SLP's head of research, Mr Nicholas Mak.
'The en bloc sale premium could be less, as a result, for the developer,' he said.
The tender for Whitley Heights closes at 2.30pm on July 8.

[bargain hunter]

when i read the jan 6 article and the one by ST today, its such a huge constrast!

[Wild Falcon]

Why enbloc from condo to landed? Change in land use?

[mr funny]

http://www.straitstimes.com/Money/St...ry_680369.html

Jun 16, 2011

Owners cut price for Whitley estate

Adjustment comes after failed sale earlier this year

By Gabriel Chen, Finance Correspondent


Whitley Heights, just off Whitley Road, is up for collective sale again. The freehold site in District 11, which currently houses a 45-unit condo development, is to be redeveloped into two-storey landed homes. -- ST FILE PHOTO

THE owners of Whitley Heights, just off Whitley Road, are relaunching their estate for tender at a lower price.

Credo Real Estate, which is handling the collective sale exercise, revealed yesterday that the first attempted sale in January this year was unsuccessful.

The offers received for the 130,165 sq ft freehold site in one of Singapore's prime neighbourhoods, District 11, were below the owners' initial reserve price.

'Earlier, the owners were hoping to achieve between $185 million and $210 million, which reflected a land rate of $1,421 to $1,613 per sq ft (psf),' said Credo managing director Karamjit Singh.

Now, they have lowered their price target to $165 million, or $1,268 psf, he said.

More than 80 per cent of the owners have consented in writing to the reduced reserve price.

Asked if the tender would be successful after the adjustments, Mr Singh said he remains optimistic.

'It should be all right because the owners have made a significant enough adjustment to attract developers' interest,' he said.

'At $165 million for the land, the developer may expect to break even at around $3 million per strata terraced. They should be able to sell the new strata units at an average of $3.6 million to $3.7 million per unit.'

Whitley Heights is a stone's throw from the large houses in posh Chancery Lane and a number of top schools.

Analysts reckon the unsuccessful tender earlier this year is not so much reflective of the current market, but more of the nature of the site and its development uses.

When most residential apartment sites go en bloc, they are typically redeveloped into high-rise condominium units.

But for Whitley Heights, the site - which currently houses a 45-unit condo development - is to be redeveloped into two-storey landed homes.

This means the developer of the site could choose to build a combination of conventional terraced, semi-detached and detached houses, as well as strata terraced, strata semi-detached houses and strata bungalows.

This implies potentially less 'intensive' use of the land for any developer, said SLP's head of research, Mr Nicholas Mak.

'The en bloc sale premium could be less, as a result, for the developer,' he said.

The tender for Whitley Heights closes at 2.30pm on July 8.

[email protected]

[kingkong1984]

cannot sell of course cut price.. else cut what?

going towards landed is good given limited in supply. Strata landed... hmm... no comments.

[mr funny]

http://www.todayonline.com/Business/...e-market-again

With a lower reserve price, Whitley Heights is on the market again

by Jonathan Peeris

04:47 AM Jun 16, 2011


SINGAPORE - Whitley Heights, a District 11 condominium development located off Whitley Road has been re-launched for tender with a lower reserve price.

This follows the unsuccessful tender exercise called for in January this year.

Credo Real Estate managing director, Mr Karamjit Singh, who is handling the sale, said the offers received for the site were below the owners' initial Reserve Price.

This prompted the Collective Sale Committee to seek a fresh mandate from the rest of the owners to lower the price.

Earlier the owners were hoping to achieve between S$185 million to S$210 million, which reflected a land rate of S$1,421 to S$1,613 per square foot.

At the moment, more than 80 per cent of the owners have consented in writing to a lower Reserve Price of S$165 million, which translates to S$1,268 dollars per square foot over the land area.

Whitley Heights currently comprises 45 units of walk-up apartments housed in three three-storey blocks.

It has a land area of some 130,165 square feet and was built in the '80s.

Mr Singh says at S$165 million for the land, the developer may expect to breakeven earning around S$3 million per strata terrace.

This means they should be able to sell the new strata units at an average of S$3.6 million to S$3.7 million per unit.

The tender for Whitley Heights now closes at 2.30 pm on July 8.