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Thread: Bukit Sembawang buys Fairways for $244.3 million

  1. #1
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    Default Fairways up for sale by tender

    610 Telok Blangah Road (S)109025

    Freehold land, approximately 13,613.3 square metres.

    Plot Ratio 2.1, up to 24 storeys.

    Possible to amalgamate state land.

    Close proximity to Vivo City / Sentosa / IR.

    Opposite Keppel Golf Club & new MRT.

    80% owner's consensus obtained.

    Tender closing 16 May, 2007 Wednesday at 3.00 pm.

    Sale handled by Colliers International.


  2. #2
    joe
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    Default Bukit Sembawang buys Fairways for $244.3 million

    PURCHASE OF LOT 1833L MUKIM 1 ALSO KNOWN AS FAIRWAYS AT 610 & 612 TELOK BLANGAH ROAD
    Attached Files Attached Files

  3. #3
    CNA forummer
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    Default Re: Bukit Sembawang buys Fairways for $244.3 million

    Bukit Sembawang pays S$244.3m to acquire Fairways condo
    Posted: 17 May 2007 1955 hrs


    SINGAPORE: Bukit Sembawang Estates has won the tender for the enbloc sale of the condominium, Fairways, on Telok Blangah Road.

    It is paying S$244.3 million for the 13,600 square metre freehold site, which is expected to be redeveloped.

    The site has a plot ratio of 2.1 and can generate 28,600 square metres of gross floor area.

    Bukit Sembawang is planning to buy the adjoining state land of 770 square metres for an estimated S$2.4 million.

    Taking into account both deals, the land price inclusive of the development charge will work out to S$785 per square foot per plot ratio. - CNA/yy

  4. #4
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    Default Re: Bukit Sembawang buys Fairways for $244.3 million

    BUY BUY BUY!!!!

    CHEONG CHEONG CHEONG!!

    UP UP UP!!!

  5. #5
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    Default Re: Bukit Sembawang buys Fairways for $244.3 million

    Published May 18, 2007

    Bukit Sembawang bags Fairways Condo for $244m

    Gilstead View in Newton area draws top bid of $96m

    By KALPANA RASHIWALA


    THE tender for Gilstead View in the Newton area closed yesterday with a top bid of $96 million, which works out to $1,036-1,056 psf per plot ratio inclusive of development charges (DC) estimated to range from $7 million to $9 million, sources say. This is higher than the $990 psf ppr achieved for the nearby Elmira Heights last month.

    And in the Telok Blangah area, Bukit Sembawang bagged Fairways Condo for $244.3 million or about $785 psf ppr inclusive of estimated development charges of $8.45 million and $2.43 million for buying an adjoining piece of state land.

    Both collective sale sites are freehold.

    Colliers International brokered the Fairways Condo deal while Jones Lang LaSalle handled Gilstead View's tender.

    JLL is said to have received more than five bids when the tender closed yesterday. Market watchers suggested that a party linked to Tiong Aik group may have put in the top bid for Gilstead View, but they added that it remains to be seen who bags the property, depending on factors including the negotiations on conditions accompanying the various bids.

    Sources say the range in the estimated DC quantum ($7 million to $9 million) for Gilstead View is because the site's development baseline has yet to be confirmed.

    Gilstead View has a 35,510 sq ft land area and is zoned for residential use with a 2.8 plot ratio (ratio of maximum potential gross floor area to land area) and 30-storey building height. The site can be redeveloped into a new condo with about 65 units averaging 1,500 sq ft. Assuming Gilstead View is sold for about $1,056 psf ppr, the break-even cost for a new condo project on the plot could be around $1,500 psf, according to industry observers.

    Fairways Condominium has a freehold land area of 146,532 sq ft, and together with the adjoining state land of about 8,288 sq ft the total area adds up to 154,820 sq ft. The Fairways site is zoned for residential use with 2.1 plot ratio.

    Based on the $785 psf ppr that Bukit Sembawang paid for the site, analysts estimate a break-even cost of around $1,200 psf for a new condo on the site.

    Bukit Sembawang can build a 24-storey condo with about 250 units averaging 1,300 sq ft on the Fairways and adjoining state site. Market watchers expect the group to take around a year to launch the new project.

    Inclusive of the latest acquisition of Fairways Condo, Bukit Sembawang has a residential landbank of about 4.2 million sq ft which can be developed into about 2,050 homes. The bulk of this land (around 3.8 million sq ft) is in Seletar Hills.

  6. #6
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    Default

    the buyer has just offered a lease back deal for residents for TWELVE months..

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