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Thread: Wilshire condo in District 10 heading for sale en bloc

  1. #1
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    Default Wilshire condo in District 10 heading for sale en bloc

    http://www.straitstimes.com/archive/...-bloc-20140428

    Wilshire condo in District 10 heading for sale en bloc

    Published on Apr 28, 2014 1:04 AM

    By Cheryl Ong


    THE Wilshire condo in upscale District 10 has been put on the market in its maiden attempt at a collective sale.

    The Straits Times understands that owners of the 20-unit development in Farrer Road were notified on Saturday that the sales committee had obtained the requisite 80 per cent consensus needed to put the condo up for sale en bloc.

    Marketing agent Savills Singapore said 17 of 20 owners, representing 85 per cent of the condo's total share value and strata area, have given the go-ahead.

    This comes as another District 10 condo - Spring Grove - obtained approval to go for a collective sale earlier this month. The 325-unit estate may hit the market at a reserve price of $1.14 billion, up from an earlier proposed reserve price of $1.045 billion, according to earlier reports.

    The Wilshire has an indicative guide price of about $96 million to $98 million, or about $1,493 to $1,524 per sq ft (psf) per plot ratio (ppr), based on an allowable gross floor area of 64,310 sq ft, said Savills. The 30-year-old condo comprises three- and four-bedroom units, measuring 2,196 to 5,662 sq ft.

    "With a price tag of less than $100 million, it will appeal to boutique developers seeking to design an iconic development of smaller-sized one and two-bedroom apartments with an affordable quantum," said Ms Suzie Mok, director of investment sales at Savills.

    If a development charge of about $3.6 million is factored in to build an extra 10 per cent of balcony space, then the indicative land price of the site would be about $1,408 to $1,436 psf ppr. About 85 units measuring 753 sq ft each can be developed on the site, with breakeven costs estimated at between $2,000 and $2,100 psf, noted Savills.

    Other developments that surround the Wilshire condo include CapitaLand's D'Leedon and GuocoLand's Leedon Residence, which are under construction. Singapore Land's upcoming 106-unit condo Pollen & Bleu is also expected to launch in the next two months. The condo is near popular haunts like Holland Village and Dempsey Hill.

    Knight Frank research head Alice Tan said the high-end residential market has been sluggish, causing the en bloc market to be quiet in the past year.

    Sales at many condos in the city centre have been slow because of their higher prices, and developers have been more cautious in their land bids as a result, noted OrangeTee research head Christine Li. But she added that the low overall price of the site could attract smaller developers that have been muscled out of the Government Land Sales programme.

    [email protected]

  2. #2
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    That area of D10 is quite far RV D10. To break even at 2k,means need to sell at 2.2 - 2.5k at least. So a 753 sqft would need to sell at $1.66 - $1.88m. VERY CHALLENGING!
    Quote Originally Posted by reporter2 View Post
    http://www.straitstimes.com/archive/...-bloc-20140428

    Wilshire condo in District 10 heading for sale en bloc

    Published on Apr 28, 2014 1:04 AM

    By Cheryl Ong


    THE Wilshire condo in upscale District 10 has been put on the market in its maiden attempt at a collective sale.

    The Straits Times understands that owners of the 20-unit development in Farrer Road were notified on Saturday that the sales committee had obtained the requisite 80 per cent consensus needed to put the condo up for sale en bloc.

    Marketing agent Savills Singapore said 17 of 20 owners, representing 85 per cent of the condo's total share value and strata area, have given the go-ahead.

    This comes as another District 10 condo - Spring Grove - obtained approval to go for a collective sale earlier this month. The 325-unit estate may hit the market at a reserve price of $1.14 billion, up from an earlier proposed reserve price of $1.045 billion, according to earlier reports.

    The Wilshire has an indicative guide price of about $96 million to $98 million, or about $1,493 to $1,524 per sq ft (psf) per plot ratio (ppr), based on an allowable gross floor area of 64,310 sq ft, said Savills. The 30-year-old condo comprises three- and four-bedroom units, measuring 2,196 to 5,662 sq ft.

    "With a price tag of less than $100 million, it will appeal to boutique developers seeking to design an iconic development of smaller-sized one and two-bedroom apartments with an affordable quantum," said Ms Suzie Mok, director of investment sales at Savills.

    If a development charge of about $3.6 million is factored in to build an extra 10 per cent of balcony space, then the indicative land price of the site would be about $1,408 to $1,436 psf ppr. About 85 units measuring 753 sq ft each can be developed on the site, with breakeven costs estimated at between $2,000 and $2,100 psf, noted Savills.

    Other developments that surround the Wilshire condo include CapitaLand's D'Leedon and GuocoLand's Leedon Residence, which are under construction. Singapore Land's upcoming 106-unit condo Pollen & Bleu is also expected to launch in the next two months. The condo is near popular haunts like Holland Village and Dempsey Hill.

    Knight Frank research head Alice Tan said the high-end residential market has been sluggish, causing the en bloc market to be quiet in the past year.

    Sales at many condos in the city centre have been slow because of their higher prices, and developers have been more cautious in their land bids as a result, noted OrangeTee research head Christine Li. But she added that the low overall price of the site could attract smaller developers that have been muscled out of the Government Land Sales programme.

    [email protected]

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