Three adjoining Bukit Timah freehold properties up for sale

[reporter2]

http://www.businesstimes.com.sg/arch...-sale-20140311

Published March 11, 2014

Three adjoining Bukit Timah freehold properties up for sale

Seller expects offers above $45m for site with combined land area of 25,425 sq ft

By jaira koh [email protected]


Strategic location: One of the three properties being put up for sale by Knight Frank. The District 10 residential site offers double frontages of 42 metres' width onto both Queen's Road and Duke's Road

[SINGAPORE] Three adjoining freehold properties along Queen's Road and Duke's Road are up for tender, with the seller expecting offers above $45 million.

The residential site in Bukit Timah has a combined land area of 25,425 square feet. With a plot ratio of 1.4, it can yield a maximum permissible gross floor area of 35,595 square feet.

Knight Frank, the site's marketing agent, assumes a $5.8 million development charge for redeveloping apartments with a gross plot ratio of up to 1.4, which translates to $1,430 per square feet per plot ratio (psf ppr).

The District 10 site offers double frontages of 42 metres' width onto both Queen's Road and Duke's Road.

Since the three properties are owned by the same seller, Strata Titles Board approval is not required for the sale, which thus "offers a quick turnaround time for prospective purchasers", says Ian Loh, Knight Frank Singapore's director and head of investment and capital markets. He adds: "We expect this property to attract strong interest in view of its strategic location and relatively affordable investment size."

The site is nestled in the school belt comprising Hwa Chong Institution, National Junior College, Nanyang Girls' High School and St Margaret's Secondary School.

Separately, Knight Frank is also marketing two adjoining ground-floor shops in Thomson Plaza with total strata retail space of about 14,000 sq ft.

Guide prices range from $3,500 to $3,600 per sq ft.

Sale of the shops will be via Expression of Interest and is subject to the existing restaurant and lifestyle store tenants. The three-storey mall serves private estates such as Thomson Park and The Windsor, and public estates such as Ang Mo Kio and Shunfu.

Mary Sai, executive director of investment and capital markets at Knight Frank Singapore, believes that "with the upcoming Upper Thomson MRT Station, the improved accessibility will enhance the value (of the retail space) in the long term".

The Expression of Interest for the Thomson Plaza retail space closes at 3pm on April 8, and the tender for the Bukit Timah properties at 3pm on April 9.

[bargain hunter]

does that mean they can turn this area into a telok kurau? and with this place being in D10, there is no restriction on how small the units can be?

[proud owner]

does that mean they can turn this area into a telok kurau? and with this place being in D10, there is no restriction on how small the units can be?

possible bro

that area is NON DESIGNATED LANDED ... ,meaning can turn into low rise condo .... just like T Kurau ...

[reporter2]

http://www.straitstimes.com/archive/...-sale-20140311

Three Bukit Timah units among properties on sale

Published on Mar 11, 2014

By Rachel Scully


THREE adjoining residential properties in Bukit Timah, a shophouse in Rangoon Road and two retail units at Thomson Plaza went on sale yesterday.

The three freehold units, near Botanic Gardens MRT station, are being offered by the same seller.

They have a combined gross floor area (GFA) of 35,595 sq ft and the seller expects offers of more than $50.8 million, including a development charge, said Mr Ian Loh, the director and head of investment and capital markets at Knight Frank. This translates to an average of $1,430 per sq ft per plot ratio (psf ppr).

Redevelopment options for the properties include five-storey apartments, cluster houses or even a new bungalow, he said. The tender closes on April 9.

Knight Frank is also the sole marketing agent of two adjoining strata shops on the ground floor of Thomsom Plaza.

Restaurant Peach Garden and Home-Fix The DIY Store have a combined space of 14,000 sq ft.

The guide price is $3,500 to $3,600 psf, said Ms Mary Sai, Knight Frank executive director of investment and capital markets.

In the last two months, four ground-floor units in the shopping centre have been sold at between $4,288 psf and $5,972 psf. Each of the units, however, was less than 1,000 sq ft in size.

The sale, via expression of interest, closes on April 8.

The third property is a two-storey shophouse at the junction of Rangoon and Dorset roads.

The 137 and 139 Rangoon Road site occupies 3,837 sq ft, and the existing building has a GFA of 5,603 sq ft, excluding walkways.

"The buyer can choose to hold the asset for a steady cash flow or explore refurbishments by increasing the existing GFA," said Ms Sammi Lim, the associate director of investment properties at CBRE.

No guide price was given, but a Rangoon Road shophouse with a GFA of 4,500 sq ft was advertised for sale at $12 million, or $2,667 psf. The tender exercise also closes on April 8.

[email protected]

[amk]

so any bid on this ? can build "Dukes Residences II"

... btw I dun think this area will become TK.. TK situation came from one simple fact: the house was cheap. therefore can easily build up MM tiny condos and still sell for profit. This one, the house is not cheap. Even built as MM the quantum will still be too big for small builders to gamble on.

[Royston8H]

Holy cow......if there is a willing buyer who are foreigners/entities, they will have to fork $6.75million or who are Singaporeans to fork $4.5 million just only for ABSD. Winner goes to IRAS.

[johnlee]

Unfortunate to see more and more homes in Singapore getting split and strata'd such that the space and feel of the land, one of the privileges of being in Singapore, is increasingly not there.

Developers are motivated by profit maximisation. A lot of these older homes are bought by developers, not the end user immediately. The developer proceeds to build some usually ugly monstrosity that maximises GFA and which he can then sell for maximum price (based in part by telling you that although price psf for the land is x but actually your price psf for the built in is y and y is always lower...)

[matrix0405]

3 adjoining units by the same seller! This is similar to enbloc sales. Likely built into 30-storey condo.

[amk]

This was sold ! 40.5mil "only".
Will be a 5 story small condo , Dukes Residences style. ( plot ratio only 1.4)

[Ringo33]

This was sold ! 40.5mil "only".
Will be a 5 story small condo , Dukes Residences style. ( plot ratio only 1.4)

From expecting offer ABOVE $45m to end up with $40.5m??

Another sign that landed property party is over.