Results 1 to 3 of 3

Thread: Whitley Heights condo sold for S$159m in collective sale

  1. #1
    Join Date
    Apr 2009
    Posts
    2,009

    Default Whitley Heights condo sold for S$159m in collective sale

    Whitley Heights condo sold for S$159m in collective sale

    A condominium located off Thomson Road has been sold to Hoi Hup Realty for S$159 million, or approximately S$1,222 psf of land area.

    Called Whitley Heights, the freehold development comprises 45 walk-up apartments in three 3-storey blocks.

    It was launched for sale in January 2011, with the owners setting an asking price of between S$185 million and S$210 million (around S$1,421 psf to S$1,613 psf of land area). However, no sale was completed since the offers received were below the owners’ initial reserve price.

    In June 2011, Credo Real Estate re-launched the property for tender at a lower price of S$165 million (S$1,268 psf).

    Karamjit Singh, Managing Director of Credo Real Estate, said that although the final sale price of S$159 million (S$1,222 psf) was slightly below the target, more than 80 percent of the owners approved of Hoi Hup’s offer.

    “Whitley Heights is the largest freehold plot located in the prime districts of 9, 10 and 11 to be sold for its mixed landed residential development potential,” he said.

    “Islandwide, it would also be the first collective sale of a project with a land area in excess of 100,000 sq ft zoned for landed development in more than four years.”

    With a sale price of S$159 million, Whitley Heights’ owners will receive a gross sale price of S$3.3 million to S$3.8 million.

  2. #2
    mr funny is offline Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default Condo off Thomson Rd sold for $159m in collective sale

    http://www.businesstimes.com.sg/sub/...93540,00.html?

    Published September 2, 2011

    Condo off Thomson Rd sold for $159m in collective sale

    By UMA SHANKARI


    WHITLEY Heights, a District 11 condominium development located off Thomson Road, has been sold to Hoi Hup Realty for $159 million or $1,222 per square foot (psf) of land area.


    Whitley Heights: The 130,165 sqft freehold site bought by Hoi Hup Realty is zoned for two-storey mixed landed houses upon redevelopment

    The freehold development, which consists of 45 units of walk-up apartments housed in three three-storey blocks, was first launched for sale in January this year.

    The owners had then asked for $185-210 million, which works out to around $1,421-1,613 psf of land area. But there was no sale as the offers received for the 130,165 sq ft site were below the owners' initial reserve price.

    Credo Real Estate, which handled the collective sale exercise, then relaunched the estate for tender at a lower price in June. The price target was lowered to $165 million, or $1,268 psf.

    The final sale price of $159 million or $1,222 psf announced yesterday is slightly below that target. More than 80 per cent of the owners have consented in writing to Hoi Hup's offer, said Credo Real Estate managing director Karamjit Singh.

    The sale is subject to Strata Titles Board approval. If approved, this could be the third largest collective sale deal out of some 72 recorded deals concluded over the last 20 months - the average of which has been $53 million, Mr Singh added.

    Although the site currently houses a condominium, it is zoned for two-storey mixed landed houses upon redevelopment.

    'Whitley Heights is the largest freehold plot located in the prime districts of 9, 10 and 11 to be sold for its mixed landed residential development potential,' he said. 'Islandwide, it would also be the first collective sale of a project with a land area in excess of 100,000 sq ft zoned for landed development in more than four years.'

    Hoi Hup can build as many as 80 strata terrace houses or around 60 strata semi-detached houses on the site, Mr Singh said.

    At Whitley Heights' sale price of $159 million, the owners will receive a gross sale price of between $3.3 million and $3.8 million, he said.

  3. #3
    mr funny is offline Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default Whitley Heights sold for $159m on second try

    http://www.straitstimes.com/Money/St...ry_708608.html

    Published on Sep 2, 2011

    Whitley Heights sold for $159m on second try

    Owners are expected to receive $3.3m to $3.8m each in collective sale

    By Esther Teo, Property Reporter


    IT WAS a case of second time lucky for the owners of sprawling Whitley Heights, after a buyer agreed to stump up $159 million for the estate.

    Developer Hoi Hup Realty inked a private treaty to pay $1,222 per sq ft for the site - just under the owners' price target of $165 million.

    That was set in June after a bid in January to sell the estate en bloc for between $185 million and $210 million fell flat.

    Owners are expected to get between $3.3 million and $3.8 million each - about 70 per cent more than if they sold their units individually.

    Whitley Heights, which comprises 45 walk-up flats in three-storey blocks near the upmarket Chancery Lane and a number of top schools, has been re-zoned for landed homes.

    The deal indicates that developers remain keener on medium-sized plots, while spurning larger deals of more than $500 million like Pine Grove, Tulip Garden and Hawaii Tower, which have all failed to find buyers.

    The Whitley Heights deal has notched some firsts, said marketing agent Credo Real Estate.

    The vast 130,165 sq ft estate off Thomson Road is the largest freehold site in districts 9, 10 and 11 to be sold for landed homes since the early 1990s.

    Such sites are in high demand given the lack of supply.

    It is also the first collective sale with a land area of more than 100,000 sq ft earmarked for landed homes since Nim Park in the Seletar area was sold in May 2007, Credo added.

    The firm's managing director, Mr Karamjit Singh, said there have been very few sales for landed sites.

    'According to our records, out of some 290 private residential redevelopment sites sold, including en bloc sales, over the last five years, only 15 sites were for landed properties,' he said.

    'Over the last 24 months, the Government has sold 52 sites under the government land sale (GLS) programme. Only two were intended for landed homes. The tenders for both landed sites were very well received by developers.'

    A leasehold landed site in Serangoon Garden Way had 16 bids last month, while one in Jurong West in December 2009 attracted a record-breaking 32 bids.

    The Whitley Heights deal will be the third largest en-bloc deal out of about 72 struck since the beginning of last year. These deals had an average size of just $53 million.

    The site is to be redeveloped into two-storey landed homes.

    Credo said Hoi Hup could build as many as 80 strata-terrace homes or about 60 strata semi-detached houses.

    But experts noted that the collective sales market has cooled, with developers turning cautious in the light of global economic uncertainties.

    This has also been seen in the GLS tenders, where certain sites have garnered low interest, they added.

    Mr Alwyn Low, director of Deans Realtors, said that while developers might stay on the sidelines in the short term, those with dwindling landbanks will still be in the hunt.

    Smaller sites of less than $200 million have garnered the most interest, he added, while underlying confidence in Singapore's property market also remains strong.

    [email protected]

Similar Threads

  1. Windy Heights in Eunos launched for collective sale at S$806.2m
    By reporter2 in forum En Bloc Discussion and News
    Replies: 0
    -: 27-02-18, 21:00
  2. Cairnhill Heights to launch collective sale bid
    By reporter2 in forum En Bloc Discussion and News
    Replies: 1
    -: 20-12-17, 22:59
  3. Replies: 1
    -: 28-11-12, 12:11
  4. Replies: 0
    -: 01-07-12, 19:19
  5. Whitley Road condo up for collective sale
    By reporter2 in forum En Bloc Discussion and News
    Replies: 0
    -: 07-06-12, 15:46

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •