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Thread: Laguna Park owners eye $1.25b sale

  1. #1
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    Default Laguna Park owners eye $1.25b sale

    http://www.businesstimes.com.sg/sub/...77540,00.html?

    Published November 1, 2011

    Laguna Park owners eye $1.25b sale

    Henry Park Apts also on market for $170m to $180m


    (SINGAPORE) Two more sites have been put up for collective sale - Laguna Park, a leasehold residential site in the East Coast area, and Henry Park Apartments, a smallish development located off Holland Road.


    Laguna Park: The tender for Laguna Park, a leasehold residential site in the East Coast area, is being handled by Knight Frank which says the reserve price is $1.25 billion

    The tender for Laguna Park is being handled by Knight Frank which said in a press statement yesterday that the reserve price is $1.25 billion.

    This translates to a land price of $954 per square foot per plot ratio, including a differential premium of about $560 million.

    Potential gross floor area is estimated at 176,235 square metres (about 1.9 million sq ft), and breakeven cost is expected to be around $1,400 psf.

    Laguna Park has a land area of 62,941.2 sq m (677,493 sq ft). Under the 2008 Master Plan, the land is zoned for residential use at a plot ratio of 2.8.

    The re-development site is located along Marine Parade Road, and is close to well-known schools such as Tao Nan School, Victoria Junior College, St Patrick's School and CHIJ (Katong) Primary.

    In 2008, the government announced plans to build the Eastern Region Line which will serve the residential estates of Tanjong Rhu, Marine Parade, Siglap, Bedok South and Upper East Coast, linking them to Marina Bay. This line is scheduled to be built by 2020. The Laguna Park tender closes on Dec 6 at 4pm.

    Henry Park Apartments, a 64-unit development, is being marketed by Credo Real Estate. The development, located directly opposite Henry Park Primary School, comprises 48 apartments and 16 shop units. The 999-year-leasehold site has a land area of 99,800 sq ft. Credo said in its press statement yesterday that more than 80 per cent of the owners (by share value and strata floor area) have signed a collective sale agreement to sell the property. This is the first time the site is being put up for sale.

    Under the 2008 Master Plan, the site is zoned residential with commercial at first storey. The Urban Redevelopment Authority (URA) has advised that it would allow up to a gross plot ratio (GPR) of 1.4, and a maximum building height of four storeys. This means a new development could potentially have close to 140,000 sq ft of gross floor area.

    Credo said development charge is likely not payable for re-development up to GPR 1.4, subject to URA's confirmation. Potential buyers could also amalgamate the site with a state land lot of about 1,395 sq ft, subject to approval and survey.

    The sellers are expecting offers in the region of $170 million to $180 million. Depending on the quantum of commercial and residential GFA proposed, the prices reflect land rates of approximately $1,216 to $1,287 per sq ft per plot ratio, before factoring in the state land parcel, or in the region of $1,200 to $1,275 psf/ppr should the state land be included.

    The Henry Park tender closes at 2.30pm on Dec 1.

  2. #2
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    laguna still trying their luck ah?

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    I sense a small group of investors in Laguna park trying hard to reap from the enbloc. $1.2 bil is not small sum. I recall out entire MRT (1st phase) cost only $5 bil. This (and many others like Pine Grove) is a lesson for people who are buying 99LH full condos for their massive plot size and facilities, disregarding location. The property just dies with the lease.

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    Quote Originally Posted by hyenergix
    I sense a small group of investors in Laguna park trying hard to reap from the enbloc. $1.2 bil is not small sum. I recall out entire MRT (1st phase) cost only $5 bil. This (and many others like Pine Grove) is a lesson for people who are buying 99LH full condos for their massive plot size and facilities, disregarding location. The property just dies with the lease.
    Must be frustrating for many owners, going round and rogents marketing agents, lawyers reaping consultation$ from them. The clever ones have already sold and move on...

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    How sure Garement is going to top up the leases. They can take back the land when TOP expires to develop mega project.
    Quote Originally Posted by hyenergix
    I sense a small group of investors in Laguna park trying hard to reap from the enbloc. $1.2 bil is not small sum. I recall out entire MRT (1st phase) cost only $5 bil. This (and many others like Pine Grove) is a lesson for people who are buying 99LH full condos for their massive plot size and facilities, disregarding location. The property just dies with the lease.

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    Quote Originally Posted by DC33_2008
    How sure Garement is going to top up the leases. They can take back the land when TOP expires to develop mega project.
    Everything subject to Government approval, if Master Plan changes or like what u say Mega Project comes along....gone with the wind Liao..

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    Enbloc investors could be stuck here for a while. Hope for mrt stn but that will be in 2020. Quite a no. of transaction in pearlbank and people park complext lately even though they are older than this one. Quantum not sold high as this one.
    Quote Originally Posted by land118
    Everything subject to Government approval, if Master Plan changes or like what u say Mega Project comes along....gone with the wind Liao..

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    URA data, only 4 units transacted in 2011:3 in Jan, 1 in Feb'11-sold for $1.47m, $910psf...

    LAGUNA PARK* MARINE PARADE ROAD Apartment 1 1,470,000 1,615 Strata 910 Feb-11

  9. #9
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    everybody likes to dream of ENBLOC....but sometimes end up with ROADBLOC....

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    Laguna park owners are damn greedy, hope that place don't get en blocked.

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    Quote Originally Posted by Regulators
    Laguna park owners are damn greedy, hope that place don't get en blocked.
    can u share who is not greedy?
    Govt? Developer? seller? buyer? bankers?

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    Quote Originally Posted by Laguna
    can u share who is not greedy?
    Govt? Developer? seller? buyer? bankers?
    yo, u owned a unit here? same nick

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    Quote Originally Posted by Regulators
    Laguna park owners are damn greedy, hope that place don't get en blocked.
    Not that they are greedy, just that there are a number of folks that are happy to live there till they die. Good location, nice view over looking the wakeboarding lagoon and sea, windy. With the money they will get from the en bloc, where can they find an equally big place with the same view and location? My uncle and a few neighbour friends of his are all in this group.

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    The asking quantum so high, need balls of steel and stomach of black hole to swallow. Now everyone's ball shrinking , not looking good at all.

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    Quote Originally Posted by Worsty
    Not that they are greedy, just that there are a number of folks that are happy to live there till they die. Good location, nice view over looking the wakeboarding lagoon and sea, windy. With the money they will get from the en bloc, where can they find an equally big place with the same view and location? My uncle and a few neighbour friends of his are all in this group.
    Ya...true. Quality of life staying there should be good, if sell, with the $ - have to squeeze into smaller unit somewhere else....Good Luck to your uncle..even though chances are bleak for now..

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    As a matter of fact no one is, is land simply too big liao, astronomical figure. They may stand a better chance in rosy economy. Just look last the last recent view en bloc, see the size, see the quantum can know already

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    Quote Originally Posted by dtrax
    As a matter of fact no one is, is land simply too big liao, astronomical figure. They may stand a better chance in rosy economy. Just look last the last recent view en bloc, see the size, see the quantum can know already
    actually if i own a unit there for investment purposes, i wud haf sold in the secondary market.....my fren oredi sold his unit at pearlbank end of last yr....another mission impossible to enbloc....hehehe

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    Quote Originally Posted by devilplate
    actually if i own a unit there for investment purposes, i wud haf sold in the secondary market.....my fren oredi sold his unit at pearlbank end of last yr....another mission impossible to enbloc....hehehe
    Yup these are the smarty pple, pass musical chair to another caitao for pple buying into dream, just like the dream of dream video ad by euhabitat

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    Quote Originally Posted by land118
    Ya...true. Quality of life staying there should be good, if sell, with the $ - have to squeeze into smaller unit somewhere else....Good Luck to your uncle..even though chances are bleak for now..
    Thanks. I think he was one of those that disagree with the enbloc. Different view from others in the estate since this unit is for his own stay and not investment.

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    Quote Originally Posted by Worsty
    Thanks. I think he was one of those that disagree with the enbloc. Different view from others in the estate since this unit is for his own stay and not investment.
    Guess, he must be under pressure and disliked by many greedy neighbours prior to majority consent..

  21. #21
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    If the owners miss this year's cycle, they will have to wait forever to enbloc.

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    Quote Originally Posted by hyenergix
    If the owners miss this year's cycle, they will have to wait forever to enbloc.
    good news for some

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    Quote Originally Posted by hyenergix
    If the owners miss this year's cycle, they will have to wait forever to enbloc.
    actually, no need to wait for that long. Just need to wait until the land lease expires then completely give up

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    Vista Park, another sizeable 99LH development, asking for EB second time around. Got chance to make it? 5% discount...

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    Quote Originally Posted by gn108
    Vista Park, another sizeable 99LH development, asking for EB second time around. Got chance to make it? 5% discount...
    the management told me there's an article on vista park on the business times, but not sure itzi on today's paper?

    a few units put up on sale. this is a relaunch, tender box will close on dec 7th

    203 exisitng units on the site, 99lh.
    i think little chance

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