Published May 16, 2007

More residential sites go on the market


MORE residential property as well as one industrial building are up for sale, according to property firms marketing the projects yesterday.

The most expensive is the freehold Goodluck View in Toh Tuck Road in the Bukit Batok area, which is hoping to fetch $80 million in a collective sale. The price works out to $498 per square foot per plot ratio (psr ppr), including an estimated development charge of $6.5 million.

The site has a land area of 123,900 square feet and a 1.4 plot ratio, giving the site a gross floor area of 173,500 sq ft. The site comes with a five-storey height limit.

First Tree Properties, which is marketing the project, said a developer can build a project with 115 units averaging 1,500 sq ft each, 93 cluster terrace houses or 60 strata bungalows with individual lap pools on the site.

The tender will close on June 14 at 3 pm.

Elsewhere, property firm CB Richard Ellis (CBRE) is looking for expressions of interest for the en bloc purchase of 48 units - out of a total of 251 - in Duchess Crest, located in the prime district of Bukit Timah. The asking price is $72.1 million, which works out to $750 psf.

The 48 units are owned by an institutional investor, said CBRE, but it declined to reveal the investor's name. There are 43 apartments consisting of two, three and four-bedroom units from 936 sq ft to 2,260 sq ft and five townhouses from 4,123 to 4,241 sq ft.

The last two sales at Duchess Crest were transacted at $743 psf and $894 psf in March and April, said CBRE. At present, tenants at Duchess Crest comprise mostly MNCs and some individuals.

'Given the rising rents and current strong market sentiment, we anticipate keen interest in the properties as an investor can look forward to a good growth increment on rental,' said Jeremy Lake, CBRE's executive director for investment properties.

CBRE also said yesterday that it is asking $30 million for Pasir Panjang Village.

Pasir Panjang Village is a row of 14 conserved 2 1/2-storey shophouses at the junction of South Buona Vista and Pasir Panjang roads. It has a freehold tenure and is fully let.

CBRE's director for investment properties Charles Hoon said that at the asking price, a buyer can expect a return of above 3 per cent yield, which is quite attractive compared with banks' fixed deposit rate and current yields payout by some listed real estate investment trusts (Reits).

The site is zoned for commercial and residential use with a gross plot ratio of 3.0.

Potential investors can also consider maximising the plot ratio and converting the site into a boutique hotel, said Mr Hoon. 'There will be strong demand for hotel rooms since Sentosa is less than a 10-minute drive away,' he said.

The expression of interest exercise for Duchess Crest and the public tender for Pasir Panjang Village both close on June 13 at 3 pm.

CBRE is also marketing a freehold industrial site at 18 Howard Road, off Macpherson Road, with a asking price of $18 million - or $164 psf ppr.

'At this price the potential developer can expect to break even at slightly above $300 per square foot,' said Mr Hoon. 'The industrial sector is currently a laggard and has great potential for further growth, compared with the office, retail and residential sectors where prices are close to the previous peak of 1996-1997.'

The tender closes on June 12 at 3 pm.