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Thread: Top condos with en bloc potential

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    Default Top condos with en bloc potential

    Top condos with en bloc potential

    By The Edge Property / The Edge Property | June 9, 2017


    The sale of Eunosville to MCL Land for $765.78 million on June 1 brings the number of successful collective sales so far this year to four. The total collective sale value so far stands at $1.5 billion, compared with the total value of $1 billion for the three successful sales in 2016 and $380 million for the single sale of Thong Sia Building in 2015.

    With the collective sale market heating up, The Edge Property constructed a logit model to determine the probability that a condominium would be put up for collective sale. For the dependent y variable, “1” represents “success” and comprises 300 developments that have been put up for collective sale previously, whereas “0” represents “failure” and comprises 50 randomly selected developments islandwide that were never put up for collective sale.

    The model found three variables that would increase a condo’s probability of being put up for collective sale. They are statistically significant at 5% level:

    • Age (older developments have a higher probability);

    • Number of units in the development (smaller developments have a higher probability); and

    • Plot ratio enhancement.

    Tenure (freehold versus leasehold) and location (whether the property is located in the Central Region or Non-Central Region) were statistically insignificant at 5% level.

    Using the model, we identified the following private non-landed residential developments with high potential to be put up for collective sale:

    Balmoral Point



    Balmoral Point is a freehold apartment completed in 1974. Properties in the Balmoral Road area have been well sought after for collective sales. Balmoral Point is adjacent to Ventuno Balmoral, formerly 21 Balmoral Road. Chip Eng Seng bought the site in 2005 for $19.5 million. Other notable collective sale deals in the vicinity include Balmoral View, One Balmoral and Balmoral Condominium, which were redeveloped into Sui Generis, One Balmoral and Goodwood Grand condominiums respectively.

    There are limited listings and sale transactions at Balmoral Point, which has only 31 units. The latest transaction in the development was in April 2013, when a 3,358 sq ft unit changed hands for $4.9 million, or $1,459 psf. Five three-bedroom units were let out at monthly rents ranging from $5,500 to $6,500 in 2016.

    Crystal Tower



    Located off Bukit Timah Road, Crystal Tower was launched for collective sale in 2011 at $1,600 psf per plot ratio and, in 2012, at a lower price of $1,458 psf ppr. Completed in 1974, the development comprises 28 freehold apartments.

    An 8,747 sq ft penthouse at Crystal Tower is up for sale on TheEdgeProperty.com for $9.8 million, or $1,120 psf. The latest transaction in the development was in April 2010, when a 3,261 sq ft unit fetched $3.4 million, or $1,042 psf. There were three rental transactions in 2017, ranging from $3,500 a month for a 2,700 to 2,800 sq ft unit, to $5,250 a month for a larger unit, which was more than 3,000 sq ft.

    Dalvey Court



    Dalvey Court is located off Bukit Timah Road, between Botanic Gardens and the Stevens MRT station. The freehold development was completed in 1976 and has 32 units. The most recent transaction at Dalvey Court was the sale of a 2,142 sq ft unit at $2.6 million, or $1,214 psf, in February 2017.

    It was reported that Villa D’Este, which is located in the vicinity of Dalvey Court, may be ready for collective sale in 3Q2017. This is Villa D’Este’s second attempt at a collective sale since 2010. There have been no transactions at Villa D’Este, following the sale of a 3,466 sq ft unit at $5.8 million, or $1,673 psf, in June 2011.

    Dalvey Court is adjacent to the Dalvey Estate Good Class Bungalow area; Villa D’Este falls within the White House Park GCB area.

    Derby Court



    Derby Court’s collective sale attempt in 2014 was unsuccessful. The 20-unit freehold development was completed in 1978 and is located within walking distance of Novena Square. In the vicinity, Carlisle Lodge was put up for collective sale in May 2002 and subsequently developed into the 129-unit Mera Springs by MCL Land.

    The most recent transaction at Derby Court was in August 2016, when a 1,991 sq ft unit changed hands at $1.8 million, or $904 psf. There were no transactions between 2011 and 2015. Prior to that, a 1,991 sq ft unit was sold at $1.57 million, or $788 psf, in August 2010.

    East Grove



    Properties on East Coast Road have also been traditionally sought after in the collective sale market. East Grove is a 36-unit freehold apartment project completed in 1975. In the vicinity, St Patrick’s View and St Patrick’s Gardens were acquired through collective sales and redeveloped into St Patrick’s Residences and Seventy Saint Patrick’s respectively.

    The latest transaction in East Grove was in April 2015, when a 1,033 sq ft unit changed hands for $950,000, or $919 psf. Monthly rents for three-bedroom units ranged from $2,000 for an 800 to 900 sq ft unit to $2,750 for a 900 to 1,000 sq ft unit from 2016 to January 2017.

    Grange Heights



    Completed in 1975, the 120-unit Grange Heights is a freehold development located off River Valley Road, within walking distance of the upcoming Great World MRT station. So far this year, there has been only one transaction at Grange Heights. In March, a 3,025 sq ft unit changed hands at $3.7 million, or $1,223 psf. Three units changed hands last year: a 1,905 sq ft unit at $2.43 million, or $1,275 psf; a 2,659 sq ft unit at $3.8 million, or $1,429 psf; and a 2,713 sq ft unit at $3.1 million, or $1,143 psf.

    In the vicinity of Grange Heights is Horizon Towers. At the height of the collective sale fever in 2007, Horizon Towers was on the verge of being sold for $500 million (just below $850 psf ppr) to a consortium led by Hotel Properties. Some minority owners opposed the sale and a long-drawn-out court battle ensued over 3½ years. The Court of Appeal overturned the sale in 2009.

    High Point



    High Point is a freehold project located within walking distance of the Orchard Road shopping belt, adjacent to Goodwood Park Hotel. It was completed in 1974 and has 59 units. It was reported that Cairnhill Mansions, which is adjacent to High Point, may be ready for collective sale in 3Q2017. Cairnhill Mansions previously attempted collective sales in 2005, 2007 and 2011.

    Two four-bedroom units at High Point are listed for sale on TheEdgeProperty. com. The smaller, at 2,885 sq ft, has an asking price of $5.3 million, or $1,837 psf. The larger, at 2,928 sq ft unit has an asking price of $4.95 million, or $1,690 psf. Two four-bedroom units measuring between 2,900 and 3,000 sq ft were leased at monthly rents of $6,300 and $6,100, respectively, in January and April. A four-bedroom unit of between 2,800 and 2,900 sq ft was leased in March at $6,200 a month.

    Still Mansions



    The freehold Still Mansions is located at the intersection of East Coast Road and Still Road, roughly equidistant from the upcoming Marine Parade and Marine Terrace MRT stations. Completed in 1967, the 30-unit Still Mansions occupies a 24,951 sq ft site in the southwest corner of the Telok Kurau area, an established private residential enclave.

    Two units at Still Mansions have changed hands so far this year. In February, a 1,141 sq ft unit was sold at $1.02 million, or $894 psf. The other unit, with an area of 1,044 sq ft, changed hands at $970,000, or $929 psf.

    Tan Tong Meng Tower



    Located on Thomson Road, near Balestier Road, Tan Tong Meng Tower is a 35- unit freehold project completed in 1977. It was put up for collective sale in 2007. A stone’s throw away from Tan Tong Meng Tower is Skysuites 17, built on the site of the former Diamond Tower, which was sold at $49.6 million, or $582 psf ppr, in 2010. Elsewhere in Balestier, the former Ruby Plaza, a mixed-use development, was sold at $69 million, or $582 psf ppr, in 2007, and redeveloped into The Mezzo, which comprises office space and 127 residential units. At Balestier Point, a freehold mixed-use development, owners reportedly appointed a collective sale committee in October 2015 and a marketing agent in January 2016.

    Three 3,240 sq ft, four-bedroom units at Tan Tong Meng Tower have been listed for sale on TheEdgeProperty.com at $2.88 million to $3.4 million, or $889 to $1,049 psf.

    This article appeared in The Edge Property Pullout, Issue 783 (June 12, 2017) of The Edge Singapore

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    Top condos with en bloc potential: Most affordable outside prime districts

    By Fiona Ho / EdgeProp | September 12, 2017


    Following our article on the most affordable condos with en bloc potential in Singapore’s prime districts, we've identified similar properties within the city fringes and suburban areas.

    As with before, we used our logit model to identify condos with the highest probability of being put up for collective sale. Based on the model, we found that variables such as age (older developments have a higher probability), number of units in the development (smaller developments have a higher probability), and plot ratio enhancement can have a significant impact on a property's en bloc potential.

    For this article, we looked at the absolute value of sales transactions that took place between 2014 and 2017 as a guide to identifying affordable properties with en bloc potential within planning areas located in the rest of central region and outside central region.



    Astor Green

    D21 – Bukit Timah

    170 units

    Completed in 1995

    Average price: $1,201 psf

    Astor Green is a medium density condo with only three blocks and stands at 15 storeys high. It is located in the Holland vicinity and is 746m away from Dover MRT station.

    Astor Green Units ranging from 689 sq ft to 1,475 sq ft are currently listed for sale on EdgeProp.sg for between $830,000 ($1,204.60 psf) and $1.55 million ($1,050.80 psf).

    The most recent sales transaction at the 99-year leasehold condo occurred in August 2017, when a 1,066 sq ft unit sold for $1.1 million (1,032 psf). It was the only sales transaction at the development this year. Prior to that, there were five sales transactions in 2016, during which units ranging from 1,378 sq ft to 1,528 sq ft changed hands for between $1.28 million ($868 psf) and $1.55 million ($1,104psf)



    Vista Park

    D5 – Queenstown

    187 units

    Completed in 1985

    Average price: $1,038 psf

    Vista Park is nestled between Kent Ridge Park and the private housing estate off Pasir Panjang Road. The condo stands at just four storeys, and is 558m away from Pasir Panjang MRT station and 600m away from Pasir Panjang Food Centre.

    Vista Park has been put up for collective sale for at least three times, with the last unsuccessful attempt dated back in late 2011.

    There were nine sales transactions at the leasehold development in 2017. Between February and August, units ranging from 646 sq ft to 1,076 sq ft changed hands for between $610,000 ($859 psf) and $906,000 ($842 psf) at Vista Park. Meanwhile, 732 sq ft unit is listed for sale on EdgeProp.sg for $698,888 ($954.80 psf), while a 948 sq ft unit is selling for $920,000 ($970.50 psf).



    Keng Lee Court

    D8 – Kallang

    25 units

    Completed in 1985

    Average price: $1,126 psf

    Keng Lee Court is a freehold residential that is located 655m away from Little India MRT station and less than 500m away from Pek Kio Market & Food hawker centre.

    There are limited listings and sales transactions at the 25-unit Keng Lee Court. The most recent transaction at took place in July 2017, when a 474 sq ft unit sold for $600,000 ($1,267 psf). Prior to that, a 624 sq ft unit sold for $720,000 ($1,153 psf) in June 2017.

    A 1,066 sq ft unit is currently listed for sale on EdgeProp.sg for $1.2 million or $1,125.70 psf.



    Sunshine Lodge

    D19 – Serangoon

    30 units

    Completed in 1998

    Average price: $1,022 psf

    Sunshine Lodge on Upper Serangoon Road has four storeys, and is located 541m from Serangoon MRT station. It is about 10 minutes’ walk from Nex shopping mall.

    The freehold residential features different unit types, including studio units, three-bedroom units, and four-bedroom units spanning about 2,045 sq ft. A 734 sq ft unit at the development is currently listed for sale on EdgeProp.sg for $750,000 or $1,021.80 psf.

    The latest sales transaction at Sunshine Lodge occurred in July 2016, whereby a 592 sq ft unit sold for $640,000 ($1,081 psf). Prior to that, a 786 sq ft unit and a 1,938 sq ft unit changed hands for $735,000 ($935 psf) and $1.34 million ($690 psf) respectively in 2015.



    Bedok Court

    D16 – Bedok

    280 units

    Completed in 1985

    Average price: $669 psf

    Located on Bedok South Avenue 3, Bedok Court is 594m from Tanah Merah MRT station, and is within a 1km radius from schools like Temasek Primary School, Bedok View Secondary School and Bedok South Secondary School.

    There were 11 sales transactions at the leasehold residential in 2017 whereby units ranging 1,195 sq ft and 2,411 sq ft changed hands for between $765,000 ($640psf) and $1.63 million ($721 psf).

    Two 1,173 sq ft units are currently listed for sale on EdgeProp.sg at $1 million and $1.2 million respectively. Meanwhile, a 6,211 sq ft unit is listed for $3.75 million or $603.80 psf.



    Chuan Park

    D19 – Serangoon

    444 units

    Completed in 1985

    Average price: $925 psf

    Chuan Park is located right next to Lorong Chuan MRT station and is about 850m away from Nanyang Junior College. It was reported that residents of the leasehold development are currently at the early stages of the collective-sale process.

    There were 11 sales transactions at Chuan Park in 2017, with the most recent one in August 2017, whereby a 1,173 sq ft unit fetched $995,000 ($848 psf).

    Units ranging from 1,173 sq ft to 2,045 sq ft are currently listed for sale on EdgeProp.sg from between $1.23 million ($1,046.90 psf) and $1.78 million ($871.27 psf).

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