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Thread: Pender Court in West Coast sold for $80m

  1. #1
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    Default Pender Court in West Coast sold for $80m

    Published July 6, 2007

    Pender Court in West Coast sold for $80m

    Buyer Bravo Construction plans to build condo to be sold at $1,800 psf

    By KALPANA RASHIWALA


    PENDER Court, off West Coast Highway and near the Caribbean and Reflections at Keppel Bay condos, has been sold for $80 million or about $872 psf of potential gross floor area. No development charge (DC) is payable.


    Pender Court: Bravo hopes to turn the Mount Faber collective sale site into a resort-style boutique condo

    The unit land price for Pender Court surpasses the last collective sale transaction in the location - that of Fairways Condo which was sold in May for about $785 psf per plot ratio, inclusive of DC and the cost of buying an adjoining piece of state land.

    Cushman & Wakefield brokered the collective sale of Pender Court through a private treaty deal inked earlier this week. The 65,480 sq ft freehold site is designated for residential use with a 1.4 plot ratio (ratio of maximum potential gross floor area to land area) and a five-storey maximum height under Master Plan 2003.

    The buyer is Bravo Building Construction, which plans to redevelop the freehold plot into an 80-unit condo slated for launch in the second quarter next year. 'We should easily be able to sell at an average price of $1,800 psf,' Bravo director Jenny Tan told BT. She reckons Bravo's breakeven cost for the project will be around $1,200 psf.

    'The site has excellent 'feng shui', with the front facing the sea and having Mount Faber as its backdrop. We're looking for an architectural firm to design a resort-style boutique condo on this site,' Mrs Tan added.

    Bravo, a five-year-old outfit involved in the construction and property development business, has bought some 15 sites in Singapore since September last year. The sites are predominantly residential plots purchased through collective sales and are mostly located in the eastern part of the island. Most of the sites have land areas of 30,000 to 45,000 sq ft. These include Castle Court at Changi Road, Regent Court in Serangoon and Koon Seng House in the Still Road area. The gross development value of the group's Singapore residential landbank is around $800 million. 'We will start launching residential projects from November this year,' Mrs Tan said.

    First off will be an 80-unit condo on the Koon Seng House site, and a residential and small office, home office (Soho) project on the Castle Court plot.

    Mrs Tan reveals that Bravo was the party that earlier this week sold eight freehold semi-detached houses along Mountbatten Road to Lian Beng Group for $42 million. The eight houses can be redeveloped into a condominium.

    Mrs Tan also said that Bravo was the highest tenderer in a Singapore Land Authority tender to lease the former CPIB Building at 150 Cantonment Road on a monthly rental offer of $1.88 psf of gross floor area. 'If we are awarded this building, we can fit it out as high-tech offices in about three months. We could have about 45,000 sq ft net lettable area of office space,' Mrs Tan said.

    Pender Court's collective sale is subject to approval from the Strata Titles Board. Owners of the existing 48 apartments will each receive over $1.6 million, according to Cushman & Wakefield.

  2. #2
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    Default Re: Pender Court in West Coast sold for $80m

    Quote Originally Posted by mr funny
    Published July 6, 2007

    Pender Court in West Coast sold for $80m

    Buyer Bravo Construction plans to build condo to be sold at $1,800 psf

    By KALPANA RASHIWALA


    PENDER Court, off West Coast Highway and near the Caribbean and Reflections at Keppel Bay condos, has been sold for $80 million or about $872 psf of potential gross floor area. No development charge (DC) is payable.


    Pender Court: Bravo hopes to turn the Mount Faber collective sale site into a resort-style boutique condo

    The unit land price for Pender Court surpasses the last collective sale transaction in the location - that of Fairways Condo which was sold in May for about $785 psf per plot ratio, inclusive of DC and the cost of buying an adjoining piece of state land.

    Cushman & Wakefield brokered the collective sale of Pender Court through a private treaty deal inked earlier this week. The 65,480 sq ft freehold site is designated for residential use with a 1.4 plot ratio (ratio of maximum potential gross floor area to land area) and a five-storey maximum height under Master Plan 2003.

    The buyer is Bravo Building Construction, which plans to redevelop the freehold plot into an 80-unit condo slated for launch in the second quarter next year. 'We should easily be able to sell at an average price of $1,800 psf,' Bravo director Jenny Tan told BT. She reckons Bravo's breakeven cost for the project will be around $1,200 psf.

    'The site has excellent 'feng shui', with the front facing the sea and having Mount Faber as its backdrop. We're looking for an architectural firm to design a resort-style boutique condo on this site,' Mrs Tan added.

    Bravo, a five-year-old outfit involved in the construction and property development business, has bought some 15 sites in Singapore since September last year. The sites are predominantly residential plots purchased through collective sales and are mostly located in the eastern part of the island. Most of the sites have land areas of 30,000 to 45,000 sq ft. These include Castle Court at Changi Road, Regent Court in Serangoon and Koon Seng House in the Still Road area. The gross development value of the group's Singapore residential landbank is around $800 million. 'We will start launching residential projects from November this year,' Mrs Tan said.

    First off will be an 80-unit condo on the Koon Seng House site, and a residential and small office, home office (Soho) project on the Castle Court plot.

    Mrs Tan reveals that Bravo was the party that earlier this week sold eight freehold semi-detached houses along Mountbatten Road to Lian Beng Group for $42 million. The eight houses can be redeveloped into a condominium.

    Mrs Tan also said that Bravo was the highest tenderer in a Singapore Land Authority tender to lease the former CPIB Building at 150 Cantonment Road on a monthly rental offer of $1.88 psf of gross floor area. 'If we are awarded this building, we can fit it out as high-tech offices in about three months. We could have about 45,000 sq ft net lettable area of office space,' Mrs Tan said.

    Pender Court's collective sale is subject to approval from the Strata Titles Board. Owners of the existing 48 apartments will each receive over $1.6 million, according to Cushman & Wakefield.
    HI OWNERS,
    JUST TO ENQUIRE FROM U, HAVE THE SALE BEEN COMPLETED?

  3. #3
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    Default Re: Pender Court in West Coast sold for $80m

    Quote Originally Posted by Unregistered
    HI OWNERS,
    JUST TO ENQUIRE FROM U, HAVE THE SALE BEEN COMPLETED?
    The thread is dead.

  4. #4
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    Default Re: Pender Court in West Coast sold for $80m

    Quote Originally Posted by Unregistered
    The thread is dead.
    ANY1 ELSE????/

  5. #5
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    Default Re: Pender Court in West Coast sold for $80m

    Quote Originally Posted by Unregistered
    ANY1 ELSE????/
    Why are you desperately searching for Pender Court owners? Have anything to sell to them?

  6. #6
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    Default Re: Pender Court in West Coast sold for $80m

    Quote Originally Posted by Unregistered
    Why are you desperately searching for Pender Court owners? Have anything to sell to them?
    SEE TITLE, R U 1 OF THEM, REPLY PLS

  7. #7
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    Default Re: Pender Court in West Coast sold for $80m

    Quote Originally Posted by Unregistered
    SEE TITLE, R U 1 OF THEM, REPLY PLS
    Why do you want to know if sale completed? You have any objections?

  8. #8
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    Default Re: Pender Court in West Coast sold for $80m

    Quote Originally Posted by Unregistered
    Why do you want to know if sale completed? You have any objections?
    IF Y KNOW, LET ME KNOW YES OR NOT. THKS

  9. #9
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    Default Re: Pender Court in West Coast sold for $80m

    Quote Originally Posted by Unregistered
    IF Y KNOW, LET ME KNOW YES OR NOT. THKS
    A SMALL property firm that snapped up enough sites to place it among the top en bloc players last year has put off completing two deals while it ties up funding.
    Because of the delays, owners at one condo are still waiting to pick up cheques for well over $1 million each. They expected payment in late February but an extension put this back to March and now the due date is late this month.

    The payments are pending from Bravo Building Construction, a relatively new firm on the property scene. It bought freehold Pender Court condominium in the Telok Blangah area for $80 million last July and soon after purchased Tulip Garden near Holland Road - also freehold - for $516 million.

    But completion of both deals seems to have stalled.

    Completion is at the final stage of the sale process and triggers the final payment - usually around 95 per cent of the purchase price - to owners. The remaining 5 per cent is paid when the owner vacates.

    These headaches for the owners come amid a slowing market for collective sales. The first quarter this year saw just one relatively small deal, compared with some 25 notched up in the same period last year.

    The Tulip Garden transaction is expected to be completed late next month but Bravo has already asked for two postponements - first to July 23 and then Aug 7.

    It has also asked for extensions to pay an additional 5 per cent of the purchase price - $25.8 million.

    This is a routine payment required once the Strata Titles Board approves a sale. An initial 5 per cent deposit was paid when the sale was done.

    The deadline for the second 5 per cent payment was March 13 but Bravo won approval to move it to April 7. Then in mid-March, it again asked to move the date, this time to May 5.

    However, before the sale committee could respond to the request, it is understood that Bravo asked again to have the date moved even further back, to June 7.

    Tulip Garden sold for about $1,018 per sq ft. It has 164 units comprising 96 flats, 66 maisonettes and two shophouses. Flat owners stand to reap $2.5 million to $4.2 million while maisonette owners will receive about $3.4 million each. The shop units will get about $1.1 million each.

    The owners are meeting this weekend to consider Bravo's requests that the completion date be pushed back to Aug 7 and the deadline for the $25.8 million payment be extended to June 7.

    The Pender Court deal is even further behind schedule.

    Bravo was supposed to have completed the sale on Feb 25 but had it postponed, initially to around mid-March. It then asked for a further extension to April 24, which has apparently been granted.

    Pender Court's 48 owners should each get $1.6 million or so for their flats, which sold for about $872 psf.

    Sources have told The Straits Times that they understand Bravo is committed to completing the two purchases and just needs more time to arrange funding.

    Bravo, which was registered in 2002, reportedly picked up $824.5 million worth of en bloc sale deals last year, making it the fourth-largest buyer of en bloc sites.

    Bravo's directors could not be reached for comment, despite numerous telephone calls and a visit to its office in an industrial building in Geylang Road last Friday. A Bravo staff member said that the company directors were away on business.

    ANOTHER END-BLOCK.

  10. #10
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    Default Re: Pender Court in West Coast sold for $80m

    Quote Originally Posted by Unregistered

    ANOTHER END-BLOCK.
    It was a surprise that this site fetched such a good price compared to Fairways which is better located.

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