GCB site on Chee Hoon Ave fetches $22.9m

[reporter2]

http://www.businesstimes.com.sg/arch...-229m-20130228

Published February 28, 2013

GCB site on Chee Hoon Ave fetches $22.9m


A 15,184 square foot good class bungalow (GCB) plot in District 11, put up on the market by marketing agent Savills Singapore, has gone under the hammer for $22.9 million.

This translates to about $1,508 per square foot (psf) of land area.

According to sources who attended the closed- door auction, bidding was intense and the room in which the auction was held was packed with interested parties and market watchers.

Some 10 parties registered to bid, but the bidding came down to two parties which culminated in the final price.

The opening price for the site was $19.8 million.

Located at 8 Chee Hoon Avenue, the freehold plot, which has a built-up area of 5,500 sq ft, was put up for sale by the estate of the late Molly Ong, wife of the late Ong Swee Law, chairman of the Public Utilities Board and founder of the Singapore Zoo.

The square-shaped plot has an approximate 37-metre frontage along Chee Hoon Avenue.

The plot is located within walking distance of the Botanic Gardens, Cluny Court and Serene Centre, and is close to popular schools, such Anglo-Chinese School, Nanyang Primary and Raffles Girls' Primary.

[thomaspaine]

http://www.businesstimes.com.sg/arch...-229m-20130228

Published February 28, 2013

GCB site on Chee Hoon Ave fetches $22.9m


A 15,184 square foot good class bungalow (GCB) plot in District 11, put up on the market by marketing agent Savills Singapore, has gone under the hammer for $22.9 million.

This translates to about $1,508 per square foot (psf) of land area.

According to sources who attended the closed- door auction, bidding was intense and the room in which the auction was held was packed with interested parties and market watchers.

Some 10 parties registered to bid, but the bidding came down to two parties which culminated in the final price.

The opening price for the site was $19.8 million.

Located at 8 Chee Hoon Avenue, the freehold plot, which has a built-up area of 5,500 sq ft, was put up for sale by the estate of the late Molly Ong, wife of the late Ong Swee Law, chairman of the Public Utilities Board and founder of the Singapore Zoo.

The square-shaped plot has an approximate 37-metre frontage along Chee Hoon Avenue.

The plot is located within walking distance of the Botanic Gardens, Cluny Court and Serene Centre, and is close to popular schools, such Anglo-Chinese School, Nanyang Primary and Raffles Girls' Primary.

$1508 for this plot with a nice number - does not seem expensive.

What do gurus here think ?

[Ringo33]

$1508 for this plot with a nice number - does not seem expensive.

What do gurus here think ?

this unit doesnt have any recent record of any A&A or rebuilding, so it should be an old landed property that require a complete make over.

This is what I can see on google map.

So in a 3 years time, when this same units get resold for 35m or so, please dont tell us the seller made 13m in 3 year etc etc

[hutsutau]

this unit doesnt have any recent record of any A&A or rebuilding, so it should be an old landed property that require a complete make over.

This is what I can see on google map.

So in a 3 years time, when this same units get resold for 35m or so, please dont tell us the seller made 13m in 3 year etc etc

construction sure don't cost as much as 13m

[Ringo33]

construction sure don't cost as much as 13m

construction will depends on what owners is going to do with it. easily 5 to 6m

[proper-t]

this unit doesnt have any recent record of any A&A or rebuilding, so it should be an old landed property that require a complete make over.

This is what I can see on google map.

So in a 3 years time, when this same units get resold for 35m or so, please dont tell us the seller made 13m in 3 year etc etc

So are you saying that in your view, in 3 yrs time, you are of the view that this property will be sold for 35m or so?

Very rosy projection for someone who thinks that landed will crash.

Better watch out, Economy is not doing well, pap not doing well, Interest rate rising, boleh land is opening up, very soon those owner of landless landed property will realize that you are holding on to a big fat and hot potato where no one want to buy or rent.

What goes up must come down, the faster you rise the harder you fall.

Perhaps its not surprising as he applies the same kind of thinking when he calls for restictions on new citizens buying landed who he thinks will profiteer despite the fact that he thinks landed will crash.

http://forums.condosingapore.com/showthread.php?t=16809


If someone was of the view that landed will crash, he will be saying that the current buyers are ridiculous and will crash and burn rather than 'worrying' about how much profit they make.

Even better still, if new citizens come and buy up landed now at current prices. When the prices come crashing down, won't you be able to pick it up at a song if you are of the view that landed wil crash?

Severe disconnect here....

[bargain hunter]

this is likely for own consumption. it will be difficult to make a decent profit by trying to re-develop this. there's ABSD, 4 years SSD,

[bargain hunter]

in D11, the record psf and quantum for a GCB of similar size is 1660psf and $28m.

in D10, the best of the best at Leedon Park for a similar size was sold brand new at 2111psf and 33m.

assuming the unlikely scenario that the purchaser is re-developing and only pays 7% ABSD, cost is already 25.2m. rebuild 5m = 30.2m. even if sell at 33m and assuming only 1% agent fees, after all that hassle, only make 2.5m after 4 years and having to be exposed to all the market risk of 4 years of uncertainty? surely not worth it!

[Ringo33]

this is likely for own consumption. it will be difficult to make a decent profit by trying to re-develop this. there's ABSD, 4 years SSD,

Can company buy GCB?

[bargain hunter]

there are publicly listed developers who own GCB land for redevelopment. e.g. straits trading.

but for this house, its even worse if company were to buy now to redevelop. straightaway 15% ABSD. hahahahahahaha. and 80% cash down, 20% loan. the final returns will really really hardly be something to look forward to.

Can company buy GCB?

[Ringo33]

there are publicly listed developers who own GCB land for redevelopment. e.g. straits trading.

but for this house, its even worse if company were to buy now to redevelop. straightaway 15% ABSD. hahahahahahaha. and 80% cash down, 20% loan. the final returns will really really hardly be something to look forward to.

looking at the Binjai Park deal, I think developer George Lim might have chicken out and let go that unit below his target 40m price tag.

[proper-t]

looking at the Binjai Park deal, I think developer George Lim might have chicken out and let go that unit below his target 40m price tag.

So when you sell your condos, you set your release price exactly the same as your publicized asking/target price?

[Regulators]

pay $20+ million to live along a cock street name

[eng81157]

these are rich cocks

[blackjack21trader]

So are you saying that in your view, in 3 yrs time, you are of the view that this property will be sold for 35m or so?

Very rosy projection for someone who thinks that landed will crash.




Perhaps its not surprising as he applies the same kind of thinking when he calls for restictions on new citizens buying landed who he thinks will profiteer despite the fact that he thinks landed will crash.

http://forums.condosingapore.com/showthread.php?t=16809


If someone was of the view that landed will crash, he will be saying that the current buyers are ridiculous and will crash and burn rather than 'worrying' about how much profit they make.

Even better still, if new citizens come and buy up landed now at current prices. When the prices come crashing down, won't you be able to pick it up at a song if you are of the view that landed wil crash?

Severe disconnect here....

Ringo33 and me are both eyeing landed la. That's why we say LANDED CRASH AH CRASH ARH....woaheheheheheheheh

[blackjack21trader]

btw, me think cannot be A&A la...will still look old. Need to totally rebuild this house. So easily add another 10million to it. Unless you are rebuilding one small house like the old one of 5000sqft on this plot.

[blackjack21trader]

pay $20+ million to live along a cock street name

I only go for English Names for my landed investment. Open to a wider audience than some Hokkien names. Anyway, Malay names also sound good. But somehow Chinese named street sounded very Obiang leh...JMHO...DUN ANGER HOR !

[blackjack21trader]

I only go for English Names for my landed investment. Open to a wider audience than some Hokkien names. Anyway, Malay names also sound good. But somehow Chinese named street sounded very Obiang leh...JMHO...DUN ANGER HOR !

Come to think of it, all my properties located in England Named streets/roads leh....WOAHAHEHEHHEHEHEHEH

[blackjack21trader]

"where do you stay ?"

"Lorong Ong Lye."

"cool. down there many fruit stalls bo ?"

[blackjack21trader]

"where do you stay?"

"Mountbatten."

"cool, your ancestor related to General Mountbatten bo ?"

See the difference now ?

[blackjack21trader]

last week i went to an undeveloped part of Singapore. They are naming the streets there which are just surfaced after New York Streets. Sounds very high class.

You wanna know where ?

I think I better dun say.

say dun say

say dun say...


WOAHAHHEHEHEHEHEHEH

[blackjack21trader]

last week i went to an undeveloped part of Singapore. They are naming the streets there which are just surfaced after New York Streets. Sounds very high class.

You wanna know where ?

I think I better dun say.

say dun say

say dun say...


WOAHAHHEHEHEHEHEHEH

Think let the TV stations tell you guys la. since you all like to big mouth to reporters on TV.

[blackjack21trader]

anyway, from the initial price of 19m and to close at only 22m, i seriously think market is weakening for landed.

GOOD LUCK.

[proper-t]

anyway, from the initial price of 19m and to close at only 22m, i seriously think market is weakening for landed.

GOOD LUCK.

Yes..we all know where you stand as far as landed is concerned...

dear all ,

i feel exactly like you guys. i also think the prices are really sky high. It is time we bring those landed owners back to Planet Earth. I was twice a landed owner and really regret selling them due to financial circumstances forced upon me. I guess that is life. At the prices currently, I cannot even afford a good terrace in good location !

i strongly believe that if we stand together as one, we can make the landed prices more affordable. we should totally keep ourselves blind on all landed adverts. make no telephone enquiries to them. hopefully we will stand a chance for our next upgrade to a landed lor.

do not let the landed developers see us forumers no up la !!!

[DC33_2008]

Large quantum properties will soften. Just wait for the falling stars.

anyway, from the initial price of 19m and to close at only 22m, i seriously think market is weakening for landed.

GOOD LUCK.

[proper-t]

Large quantum properties will soften. Just wait for the falling stars.

You mean like Nassim GCBs izit?

[blackjack21trader]

You mean like Nassim GCBs izit?

CHOY CHOY !