Results 1 to 2 of 2

Thread: Slew of collective sales hits the market

  1. #1
    Join Date
    Oct 2011
    Posts
    10,829

    Default Slew of collective sales hits the market

    http://www.businesstimes.com.sg/sub/...25540,00.html?

    Published January 10, 2012

    Slew of collective sales hits the market

    By MINDY TAN


    TWO freehold developments - Royalville and Ming Arcade - have been put up for collective sale by tender for a second time, with a reduced asking price.

    Royalville, a residential site located on Bukit Timah Road, is back on the market, with an asking price in the range of $320 million to $370 million.

    In the last tender exercise conducted in July last year, the asking price was between $370 million and $400 million.

    Assuming a land cost of $320 million, this translates to $1,312 per square foot per plot ratio (psf ppr).

    Inclusive of the additional 10 per cent balcony space, this translates to $1,197 psf ppr, including an estimated development charge of $1.16 million, says marketing agent Credo Real Estate.

    Royalville has a land area of approximately 174,176 sq ft, with a gross plot ratio of 1.4. It has an allowable building height of up to five storeys. The tender closes at 2.30pm on Feb 15.

    The second site, Ming Arcade, a commercial development off Orchard Road, is being put up for collective sale for the second time.

    With an indicative price of $120 million, this translates into $2,180 psf ppr, based on the approved gross floor area (GFA) of 55,046 sq ft.

    When it was first tendered in July 2011, the indicative price for the site was more than $130 million, or around $2,360 psf ppr.

    The property, which is majority owned by Ong Beng Seng's property group, Hotel Properties Limited (HPL), comprises 88 commercial/retail strata units of varying sizes from 140 sq ft to 620 sq ft.

    The site is zoned 'commercial' with a gross plot ratio of 4.2 and an allowable building height of 20 storeys.

    Possible redevelopment options include medical suites; office and retail developments; hotel and mixed commercial and residential uses, subject to relevant authorities' approval and payment of a development charge (if applicable), said sole marketing agent Jones Lang LaSalle.

    The tender will close at 3pm on Feb 16.

    Separately, two freehold residential sites - Asia Gardens and Jade Towers - are being launched on the en bloc market.

    Asia Gardens, an 84- unit condominium development located on Everton Road, has an indicative pricing of between $302.6 million and $307.7 million. This translates to about $1,500 to $1,525 psf ppr, based on GFA of 201,765 sq ft.

    The plot has a site area of about 72,059 sq ft and is zoned 'residential' with an allowable plot ratio of 2.8 under the 2008 Master Plan.

    Jade Towers, which is located along Lew Lian Vale, has an indicative guide price of $108.8 million to $110.8 million, which translates to $826 to $841 psf ppr.

    The site has an area of 92,412 sq ft and can be reconfigured to accommodate GFA of 131,702 sq ft.

    'With a near rectangular configuration, the site can be redeveloped or reconfigured into 101 new condominiums averaging 1,200 sq ft each,' said marketing agent Savills Singapore.

    The tender for Jade Towers and Asia Garden will close at 3pm on Feb 16 and 29, respectively.

  2. #2
    Join Date
    Oct 2011
    Posts
    10,829

    Default Four sites launched for collective sale

    http://www.straitstimes.com/Money/St...ry_753624.html

    Four sites launched for collective sale

    Published on Jan 10, 2012

    By Cheryl Lim


    THE collective sale market is off to a roaring start this year with three freehold estates - in Bukit Timah, Tanjong Pagar and Upper Serangoon - and a commercial site launched for sale yesterday.

    The Bukit Timah estate Royalville is a re-launched sale but at a significantly lower price. Owners are now seeking an asking price in the range of $320 million to $370 million, down from the $370 million to $400 million in June last year.

    Royalville, which comprises 93 residential units and 11 shops, is on a 174,176 sq ft site with an allowable plot ratio of 1.4.

    Based on the price of $320 million, including a development charge of $1.16 million, the land cost could be as low as $1,197 per square foot per plot ratio (psf ppr).

    The tender closes on Feb 15.

    Owners of Asia Gardens, an 84-unit condo at Everton Road in Tanjong Pagar, want between $302.6 million and $307.7 million, which translates to $1,500 to $1,525 psf ppr. No development charge is payable.

    Asia Gardens is near the former Tanjong Pagar KTM station and has an allowable plot ratio of 2.8 and a site area of 72,059 sq ft.

    The tender closes on Feb 29.

    The third site is Jade Towers in Lew Lian Vale off Upper Serangoon Road, with an indicative guide price of $108.8 million to $110.8 million or $826 to $841 psf ppr.

    There are 72 apartments spread across two 10-storey towers. The site has a gross floor area of 131,702 sq ft with a plot ratio of 1.4 so it could accommodate 101 new units averaging 1,200 sq ft each.

    The tender closes on Feb 16.

    Ming Arcade, a freehold commercial project in Cuscaden Road, is also up for collective sale.

    The owners of the 88 strata units are re-launching the site with a reduced asking price of $120 million, down from the $130 million they wanted late last year.

    Ming Arcade has an approved gross floor area of 55,046 sq ft and an allowable building height of 20 storeys.

    The tender closes on Feb 16.

    The en-bloc market is already seeing a shift in developer interest with smaller sites more likely to sell than their larger counterparts.

    But the recent property cooling measures have dealt it an added blow. The additional buyer's stamp duty means developers have to build and sell all units on residential sites within five years or pay a 10 per cent stamp duty if they fail to do so.

    Analysts say this might result in developers being more cautious with land purchases.

Similar Threads

  1. Summer Green condo hits collective sale market at S$48m
    By reporter2 in forum En Bloc Discussion and News
    Replies: 1
    -: 22-07-18, 10:32
  2. 9,300 new homes to result from slew of en bloc sales, warns URA
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 4
    -: 06-11-17, 08:30
  3. Two collective sales hit the market
    By reporter2 in forum En Bloc Discussion and News
    Replies: 2
    -: 02-05-12, 13:46
  4. Residential collective sales market rebounds
    By sleek in forum En Bloc Discussion and News
    Replies: 8
    -: 22-01-11, 11:06
  5. Collective sales market stays cool
    By mr funny in forum En Bloc Discussion and News
    Replies: 0
    -: 28-03-10, 03:01

Posting Permissions

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