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Thread: SingHaiyi to buy Sun Rosier en bloc for $271 million

  1. #1
    Join Date
    Oct 2011

    Default SingHaiyi to buy Sun Rosier en bloc for $271 million

    Sun Rosier condo off Bartley selling en bloc

    AUG 26, 2017

    Owners of the freehold 146,046 sq ft site near upcoming Bidadari estate seeking $235m

    Rachael Boon

    The 78-unit Sun Rosier condominium off Bartley Road is selling en bloc, joining a fast-growing list of collective sales here.

    The owners are asking for $235 million, or $1,149 per sq ft per plot ratio (psf ppr), for the freehold site, marketing agent Huttons Asia said yesterday.

    The 146,046 sq ft site in How Sun Drive is about five minutes from Bartley MRT station by foot.

    With a plot ratio of 1.4 under the Urban Redevelopment Authority's Master Plan 2014, the site has a maximum gross floor area of 204,464 sq ft and can be developed into 204 condo units averaging about 1,000 sq ft each.

    No development charge is payable, said Huttons.

    The agent said a developer of the Sun Rosier site could tap on "favourable conditions".

    It added that "with its freehold status, prospective developers can expect strong demand from buyers, given its close proximity to the upcoming development of the Bidadari estate".

    There has been robust response to government land sales in the area, it noted.

    For instance, a mixed-development government land sale site beside Woodleigh MRT station was sold at $1.132 billion, or $1,181 psf ppr, in June.

    That bid was deemed bullish by consultants, who also said developers seem confident in the Government's masterplan for the Bidadari estate.

    A consortium linked to Singapore Press Holdings and Kajima Development is planning to develop more than 600 residential units and a 310,000 sq ft retail and commercial component on the 99-year leasehold site.

    Another factor is that the collective sale market here is hot right now. Developer Sim Lian recently bought the sprawling Tampines Court for $970 million.

    This was the largest of such deals for a former Housing and Urban Development Company property in a decade, since Farrer Court went for $1.34 billion in 2007.

    Mr Galven Tan, CBRE director of capital markets, said on Wednesday that more home owners could jump on the collective sale bandwagon in the next three to six months, which will appeal to developers looking to replenish their land banks.

    The tender for Sun Rosier closes on Sept 21.

  2. #2
    Join Date
    May 2008


    looks like singhaiyi has bought sun rosier at 1325psf land cost.

  3. #3
    Join Date
    Oct 2011


    SingHaiyi to buy Sun Rosier en bloc for $271 million

    Tan Chee Yuen / EdgeProp | September 22, 2017

    A SingHaiyi-led group, comprising its units SingHaiyi Properties and Huajiang International Corporation, has won the Sun Rosier condominium tender for collective sale. Huajiang International Corporation is an entity controlled by Gordon Tang and Serena Tang, the controlling shareholders of SingHaiyi Group Ltd.

    The group submitted a top bid of $271 million or $1,325 psf per plot ratio. There were a total four bids.

    At this price, each unit owner stands to pocket an estimated amount of $2.86 to $4.77 million, averaging $1,885 psf. According to Huttons Asia, this is 108% over the latest transacted price for a unit sold early this year or twice of what each unit could fetch if sold on an individual basis and not collectively.

    Based on the 2014 Master Plan, the freehold 146,046 sq ft site — zoned “residential” — has a plot ratio of 1.4. The site has a maximum gross floor area of 204,464 sq ft, which works out to be approximately 204 condo units averaging 1,000 sq ft each. Redevelopment on the site will also be subject to a height limit of up to five storeys. The existing development has 78 apartment units within four blocks spanning four levels.

    According to Huttons Asia, the site is located within walking distance of Bartley MRT station on the Circle Line, which makes it one MRT station away from Serangoon MRT Station and its surrounding amenities, such as the NEX shopping mall.

  4. #4
    Join Date
    Oct 2011


    Sun Rosier in Bartley sold en bloc for $271m

    Sep 23, 2017

    If location is key in real estate, so is timing, as a former owner at Sun Rosier can attest - after he sold too early and missed a multimillion- dollar jackpot from the condominium's collective sale this week.

    That has got to hurt, but think of the lucky buyer who snapped up the 2,336 sq ft unit in April for $1.92 million and is now about to pocket an estimated $4.4 million - a remarkable profit of $2.48 million in five months, give or take some taxes.

    The eye-watering good luck/bad luck tale is due to the bumper collective sale pulled off by the 78-unit estate off Bartley Road.

    Freehold Sun Rosier has gone for $271 million - or about $1,885 per sq ft (psf) - and topped the asking price by around 15 per cent. The owners stand to reap between $2.86 million and $4.77 million each.

    Three of the four collective sale offers "were very close to each other", marketing agent Huttons Asia said yesterday, with a joint venture between SingHaiyi Properties and Huajiang International Corporation scooping the prize.

    SingHaiyi Properties is a wholly owned unit of Singapore-listed property investor SingHaiyi Group, whose controlling shareholder Haiyi Holdings is owned by Chinese tycoon Gordon Tang and wife Chen Huaidan, who also goes by Serena or Celine. The couple also control the other joint-venture partner, Huajiang International Corporation.

    The Sun Rosier deal gave SingHaiyi Group the chance to snap up a site "within an established residential area", the company said in an announcement on the Singapore Exchange website.

    Sun Rosier, in How Sun Drive, is a five-minute walk from Bartley MRT station, and is also near a number of schools, including Maris Stella High, St Gabriel's Secondary and Paya Lebar Methodist Girls' (Secondary).

    The condominium, built in 1985, also appeals to developers owing to the relative paucity of freehold development sites, said Mr Stephen Tan, head of collective sales at Huttons.

    "We capitalised on this and external factors, such as the strong demand for such sites and the prevailing conditions in the development land market near the upcoming Bidadari estate, to make this (sale) a distinctive success," he said.

    The final sum paid by the developer works out to $1,325 psf per plot ratio, based on the site's roughly 146,046 sq ft area. Edmund Tie & Company research head Lee Nai Jia said "the site offers less risk for the developer" because "the potential development is of the right size".

    Its smaller unit yield will make it easier to meet government sales deadlines, while the plot has not been built up enough to warrant paying the development charge for intensified use, Dr Lee noted.

    Other real estate prospects have also attracted the interest of Chinese investors this year. A consortium coughed up $1 billion in May for a residential site in Stirling Road under the government land sales scheme, while in June, a unit of developer Fantasia Holdings paid $75.8 million for a residential parcel in Hougang.

    The freehold Citimac Industrial Complex went for $430.1 million in July to an unnamed foreign buyer reported by media to be linked to a Chinese family with at least one other recent property investment here.

  5. #5
    Join Date
    Oct 2011


    SingHaiyi-led group bags tender for Sun Rosier for S$271m

    Sep 23, 2017

    FOUR weeks after the owners of Sun Rosier condominium along How Sun Drive put up their freehold site for en bloc sale, a SingHaiyi-led group has won the tender for S$271 million, higher than the asking price.

    The winning bid was one of four and translates to S$1,325 per square foot per plot ratio (psf ppr) or, in total, 15.3 per cent higher than the S$235 million asking price.

    In a filing with the bourse operator late on Thursday, real estate group SingHaiyi said the bid for Sun Rosier was submitted by its subsidiary SingHaiyi Properties and Huajiang International Corporation.

    It added that the owners of Sun Rosier accepted the purchase on Thursday, the closing day for the tender.

    The acquisition will be funded by internal resources and bank borrowings, SingHaiyi said.

    The company's shares traded down 0.1 Singapore cent to S$0.117 at closing on Friday, on a volume of 566,000 units.

    In late August, owners of Sun Rosier launched a tender for the collective sale and were asking S$235 million for the property, or about S$1,149 psf ppr, for the 146,045.67-sq-ft residential site. The condominium has a plot ratio of 1.4 and a height limit of up to five storeys, Huttons Asia had previously said.

    Sun Rosier comprises 78 apartment units in four blocks of four storeys each, with a total strata area of 143,719.59 sq ft.

    On Friday, Huttons Asia said at the purchase price of S$271 million, each unit owner stands to pocket an estimated amount of between S$2.86 million and S$4.77 million, averaging S$1,885 psf.

    "This is 108 per cent over the last or latest transacted price for a unit sold early this year or two times of what the subsidiary proprietors could fetch if they sell their units on an individual basis and not via en bloc," it added.

    Galven Tan, director of capital markets at CBRE, said the premium is decent and that the bid still shows that developers are hungry for well-located sites that are attractively priced.

    "Owners should be assured that the reserve price they agreed to is the base case and competitive bidding among developers will ensure the premium to their reserve price," he said.

    Stephen Tan, head of collective sales at Huttons Asia, said the collective sales committee and the owners had prepared for the sale about a year ago, "even when market sentiment was not so rosy".

    "Sun Rosier is one of the few and rare freehold development sites. We capitalised on this, and external factors such as the strong demand for such sites and the prevailing conditions in the development land market near the upcoming Bidadari Estate to make this en bloc a distinctive success," he added.

  6. #6
    Join Date
    Oct 2017


    Hi all,
    can i ask if any experts here know how come no development charge is levied on sun rosier when the existing development is not built to maximum plot ratio?

  7. #7
    Join Date
    Jun 2009


    Sun Rosier

    Apr 17 SUN ROSIER, 47B, How Sun Drive #null-XX 2,336 sqft $1,925K $824 psf

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