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Thread: Park West up for enbloc sale

  1. #1
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    Default Park West up for enbloc sale

    Park West, a prime residential site at Jalan Lempeng, is up for en bloc at an indicative price of S$803 million.
    Marketing agent ERA Realty Network said the estimated differential premium and topping-up of the lease is S$230 million.
    The site has a 99-year lease and a total site area of over 633,600 square feet. This represents a gross floor area of about 1.33 million square feet and the site is zoned for residential use with a 2.1 plot ratio.
    The marketing agent added that taking into account an additional 10 per cent gross floor area for balconies, this translates to about S$700 per square foot, per plot ratio.
    The residential site is located next to Nan Hua Primary School and the landed homes of Faber Hill estate
    ERA said the site can be redeveloped into a residential development comprising blocks up to 25 storeys high, with over 1,000 units of about 1,200 square feet each. The tender for the site will close on October 20, Thursday afternoon.
    Source : Channel NewsAsia – 6 Sep 2011

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    $803 million and top up of the lease is $230 million. There are 432 units, which means each unit sacrifice $532k ($230 million/432 units) by virtue of its leasehold status to top up the lease. Had it been an equivalent freehold, this amt need not be taken out of the proceeds. $532k is not insignificant. Just wanna highlight, there is a difference between freehold and leasehold, even when there is an enbloc windfall.

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    Quote Originally Posted by Wild Falcon
    $803 million and top up of the lease is $230 million. There are 432 units, which means each unit sacrifice $532k ($230 million/432 units) by virtue of its leasehold status to top up the lease. Had it been an equivalent freehold, this amt need not be taken out of the proceeds. $532k is not insignificant. Just wanna highlight, there is a difference between freehold and leasehold, even when there is an enbloc windfall.
    Yeah.

    But if sell one by one...cannot even get this much per unit leh.

    Hence, I firm supporter of enbloc, as and when it comes to where I am.

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    $803m+$230m >$1bil, another massive dream...tough. Which developer so hero now to "gungho" wack on this...

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    tough man .......

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    Quote Originally Posted by sfwoo
    Yeah.

    But if sell one by one...cannot even get this much per unit leh.

    Hence, I firm supporter of enbloc, as and when it comes to where I am.
    I am against en bloc sales. It is waste of resources while there is a finite supply of resources on our planet.

    Park west looks fine in my view and could last at least 20 more years. why knock it down and rebuild?

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    When is a home not a home - when it sits on EB potential land!

    If you rent it out and you can extract 50% more capital value - why not?
    Its an investment property anyway ... and investment-wise it makes sense to sell EB.

    Quote Originally Posted by stalingrad
    I am against en bloc sales. It is waste of resources while there is a finite supply of resources on our planet.

    Park west looks fine in my view and could last at least 20 more years. why knock it down and rebuild?

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    This is like the Laguna Park of the East...
    Only difference is within MRT walking distance.. Let see if any bites...

  9. #9
    mr funny is offline Any complaints please PM me
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    Default Park West in Clementi up for en bloc sale

    http://www.businesstimes.com.sg/sub/...55198,00.html?

    Published September 7, 2011

    Park West in Clementi up for en bloc sale

    By MINDY TAN


    PARK WEST, a 99-year leasehold prime residential site located at Jalan Lempeng in Clementi has been put up for en bloc sale, with an indicative price of $803 million.

    The site, which has 70 years left on its lease, has a total site area of some 633,644 sq ft, and currently houses 432 residential units and four commercial units.

    With a plot ratio of 2.1, the site has a gross floor area (GFA) of up to approximately 1,330,653 sq ft, and has the potential to be redeveloped into 25-storey blocks, with approximately 1,000 to 1,100 units of 1,200 sq ft each.

    At an asking price of $803 million, the land price for the area works out to about $603 per sq ft per plot ratio (psf ppr).

    Including an estimated differential premium and topping-up of lease of $230.0 million, this translates to about $700 psf ppr, if the developers maximise the additional 10 per cent bonus gross floor area that is allowed for balconies.

    Marketing agent ERA Realty said that the site is likely to draw keen interest from large local and foreign developers because of its location and growth potential, given the development of Jurong Gateway and Jurong Lakeside District.

    'The purchasers of Park West site can expect extremely good demand for their new development, since employment will greatly increase as the Jurong Gateway and Lakeside District metamorphose into modern, bustling commercial and residential hubs,' said ERA Realty.

    The tender for the site will close on Thursday, Oct 20 at 3.30pm.

    Separately, SingBuilders bagged Daisy Apartments, a 12-unit apartment development at Daisy Road, for $14.618 million.

    The freehold site has a land area of 13,621 sq ft, and under the 2008 Master Plan, is zoned 'residential' with a gross plot ratio of 1.4 and an allowable height of up to five storeys.

    This translates into GFA of some 19,069 sq ft.

    The sale price of $14.618 million translates to a land rate of approximately $767.

    Inclusive of an estimated development charge for the 10 per cent bonus gross floor area for balconies, this translates to a land rate of approximately $738 psf ppr at a gross plot ratio of 1.54.

    With the successful sale, each owner stands to receive gross sales proceeds ranging from $1.10 million to $1.27 million.

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    If the owner is getting $603 psf, why buyers are willing to pay 8xx ~9xx psf as per URA?

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    developer should had bid for jalan lempeng gls site in jan 2012... $554psf nia... why want en-bloc parc west for ??...

    http://www.h88.com.sg/article/Clemen...ing+new+condo/

    http://www.propertyguru.com.sg/prope...s-408m-top-bid

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    Thanks for the link. Those who are buying for enbloc can kiss good bye. I guess it will not happen.

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    It is no chance for old 99 leasehold property to enblock now since developers can buy direct from government ! I will rather look at old freehold or 999 property, good chance of enbloc as developers will not be able to buy 'freehold or 999' from government !

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    Quote Originally Posted by ahsoh88
    It is no chance for old 99 leasehold property to enblock now since developers can buy direct from government ! I will rather look at old freehold or 999 property, good chance of enbloc as developers will not be able to buy 'freehold or 999' from government !
    perhaps if it is like 600k I will close my eye and grab but dont think it is going to happen.

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    Quote Originally Posted by ikan bilis
    developer should had bid for jalan lempeng gls site in jan 2012... $554psf nia... why want en-bloc parc west for ??...

    http://www.h88.com.sg/article/Clemen...ing+new+condo/

    http://www.propertyguru.com.sg/prope...s-408m-top-bid
    Thanks for the link - will be keeping it on my radar. Expected 1200 psf.

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    Condos in west are getting very expensive

    Dunno whether to smile or frown...

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    Govt should indeed step in to regulate the unnecessary waste of natural resources.

    Maybe make enbloc an option only if building is >30yrs old.

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    Quote Originally Posted by hyenergix
    Condos in west are getting very expensive

    Dunno whether to smile or frown...
    this is caused by the vacuum of pc supply in the last 8 years causing prices to move up despite the age. And of cause re-development of this whole stretch all the way to Boon Lay.

    every district has their chance.

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    Park West is making another attempt at enbloc. http://www.businesstimes.com.sg/real...ollective-sale

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    Money goes into the economy through en bloc every few years cannot be understated. Everyday folks getting a EB windfall is one of the most heartening news they may enjoy. Most of it gets plough back to property like capital injection to a company. It's money rolling money for the next generation. I hope to hear their good news. Here I am rooting for them from the East. All the best guys.

    Ps. As I drank the last cup of coffee from Hup Lee Coffee today. Can't help but be happy for the aged owner who managed to sell her D7 shophouse for retirement. It's still a windfall akin to an en bloc. It's worth millions.

    PropVestor

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