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Thread: Grand Tower fetches $1,376 psf ppr

  1. #1
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    Default Grand Tower fetches $1,376 psf ppr

    Grand Tower up for en bloc sale
    By Stella Lee | Posted: 04 July 2011 1947 hrs




    Grand Tower is located near Novena MRT station.



    SINGAPORE: Grand Tower, a boutique freehold residential site located near Novena MRT station, has been launched for sale by tender.

    The redevelopment site is located at the junction of Sinaran Drive and Moulmein Rise.

    The 33-year-old tower block, consisting of 28 apartments, occupies an area of almost 22,000 square feet (sq ft) in total.

    Its marketing agent Savills Singapore said that the site can potentially be redeveloped into a high-end lifestyle project with a permissible gross floor area of approximately 64,000 square feet.

    This exceeds the allowable plot ratio of 2.8 as indicated in the 2008 Master Plan.

    The new development can accommodate 74 apartments averaging 800 sq ft each.

    Grand Tower has an indicative price of S$88.8 million or about S$1,381 per square foot per plot ratio (psf ppr).

    Savills said there is no development charge payable and the breakeven price for the new development is estimated to be between S$1,900 and S$2,000 psf.

    The company added that the recent transactions at nearby Gilstead Two were priced between S$2,181 and S$2,217 psf whilst units at the 99-year-old leasehold Soleil @ Sinaran were transacted at between S$1,773 and S$1,966 psf.

    The tender for Grand Tower will close at 3pm on July 28.

    -CNA/ck
    BE CENTRED BY ALL AT THE FRINGE OF THE CITY @

  2. #2
    mr funny is offline Any complaints please PM me
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    Default Grand Tower site at Novena up for tender

    http://www.businesstimes.com.sg/sub/...95940,00.html?

    Published July 5, 2011

    Grand Tower site at Novena up for tender


    GRAND Tower, a small freehold residential site located in the Novena area, is up for sale by tender with an indicative price tag of $88.8 million, or about $1,381 per sq ft per plot ratio.

    The redevelopment site, located at the junction of Sinaran Drive and Moulmein Rise, currently houses a 33- year-old tower block comprising 28 apartments of about 1,873 sq ft each.

    The 21,742 sq ft can potentially be redeveloped into a high-end lifestyle development with permissible gross floor area of 5,974.64 square metres, or about 64,310 sq ft, exceeding the allowable plot ratio of 2.8 as indicated in the 2008 Master Plan.

    Marketing agent Savills Singapore said in a press statement yesterday that the site can accommodate 74 apartments averaging 800 sq ft each.

    Based on the indicative price of close to $89 million, the breakeven for a new project on the sale site is expected to be between $1,900 and $2,000 psf. No development charge is payable.

    The Grand Tower site is within walking distance to three malls - Velocity @ Novena Square, United Square, and Square 2.

    The Novena MRT station is less than 250 metres away and the site is also within 1km of St Joseph's Institution (Junior).

    Savills said in its press statement that recent transactions at nearby Gilstead Two were between $2,181 and $2,217 psf, while units at the 99-year leasehold Soleil @ Sinaran were transacted at between $1,773 and $1,966 psf.

    The tender for Grand Tower will close at 3pm on July 28, 2011.

  3. #3
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    Default Grand Tower sold en bloc for S$88.5m

    Small is beautiful, seemed that small enbloc project appeal to developers, easily sold and price is closed to indicative asking price tag.

    http://www.channelnewsasia.com/stori...145045/1/.html

    Grand Tower sold en bloc for S$88.5m

    Posted: 04 August 2011 2046 hrs

    SINGAPORE: Grand Tower located near Novena MRT station sold en bloc for S$88.5 million. This reflects a land rate of S$1,376 per square foot per plot ratio based on a plot ratio of 2.958.

    Marketing agent for the site Savills said the buyer is 27MR Pte Ltd, a wholly owned subsidiary of boutique developer New Century Real Estate.

    New Century Real Estate is also the developer for 8Rodyk condominium.

    Grand Tower is a freehold development with a site area of 21,742 sq ft. The site can potentially accommodate a new high rise residential development with a maximum permissible Gross Floor Area of approximately 64,310 sq ft.

    The site can potentially be redeveloped into a residential development comprising more than 70 apartments averaging 800 sq ft each.

    Savills said the breakeven cost is estimated between S$1,900 to S$2,000 psf.

    The existing development comprises 28 apartments with an area of about 1,873 sq ft each.

    Savills said each owner can potentially receive approximately S$3.16 million, or S$1,688 psf on strata area. This is higher than the S$1,000 to S$1,100 psf if the apartments were to be sold individually in the secondary market.

    Grand Tower is Savills' fourth collective sale for the year following Newton View at S$147.6 million in March.

    - CNA/ck

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    Default

    SINGAPORE: Grand Tower located near Novena MRT station sold en bloc for S$88.5 million. This reflects a land rate of S$1,376 per square foot per plot ratio based on a plot ratio of 2.958.

    Marketing agent for the site Savills said the buyer is 27MR Pte Ltd, a wholly owned subsidiary of boutique developer New Century Real Estate.

    New Century Real Estate is also the developer for 8Rodyk condominium.

    Grand Tower is a freehold development with a site area of 21,742 sq ft. The site can potentially accommodate a new high rise residential development with a maximum permissible Gross Floor Area of approximately 64,310 sq ft.

    The site can potentially be redeveloped into a residential development comprising more than 70 apartments averaging 800 sq ft each.

    Savills said the breakeven cost is estimated between S$1,900 to S$2,000 psf.

    The existing development comprises 28 apartments with an area of about 1,873 sq ft each.

    Savills said each owner can potentially receive approximately S$3.16 million, or S$1,688 psf on strata area. This is higher than the S$1,000 to S$1,100 psf if the apartments were to be sold individually in the secondary market.

    Grand Tower is Savills' fourth collective sale for the year following Newton View at S$147.6 million in March.

    - CNA/ck

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    Default

    Condo prices around Novena MRT has been going up......like Soleil.., developers seem to be bullish on the Medical Hub in the area.

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    Cool

    Quote Originally Posted by land118
    Small is beautiful, seemed that small enbloc project appeal to developers, easily sold and price is closed to indicative asking price tag.

    http://www.channelnewsasia.com/stori...145045/1/.html

    Grand Tower sold en bloc for S$88.5m
    Posted: 04 August 2011 2046 hrs

    SINGAPORE: Grand Tower located near Novena MRT station sold en bloc for S$88.5 million. This reflects a land rate of S$1,376 per square foot per plot ratio based on a plot ratio of 2.958.

    Marketing agent for the site Savills said the buyer is 27MR Pte Ltd, a wholly owned subsidiary of boutique developer New Century Real Estate.

    New Century Real Estate is also the developer for 8Rodyk condominium.

    Grand Tower is a freehold development with a site area of 21,742 sq ft. The site can potentially accommodate a new high rise residential development with a maximum permissible Gross Floor Area of approximately 64,310 sq ft.

    The site can potentially be redeveloped into a residential development comprising more than 70 apartments averaging 800 sq ft each.

    Savills said the breakeven cost is estimated between S$1,900 to S$2,000 psf.

    The existing development comprises 28 apartments with an area of about 1,873 sq ft each.

    Savills said each owner can potentially receive approximately S$3.16 million, or S$1,688 psf on strata area. This is higher than the S$1,000 to S$1,100 psf if the apartments were to be sold individually in the secondary market.

    Grand Tower is Savills' fourth collective sale for the year following Newton View at S$147.6 million in March.

    - CNA/ck
    developer regretting like mad now! maybe they'll forfeit the deposit..

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    Default Grand Tower fetches $1,376 psf ppr

    http://www.businesstimes.com.sg/sub/...74340,00.html?

    Published August 5, 2011

    Grand Tower fetches $1,376 psf ppr


    GRAND Tower at Moulmein Rise has been sold through a collective sale for $88.5 million or about $1,376 per square foot of potential gross floor area. No development charge is payable.


    Grand Tower: Breakeven cost for a new project on the 21,742 sq ft is estimated at $1,900-2,000 psf

    The buyer is 27MR Pte Ltd, a fully-owned unit of boutique developer New Century Real Estate, which developed 8 Rodyk off River Valley Road.

    The 21,742 sq ft freehold site can potentially be redeveloped into a high- rise apartment development with a maximum GFA of about 64,310 sq ft, which is the existing verified GFA - exceeding the 60,878 sq ft based on the 2.8 plot ratio for the site in Master Plan 2008. A new project can generate over 70 apartments averaging 800 sq ft.

    The breakeven cost for a new project is estimated at $1,900-2,000 psf, said Savills Singapore, which brokered the sale of Grand Tower through a tender which closed on July 28.

    An earlier tender closed on April 6 without the site being sold. The latest tender drew three bids and expressions of interest, said Savills' senior director of investment sales Suzie Mok. The reserve price has been exceeded slightly. The sale is subject to approval from Strata Titles Board.

    The 33-year-old Grand Tower has 28 apartments of about 1,873 sq ft. Each owner stands to receive about $3.16 million or $1,688 psf on strata area - 53 to 69 per cent above the $1,000-1,100 psf the apartments could have fetched individually in the secondary market, said Savills.

    Savills said Grand Tower marks the fourth collective sale it has brokered this year, after Newton View, Amber Towers and and Balmoral Condominium. The four deals add up to to $538.7 million.

    Data from Credo Real Estate show that 34 collective sales totalling $1.89 billion have been inked year to date, against 36 deals worth $1.77 billion for full-year 2010.

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    http://www.todayonline.com/Business/Property/EDC110805-0000049/Grand-Tower-sold-for-S$88,5m

    Grand Tower sold for S$88.5m

    04:45 AM Aug 05, 2011


    SINGAPORE - Grand Tower in Novena has been sold en bloc for S$88.5 million to 27MR, a wholly owned subsidiary of boutique developer New Century Real Estate, marketing agent Savills said yesterday.

    Grand Tower is a freehold development with a site area of 21,742 sq ft. The site can accommodate a new high-rise residential development with a maximum permissible gross floor area of about 64,310 sq ft, or more than 70 apartments of about 800 sq ft each.

    The price reflects a land rate of S$1,376 per sq ft per plot ratio based on a plot ratio of 2.958. Savills said the breakeven is estimated at S$1,900 to S$2,000 psf.

    The existing development comprises 28 apartments with an area of about 1,873 sq ft each. Savills said each owner can potentially receive about S$3.16 million or S$1,688 psf on strata area. Grand Tower is the fourth collective Savills sale for the year following Newton View at S$147.6 million in March,

    New Century Real Estate is also the developer of 8Rodyk condominium in Robertson Quay.

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