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Thread: $250m GCB for grab...

  1. #1
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    Default $250m GCB for grab...

    Bro BJ, are you selling?



    http://www.straitstimes.com/breaking...galow-20130409





    A NASSIM Road bungalow, owned by Wing Tai Holdings chairman Cheung Wai Keung, was put up for sale today.


    If sold, the plum 85,000 sq ft site is expected to attract offers of between $250 million to $300 million and could be one of the largest bungalow deals here, sole marketing agent Jones Lang LaSalle (JLL) said.


    The two-storey bungalow in one of Singapore's most exclusiive enclave is sited on elevated grounds and has a swimming pool and tennis court.


    Offers of up to $300 million are expected, which works out to up to $3,529 per sq ft of land area, said Mr Karamjit Singh, JLL's head of investments and residential.
    "Never argue with an idiot, or he will drag you down to his level and beat you with experience."

  2. #2
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    too expensive

  3. #3
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    why does he want to sell?
    1) wing tai have problem?
    2) doesnt believe his property can go up anymore?
    3) free publicity for him? now everybody know he stay in $300mil bungalow.

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    Quote Originally Posted by hopeful
    why does he want to sell?
    1) wing tai have problem?
    2) doesnt believe his property can go up anymore?
    3) free publicity for him? now everybody know he stay in $300mil bungalow.
    There are a few more mega GCB around Botanic Garden.
    "Never argue with an idiot, or he will drag you down to his level and beat you with experience."

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    Quote Originally Posted by Ringo33
    Bro BJ, are you selling?
    Good brother Ringo33, I am not selling mine although I still maintain that landed shall be crashing more than 30% while other property segments remaining healthy, CCR will be particularly strong.

    Now you believe I got THIRD EYE liao bo la ?

    BUY SINGAPORE RIVER NOW !

  6. #6
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    $3000psf. He can take the money and buy an entire office building in NY after he cashes out.

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    Quote Originally Posted by kane
    $3000psf. He can take the money and buy an entire office building in NY after he cashes out.

    I think it's for low rise condo development if not wrong.
    狮子王 (formerly blackjack21trader): READ MY LIPS: NO MORE CRASH FOR 60 YEARS.

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    Quote Originally Posted by blackjack21trader
    Good brother Ringo33, I am not selling mine although I still maintain that landed shall be crashing more than 30% while other property segments remaining healthy, CCR will be particularly strong.

    Now you believe I got THIRD EYE liao bo la ?

    BUY SINGAPORE RIVER NOW !
    However, after this handsome brother sold his GCB. I think I will also start selling mine liao. Dun want to create too much panic, you see.

    So dun say I never say hor.

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    is this no. 44 nassim road? nice number.

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    Quote Originally Posted by blackjack21trader
    However, after this handsome brother sold his GCB. I think I will also start selling mine liao. Dun want to create too much panic, you see.

    So dun say I never say hor.
    You selling yours at $288m?

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    "Never argue with an idiot, or he will drag you down to his level and beat you with experience."

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    wow, BJ21.. that's a very nice patio u have

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    Is this another case of the rich cashing out now?

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    more likely, having the last one holding when the music stops. But then again, I would have made a bundle in 2009 and in 2011 if I was not so conservative.

    So its anyone's guess how this pans out.

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    Quote Originally Posted by Amber Woods
    Is this another case of the rich cashing out now?
    No. it is not another case.
    given the quantum 250-300million, it takes another rich to cash in. one rich cash out, one rich cash in, net effect is 0.

    and since this is landed, only singapore citizens or singapore companies (ie no foreign directors, no foreign shareholders) can buy. this rules out publicly listed companies, foreign funds, no money laundering.

    and if singapore company, LTV 40% (if not wrong). so how many singapore companies going to put down $150 million cash?
    i think he can only see paper profit for now (unless NTF give birth to idiots).
    Last edited by hopeful; 10-04-13 at 10:03.

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    Quote Originally Posted by samuelk
    more likely, having the last one holding when the music stops. But then again, I would have made a bundle in 2009 and in 2011 if I was not so conservative.

    So its anyone's guess how this pans out.
    I think so too especially when the seller is also a well known property developer himself. He surely knows more than we do what is happening or going to happen to the market.

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    singapore companies is now only 20% LTV.

    wing tai surging assuming he is selling it to take the company private?!



    Quote Originally Posted by hopeful
    No. it is not another case.
    given the quantum 250-300million, it takes another rich to cash in. one rich cash out, one rich cash in, net effect is 0.

    and since this is landed, only singapore citizens or singapore companies (ie no foreign directors, no foreign shareholders) can buy. this rules out publicly listed companies, foreign funds, no money laundering.

    and if singapore company, LTV 40% (if not wrong). so how many singapore companies going to put down $150 million cash?
    i think he can only see paper profit for now (unless NTF give birth to idiots).

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    if he does, it only means that he feels that the gcb market is toppish. can't imply a lot about the rest of the market yet.

    Quote Originally Posted by Amber Woods
    I think so too especially when the seller is also a well known property developer himself. He surely knows more than we do what is happening or going to happen to the market.

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    Quote Originally Posted by bargain hunter
    singapore companies is now only 20% LTV.

    wing tai surging assuming he is selling it to take the company private?!
    funny right? he has to buy shares at higher price if public thinks he is taking company private. cannot be like SC meh? take the market by surprise.

    i dont see why his selling need to be advertised. really, how many people can afford that kind of price? agent cannot approach 1 by 1 meh? they are sole agent.

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    Quote Originally Posted by bargain hunter
    if he does, it only means that he feels that the gcb market is toppish. can't imply a lot about the rest of the market yet.
    Yes! As a property developer himself, his cashing out now while the price is still high. That is another possibility which cannot be ruled out. He surely knows more than we do.

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    precisely. 1) he is not likely to be able to sell becoz of what u mentioned earlier. 2) he is also not likely to be privatising wing tai (he already did a partial offer around this time last year and has gained the 50% which he wanted).



    Quote Originally Posted by hopeful
    funny right? he has to buy shares at higher price if public thinks he is taking company private. cannot be like SC meh? take the market by surprise.

    i dont see why his selling need to be advertised. really, how many people can afford that kind of price? agent cannot approach 1 by 1 meh? they are sole agent.

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    but for reasons which bro hopeful had mentioned, will be hard to find a buyer.

    Quote Originally Posted by Amber Woods
    Yes! As a property developer himself, his cashing out now while the price is still high. That is another possibility which cannot be ruled out. He surely knows more than we do.

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    Quote Originally Posted by bargain hunter
    but for reasons which bro hopeful had mentioned, will be hard to find a buyer.
    At least he tried, knowing that he could well be stucked with it. Who know he may decide to sell it at a lesser price.

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    my guess was wrong. the address is 33 nassim road. how many storey apartment can this be built up to?

    maybe foreigners can participate in this case?

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    Russian bidding?? Cyprus => Singapore??

    or UHNWI Chinese panic about H7N9?

    Ride at your own risk !!!

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    Quote Originally Posted by Amber Woods
    At least he tried, knowing that he could well be stucked with it. Who know he may decide to sell it at a lesser price.
    Now that it is publicised, If cannot sell at the price range, it would be a huge loss of face. People would comment critically behind his back.
    Of course, he couldnt care what we think, but among this circle, tsktsk.

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    He could be holding the property for a better price until now. Perhaps, he should have cashed out in 2011/2012 even if the valuation then was lower than now. At least it was easier to find buyer.

    Perhaps, it is better to sell lower when there are ready buyers than trying to sell at the peak when buyers are hard to come by. He could well have MTB (miss the boat) as a seller.
    Last edited by Amber Woods; 10-04-13 at 12:36.

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    Quote Originally Posted by hopeful
    No. it is not another case.
    given the quantum 250-300million, it takes another rich to cash in. one rich cash out, one rich cash in, net effect is 0.

    and since this is landed, only singapore citizens or singapore companies (ie no foreign directors, no foreign shareholders) can buy. this rules out publicly listed companies, foreign funds, no money laundering.

    and if singapore company, LTV 40% (if not wrong). so how many singapore companies going to put down $150 million cash?
    i think he can only see paper profit for now (unless NTF give birth to idiots).
    Net effect might not necessary be zero because the next buyer could be buying for redevelopment rather than own stay. Which mean the next buyer will be buying the site to split them into small plot for resale.
    "Never argue with an idiot, or he will drag you down to his level and beat you with experience."

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    Interesting article!

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    Published July 16, 2009

    LANDED HOMES

    In a class of their own

    Some 1,000 Singaporeans are said to own the majority of Good Class Bungalows here, reports ARTHUR SIM


    VERY few people live in landed homes in Singapore and even fewer live in Good Class Bungalows (GCBs), which probably explains why they are so desirable. There are about one million or so homes here. These comprise terrace houses, semi-detached houses, bungalows and of course high-rise homes - condominiums, apartments and public housing flats.


    Exclusive: While it is not inconceivable that there could be more GCB areas added in the future, given the need to intensify land use in Singapore, the likelihood is slim

    But GCBs stand quite far apart from all of these in that they not only have to sit on land that is of a certain size - not less than 1,400 square metres - but also have to be located in areas that have been specially designated for them. Indeed, there are estimated to be less than 2,500 GCBs in Singapore.

    GCB areas were officially gazetted in 1980 with 39 areas formally safeguarded. A spokesman for the Urban Redevelopment Authority (URA) explained that the purpose of the gazette was to 'protect the high environmental quality of these established large bungalow areas from the intrusion of more intensive forms of housing such as semi-detached or terrace houses'.

    Walk or drive around these GCB areas and often you will notice not only stately houses but stately trees as well with many protected for posterity. There are two zones in Singapore under the National Parks Board's Tree Conservation Areas with the main zone covering central Singapore where most of the GCBs are located.

    To control development in these areas, URA set certain guidelines for planning purposes. For instance, the minimum plot size for any newly created bungalow within the 39 GCB areas must be at least 1,400 sq m. For this reason, a GCB plot cannot be developed to accommodate more intensive forms of housing. And unless it is at least 2,800 sq m in size, it cannot be sub-divided into two GCB plots either.

    Of the GCB areas, the best known are the Nassim, Cluny, Bishopsgate and White House Park estates. While it is not inconceivable that there could be more GCB areas added in the future, given the need to intensify land use in Singapore, the likelihood is slim.

    URA's spokesman said: 'In drawing up our land use plans for Singapore, we aim to provide a variety of housing options for Singaporeans, from waterfront housing to garden living to city living. This includes low-density and landed housing, such as those found within existing GCB areas. The detailed housing form for future landed housing areas will be determined when the area is ready to be developed.'

    URA said that there are currently no plans to release new sites or designate new areas as GCB areas. 'Nevertheless, there is scope for the number of GCB plots within existing GCB areas to increase, for example through sub-division of larger GCB plots into several GCB plots, so long as each bungalow plot meets the minimum land size of 1,400 sq m,' URA added.

    Big GCB plots do not come by often. In 1994, a plum site in the Tanglin GCB area came up for sale by public tender. The 194,000 sq ft parcel was the official residence of the Australian high commissioner at White House Park/Dalvey Road. Property valuers had estimated that the site could fetch as much as $70 million, or around $400 per square foot (psf). The site eventually sold for $98 million or $505 psf.

    In 1997, developer Wharf Group sold five units of the 11-unit development of GCBs at an average of $14.1 million each. Ten years later, in 2007, a house in this development sold for $28.8 million. There have been other public tenders of large sites.

    In 2000, Hongkong and Shanghai Banking Corporation (HSBC) sold a 201,782 sq ft freehold bungalow site it owned since the 1960s in Jervois Road for $60 million, or slightly over $330 psf. Then in 2003, HSBC sold a 276,112 sq ft site at Bishopsgate for $69.8 million. Together, all three sites would have yielded less than 40 new GCBs.

    Occasionally, individual GCB sites will come up for auction. In 2008, the Singapore Land Authority auctioned a site at Ridout Road which saw 34 bids lodged by three prospective buyers. The winning bid came in at $8.96 million or $579.55 psf. This was 22.6 per cent above the opening bid of $7.31 million or $473 psf. Being fresh government land sale sites, however, it came with a 99-year lease.

    SLA also said that recently, three parcels of land have been sold under the Sale of Infill Sites programme on 99-year leases. 'The owners have to comply with URA's GCB guidelines as the land parcels are within GCB areas,' it added.

    Because the environment is an important factor in GCB areas, there are guidelines that control how big the house can be. For instance, the house cannot cover more than 35 per cent of the site. This is to ensure that there are adequate green buffers between each house.

    There are also more prosaic restraints - childcare centres are not allowed in GCB areas for instance. But perhaps the most important constraint on GCB ownership to note is that foreigners are not allowed to own these, thus reducing the buying pool of GCBs.

    Some 1,000 Singaporeans are said to own the majority of GCBs here and are mostly intent on holding on to them as long-term investments. If you have bought one through the open market, you can count yourself lucky indeed.

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