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Thread: Faber Garden owners seek $830m in en bloc offer

  1. #1
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    Default Faber Garden owners seek $830m in en bloc offer

    http://www.businesstimes.com.sg/sub/...67940,00.html?

    Published October 18, 2011

    Faber Garden owners seek $830m in en bloc offer

    Dunearn Gardens, Newton Lodge, Dragon Mansion back in market

    By FELDA CHAY


    THE en bloc sale scene for residential properties here is seeing three more re-launches, with Dunearn Gardens, Newton Lodge and Dragon Mansion up for grabs again. There is also one new entrant to the scene, Faber Garden, a 544,738 sq ft freehold site sitting along Upper Thomson Road.


    Reduced expectations: Dunearn Gardens tried to go en bloc four years ago but was unsuccessful; owners of the Dunearn Road property have lowered the asking price

    Faber Garden's marketing agent Jones Lang Lasalle (JLL) said that the property comes with a $830 million price tag. Based on the maximum gross floor ratio of 1.6 and adding a development charge of about $31.2 million, Faber Garden will cost $988 per square foot per plot ratio (psf ppr).

    Zoned for residential use, the site currently comprises five blocks made up of 233 homes and three shop units. If redeveloped, the potential gross floor area of 958,748 sq ft, which includes the bonus 10 per cent balcony space and is subject to approval from the authorities, could yield 760 apartment units with an average size of 1,200 sq ft. The building height is subject to evaluation, said JLL.

    It added that the plot of land is close to MRT stations such as Bishan, Marymount and Ang Mo Kio, with a future station on the Thomson Line expected 'within walking distance'. It is also close to schools such as St Nicholas Girls School, and Raffles Institution.

    A recently launched neighbouring property, Thomson Grand, fetched a median price of $1,300 psf. 'Given the freehold tenure of Faber Garden, the site would command a premium relative to the 99-year leasehold tenure of Thomson Grand,' said JLL yesterday.

    The tender for Faber Garden will close at 3pm on Nov 22.

    Another property on the collective sale market is freehold property Dunearn Gardens, which tried to go en bloc four years ago but was unsuccessful. Owners of the Dunearn Road property have lowered the asking price this time round, with marketing agent DTZ saying that they are open to bids between $550 million and $561 million. In 2007, it had a guide price of $578.5 million.

    Based on its land area of 95,442 sq ft and maximum plot ratio of 2.8, Dunearn Gardens could cost between $2,180 and $2,220 psf ppr. This includes a development charge of about $32 million.

    The site can be developed up to a maximum 33 storeys. Dunearn Gardens is currently made up of two 20-storey blocks, and one 14-storey residential development which together has 114 homes. The District 11 property was completed in 1992 and is near the Newton MRT station, as well as roads such as the Central Expressway (CTE).

    The tender for Dunearn Gardens will close on Nov 23 at 3pm.

    Dragon Mansion, which is located at 14 Spottiswoode Park Road on the fringe of the Central Business District, is also up for grabs again with a lower price tag. The 39,176 sq ft freehold site, made up of two plots of land, has an indicative price of between $132 million and $142 million. With a maximum gross plot ratio of 2.8, this works out to be between $1,200 and $1,290 psf ppr.

    In May this year, Dragon Mansion had gunned for between $150 million and $156 million, or $1,340-1392 psf ppr.

    The area consists of two sites: Dragon Mansion, and a substation.

    In addition, a piece of adjoining state land which has a size of 1,167 sq ft could potentially be amalgamated with the two sites. This is subject to approval from the authorities.

    No development charge is payable for the two plots of land, though a $1.37 million land premium is payable for the alienation of state land, said marketing agent JLL.

    JLL said that the land plot is within walking distance to the Tanjong Pagar and Outram Park MRT stations. The tender for the site closes at 3pm on Nov 16.

    Rounding up the properties that announced their en bloc ambitions yesterday is Newton Lodge, a freehold property located at 41 Newton Road. It is back on sale again after it failed to draw a buyer when it was put on the market earlier this year.

    Owners of the 21,409 sq ft site are keeping to the $40 million reserve price. This works out to be about $1,418 psf ppr, based on the gross plot ratio of 1.4 and including a development charge of $2.5 million.

    Marketing agent CB Richard Ellis noted that developments in the vicinity like L'viv and Lincoln Suites have seen sales between $1,894 and $2,624 psf in the last three months.

    Newton Lodge is near the Novena MRT station and malls such as Novena Square.

    The tender for Newton Lodge closes on Nov 23 at 3pm.

  2. #2
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    Default Five sites up for en bloc development

    http://www.straitstimes.com/Money/St...ry_724422.html

    Five sites up for en bloc development

    Biggest is Faber Garden at indicative price of $830 million

    Published on Oct 18, 2011

    By Cheryl Lim


    THE en bloc game is heating up, with some owners hoping to end the year with a big windfall.

    Five developments have been put up for collective sale, including Faber Garden - the biggest of the lot.

    Based on the site area of 544,738 sq ft and a plot ratio of 1.6, the development has an indicative price of $830million.

    This works out to $988 per sq ft per plot ratio (psf ppr). The property's eventual buyer will also have to fork out an estimated development charge of $31.2 million.

    Jones Lang LaSalle, the marketing agent brokering the deal, said the site could potentially hold some 760 apartments at an average size of 1,200 sq ft each.

    The tender will close on Nov 22.

    Another site that requires bidders with deep pockets is Dunearn Gardens.

    The owners have pegged the indicative price for their property at $550million to $561 million, reflecting a price of $2,180 psf ppr to $2,220 psf ppr.

    The 95,442 sq ft freehold site accommodates a total of 114 residential units spread across two 20-storey blocks and one 14-storey residential development.

    Located along Dunearn Road, the property has a plot ratio of 2.8 and can be redeveloped to up to 33 storeys, said its marketing agent, DTZ.

    Nearby, Newton Lodge is being put up for sale again.

    Owners of the 16-unit property near Novena MRT station are sticking firm to their previous reserve price of $40 million. Including an estimated development charge of $2.5 million, this translates to $1,418 psf ppr.

    CBRE executive director for investment properties Jeremy Lake said the property would provide an excellent opportunity for a developer to design a boutique project with small units catering to the needs of the young working population wanting to live close to town.

    The tenders for Dunearn Gardens and Newton Lodge close on Nov23.

    Another residential development that is being put up for sale again now has a reduced price.

    The owners of Dragon Mansion - a freehold 18-storey property in Tanjong Pagar - are putting it on the market for a second time at an indicative price of $132 million to $142 million.

    This works out to $1,200 to $1,290 psf ppr. At this price, each owner could receive close to $2 million.

    That indicative price range is lower than the $150 million to $156 million the owners were seeking in May.

    Located at 14 Spottiswoode Park Road, the property consists of two plots of land - Dragon Mansion and a substation. They have a combined area of 39,176 sq ft.

    With a gross plot ratio of 2.8, the future development could be built up to 36 storeys. In addition, the adjoining plot of state land could potentially be amalgamated, yielding a potential gross floor area of up to 112,959 sq ft, subject to approval.

    The development currently comprises 68 units, each measuring 1,324 sq ft.

    The tender for this site closes Nov16.

    Finally, Jasmine Court in Upper Thomson Road is going for an expected price of $45 million, or about $872 psf ppr. The freehold development measures 36,854 sq ft and can be built up to five storeys high.

    The tender for this site closes on Nov15.

    [email protected]

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