Three residential en bloc sites up for sale

[sleek]

Three residential en bloc sites up for sale
By Jo-ann Huang | Posted: 25 April 2011 1611 hrs

SINGAPORE: Three residential en bloc sites in prime locations have been put up for sale by their sole marketing agent Knight Frank.

The first site is the freehold Dynasty Garden, located on Sixth Avenue in District 10. It has a land area of about 73,300 square feet. Under the 2008 Master Plan, the site is a "three-storey mixed landed". There are currently 33 walk-up apartments with unit sizes ranging from 1,044.1 square feet to 2,604.8 square feet.

The guide price for Dynasty Garden is S$114.8 million or S$1,566 per square foot. Owners will receive about S$2.8 million to S$5.4 million from sale proceeds.

Adjoining Dynasty Garden is 21 Lim Tai See Walk, the second site put up for sale by Knight Frank.

There is a two-storey detached house on the site, which has a land area of 12,691 square feet. The site is designated as a "three-storey mixed landed" under the 2008 Master Plan.

The guide price for 21 Lim Tai See Walk is S$17.5 million or S$1,379 per square foot.

With the combined land area of Dynasty Garden and 21 Lim Tai See Walk amounting to 85,991 square feet, Knight Frank said both sites offer developers an opportunity to build luxurious cluster homes in quiet but convenient locations.

Both sites are situated near dining and shopping amenities in Holland Village, as well as reputable schools such as Raffles Girls' Primary, Nanyang Girls' High School and National Junior College.

Associate director of investment at Knight Frank Ian Loh expects the sites to receive strong interest from developers, due to the limited supply of landed homes and rare large redevelopment sites.

"The freehold sites could house up to 52 strata terrace houses or around 39 strata semi-detached houses," added Mr Loh.

Buyers can opt to tender for either site or both sites.

Tenders for Dynasty Garden and 21 Lim Tai See Walk will close on May 27 at 4pm.

The third site up for sale is Riviera Point - a freehold site sized at 14,580 square feet located on River Valley Road.

The site is a short walk from Somerset MRT Station and some minutes' drive to the central business district, said Knight Frank. It can be redeveloped into a new project with a gross floor area of 49,303 square feet and a gross plot ratio of 3.38. This exceeds the permissible plot ratio of 2.8 under the Master Plan 2008.

Riviera Point can be redeveloped into a boutique apartment complex with 70 units averaging 700 square feet each.

The guide price for the site is S$73.5 million or S$1,491 per square foot per plot ratio. No development charge is payable with a gross floor area of 49,303 square feet for the new project.

With an additional 10 per cent balcony area, the land price could be powered to S$1,417 per square foot per plot ratio, based on a potential gross floor area of about 54,233 square feet.

Knight Frank also expects strong developer interest in Riviera Point, given its prime location and its popularity among foreign buyers.

The tender for Riviera Point closes on May 26 at 3pm.

-CNA/ac

[TheIdler]

Ooh more strata hse at sixth ave... Wonder how much each will cost roughly? The land cost plus developer cost seems high? Wonder how much psf it translates to for each strata unit...

[CCR]

Normal sized units will cost 2200+ psf, if MM then more

[TheIdler]

*faint* Prices are crazy!!

[CCR]

Have to be at these levels if the en bloc goes thru atbthe prices advertised.... If not might be slightly lower at 2000 psf

[amk]

MCL's Sixth Ave site was only bought at abt $1150 psf. Still not yet launched. And this one is gunning for $1500 psf already ? So confident in this area huh ?

[kingkong1984]

Expecting not successful.

[chiaberry]

That area is quite congested in the morning. Difficult to turn into 6th Avenue because there is a constant stream of cars. You need to leave the place very early in the morning. Going home is also congested unless you either knock off work early or go home late. I had a relative who had bought a corner terrace off 6th Avenue some time back but eventually sold it because it was a hassle ro rush out of the house in the morning to beat the morning crowd.

However, there is a shortage of land for landed properties in CCR so this might go through (as opposed to a site for condos).

[blessy888]

The land on which Riviera Point sits is elevated and when built to a max of 36 floors, the residents will command a panoramic view of orchard and cbd skyline.

[kimwah]

I think the cost comparison mentioned by some of the forumers here might not be correct. There is a clear difference between landed cost psf versus strata hse build-up psf. For mixed development like cluster housing, one can apply the 1.4 multiplier effect to get the total build-up area (PPR) for the entire development, subjected to the height limit of that area of course.

As such for the case of Dynasty Garden court 1 which went enbloc in 2007, the PPR is only 830psf (not 1160psf which is the landed cost psf).

Similarly for DG court 2 case, the PPR works out to be 1110psf (1566psf is the landed cost psf). And if the plot is combined with the neighbouring Lim Tai See detached house plot, the PPR will lower to 1080psf.

If the additional 10% balcony area is applied for mixed development, the PPR can be further reduced.

[sh]

errr... for cluttered housing not so straight forward. Building GFA is controled by site coverage and building height, not plot ratio... Can't convert so easily

[kimwah]

Yes I am awared. That's is precisely why I pointed out the ignorance of some of the forumers here when they were commenting the land cost psf for mixed development.

I am awared of the formula used for calculating the number of terrace or semi-d units that one can build within a mixed development, and also the height restriction. However I am less clear on the GFA for mixed development. Is there really a GFA formula for mixed landed development ? I pickup the 1.4 ratio from an article in Asiabuilders.com.

I understood that some of the mixed development has been successfully converted to plot ratio based. One such example is Promises Garden which has been coverted to 1.6 ppr.

[sh]

there is no GFA control for mixed landed. It's controlled by site coverage & height for cluttered housing. For conventional landed, it's minimum plot size, setbacks and height.

The plot ratio you're referring to could be basis for calculating development charge. If the GFA exceeds the earlier master plans, then DC is chargeable.

If mixed landed is rezoned, it should be reflected in the masterplan, and the plot ratio will be reflected in the masterplan, up to the discretion of URA

[blackjack21trader]

All very reasonably priced. Very surprised owners are not greedy at all. I predict average 5-10 bidders for each of the above site. Definately more than 10 for site like Dynasty. Some of the sites I was eyeing in 2009, but too late liao cause the enbloc news broke. All GEMS ! YUMMY ! YUMMY !

[blackjack21trader]

I think some brothers here do not understand the developers' minds la... let me ask you a simple question: does anybody on Plant Earth has 2 keys ? One to shut off the China's growth engine and the other to shut off India's ? Guess not....I tell you, the demand will be so overwhelming like an overflooding bathroom bathtub that someone will scream for the action to stop. But Alas.... Nobody can stop it. Not even the USofA....

[blackjack21trader]

then if you are like most brothers, say cash is $100,000 in bank. if the inflation/forex loss is 3%, it will not bite you la. But if say you have $10,000,000 in the bank, the 3% loss can buy a car liao la.

so I ask you again. Say the gahment decided to use brute force on these rich investors and curb them from buying our private properties. What do you think they will do ?

Now, everyday, their bank account keep bloating and bloating and like wanna explode liao....what do you think they will do when they are most fearful and then stopped in their tracks?

YES! They will simply bypass us and go buy more in Hong Kong, Taiwan ,Malaysia or even Indonesia la.

[blackjack21trader]

Now, let your humble brother here enlighten you what is really happening in this Earth of ours. You see, on one side is a BIG CONSUMER, on the other side is a BIG PRODUCER. The BIG CONSUMER was so squandering and wasteful that he end up in HUGE DEBT. So to get out of this mess, he has to PRINT and PRINT and PRINT. A very ingenious way to get outta hole, I should say.

That is, provided the 2008 financial crisis and the Japan Earthquake in 2011 did not happen. BUT THEY DID ! And what happend? So the more he PRINTS, the FATTER the PRODUCER becomes. But what is wrong here again?

YES, the PRODUCER is A GIANT WITH A POPULATION OF 1.5 BILLIONS. So the PRODUCER has an very BIG STOMACH to MAKAN all the papers la.... Then, now you have another PRODUCER entering the picture - A STOMACH of 1.2BILLIONS. Now, that is ...let me see....wait har......

2,700,000,000 potential middle class on PLANT EARTH.

If you are wondering why I call Planet Earth as PLANT EARTH, now you know!

[devilplate]

Blackjack....cant slp ar?

Nice bedtime stories....tonite gona make my multi dollar dreams...haha

[kimwah]

Interesting coffee shop talk.....since u know the developers' mind so well,. perhaps u can share how developers manage their risk or upside when bidding for a enbloc development.....what are their IRR or margin, etc....we simple people sure can't absorb those billions numbers....

[blackjack21trader]

Interesting coffee shop talk.....since u know the developers' mind so well,. perhaps u can share how developers manage their risk or upside when bidding for a enbloc development.....what are their IRR or margin, etc....we simple people sure can't absorb those billions numbers....

I am flattered, very flattered la....HAHAHAHA

[devilplate]

I am flattered, very flattered la....HAHAHAHA

I tink he is suaning u lah

[blackjack21trader]

I tink he is suaning u lah

Wah lau, brother devilplate, why u pour cool water on me?