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Thread: Two more central sites up for en bloc sale

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    Default Two more central sites up for en bloc sale

    Published May 17, 2007

    Two more central sites up for en bloc sale


    TRENDALE Tower at Cairnhill Road and Lincoln Lodge, off Newton Road, have been put up for collective sale.

    For Trendale Tower, the indicative guide price stated by marketing agent Savills Singapore is $160 million, or $2,200 per square foot of potential gross floor area. However, the reserve price set by the owners is said to be around $150 million, which works out to about $2,064 psf per plot ratio. No development charge is payable for the 21,709 sq ft freehold site at 79 Cairnhill Road.

    'Subject to approval from relevant authorities, the redevelopment site will enjoy a permissible gross floor area of 6,753.2 square metres (72,691 sq ft), exceeding the permissible plot ratio of 2.8 as indicated in the 2003 Master Plan. Therefore, no development charges are payable,' according to Savills. The Trendale Tower site can be redeveloped into a new 36-storey project with about 36 units averaging 2,000 sq ft.

    The expression of interest for Trendale Tower closes on June 20.

    As for Lincoln Lodge, it has a $188 million price tag, reflecting a unit land price of $1,122 psf of potential gross floor area inclusive of an estimated $413,000 development charge.

    Lincoln Lodge, just behind United Square, has a freehold land area of 59,984 sq ft and is zoned for a 2.8 plot ratio (ratio of maximum potential gross floor area to land area). It has a 36-storey height limit.

    The buyer of Lincoln Lodge could potentially apply to purchase adjoining state land totalling 2,405 sq ft, which would lower the overall unit land price to around $1,100 psf per plot ratio, according to Newman & Goh, which is marketing Lincoln Lodge. The tender for Lincoln Lodge closes on June 20.

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    Default Re: Two more central sites up for en bloc sale

    May 17, 2007

    PRICIEST COLLECTIVE SALE?

    Cairnhill condo seeks $2,200 psf ppr


    THE owners of a Cairnhill Road estate are trying to set yet another record for the priciest collective sale.

    Trendale Tower has gone on the market with an indicative price of $160 million, or about $2,200 per sq ft per plot ratio (psf ppr). This beats the highest asking price to date of Elizabeth Heights, which went up for sale last month at $2,100 psf ppr.

    The record for a done deal is held by The Parisian, which was sold last year for $1,735 psf ppr.

    Trendale Tower sits on a 21,709 sq ft site that can be built up to 36 storeys. It can be redeveloped into a block with about 36 units of 2,000 sq ft each.

    No development charge is payable for the 25-year-old freehold estate, said Savills Singapore, which is inviting expressions of interest until June 20.

    Savills is also working to bring Ridgewood Condo in Mount Sinai on the market. Its reserve price is about $1.27 billion, The Straits Times understands.

    If the sale succeeds, it would become the most expensive collective sale in terms of absolute price. But it could be beaten by Farrer Court, which went on sale on Monday with a record price tag of $1.5 billion.

    The record now stands at $835 million for Leedon Heights, which was sold en bloc last month.

    Meanwhile, Lincoln Lodge off Newton Road was also put on the market yesterday for $188 million, or $1,122 psf ppr. A development charge of about $413,000 is payable for the 59,984 sq ft site.

    FIONA CHAN

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    Default Re: Two more central sites up for en bloc sale

    my, my, they are getting so expensive. how can developers stomach such high land costs? who's going to pay min $3k psf for all these spanking new units? they cannot all be foreigners or investment funds.

    sellers are going crazy. a month back, tanglin park still had sellers asking for 1.5k psf, now they are asking 2k psf.... all because of the enbloc euphoria. and the funny thing is tanglin park has already maxed out it's current plot ratio. buyers are banking on what? future plot ratio revisions? last done deal that i can see in ura website is below 1.2k psf.

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    Newbie hayata1972's Avatar
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    Cool Re: Two more central sites up for en bloc sale

    Yup, this is called a bubble, i am scared of this day, but it is really getting out of hand.

  5. #5
    sammyboy alfresco
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    Default Re: Two more central sites up for en bloc sale

    Lincoln Lodge with a freehold land area of about 59,984 sq ft was sold en-bloc this evening for more than $200m; way above their reserve price of $160m.

    It works out to above $1200 psfppr. A new benchmark is established in the Newton location.

    Each owner of a 2 bedroom 818 sq ft unit will collect $2m and those with a 1340 sq ft 3 bedroom unit will collect about $2.6m.

    Four major property development companies submitted bids for Lincoln Lodge.

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