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Thread: 2 freehold sites in prime area launched for sale

  1. #1
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    Default 2 freehold sites in prime area launched for sale

    2 freehold sites in prime area launched for sale

    OCT 25, 2017

    Grace Leong


    A single-storey house in Cairnhill Road is up for sale with a $115 million asking price.

    The freehold house, which has been in the present owner's hands for about 50 years, is next to the 61-apartment Cairnhill Mansions, which is up for collective sale.

    That means a single buyer could snap up both properties and have a 62,903 sq ft area for redevelopment on a street that is near Orchard Road and Newton MRT station.

    The owners of Cairnhill Mansions are putting the estate up for sale with an asking price of $362 million, while the guide price for the house at 67, Cairnhill Road is $115 million. The tenders for both sites were launched yesterday and will close on Dec 12. CBRE is the marketing agent of both properties.

    Mr Lien Kwang Wah, who is in his 80s, has owned 67, Cairnhill Road for about 50 years, The Straits Times understands.

    Attempts to contact him and his lawyer were unsuccessful.

    Heritage expert Charles Goh said: "The house was known as Fernbank and it was re-numbered from 44 to 67, Cairnhill Road based on the 1930 map of Singapore."

    Its $115 million guide price works out to $2,225 per square foot per plot ratio (psf ppr). The 19,800 sq ft site is zoned "residential" with an allowable plot ratio of 2.8 and a height restriction of up to 36 storeys.

    The site could yield up to 80 units in the new development. A development charge of about $20.7 million is payable to achieve the permissible gross floor area (GFA) of about 60,984 sq ft.

    Cairnhill Mansions, an 18-storey block at 69, Cairnhill Road, sits on a 43,103 sq ft freehold site that could accommodate up to 228 new apartments. The asking price of $362 million works out to $2,101 psf ppr.

    The maximum allowable GFA is about 156,581 sq ft. There is no development charge payable as the total GFA does not exceed the development baseline for the property.

    Mr Galven Tan, director of capital markets at CBRE, said: "The total quantum of both sites is less than $500 million, which makes it extremely palatable in the current market.

    "Buyers will have an option to buy either plot, or both sites."

    The two sites could accommodate up to 308 units with an average size of 70 square metres.

    "CBRE approached Mr Lien after Cairnhill Mansions got the 80 per cent (nod for a collective sale) and he was keen to sell as well because it is a mutually beneficial arrangement," Mr Tan added.

  2. #2
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    Default Cairnhill Mansions, adjacent site up for sale in separate tenders

    Cairnhill Mansions, adjacent site up for sale in separate tenders

    Developers had shown keen interest earlier when news broke of upcoming tender for just the condo

    OCT 25, 2017

    LYNETTE KHOO


    THE en bloc sale train is steaming ahead with new developments being put up for tender, firm progress in projects seeking approval from owners, and more projects kick-starting the collective sale process.

    Cairnhill Mansions in prime district 9 was launched on Tuesday for collective sale through a public tender with a guide price of S$362 million. An adjacent freehold site that hosts one house owned by an individual is also launched in a separate tender with a guide price of S$115 million.

    The combined land area of both sites is more than 60,000 sq ft, translating to a total allowable gross floor area (GFA) of about 233,223 sq ft. These sites can accommodate up to 308 units with an average size of 70 sqm.

    "The total quantum of both sites is less than S$500 million, which makes it extremely palatable in the current market," said CBRE director of capital markets Galven Tan. "This is a premium location with no comparable competing sites currently available. The new development will enjoy the first bite of the buyer pool."

    Mr Tan added that there was already keen interest from both local and foreign developers when news of the upcoming tender for Cairnhill Mansions broke a few weeks ago.

    Located at 69 Cairnhill Road, Cairnhill Mansions comprises 61 apartments that sit on a freehold 43,103 sq ft site, with allowable GFA of about 156,581 sq ft given its gross plot ratio of 3.63. Including a 10 per cent bonus balcony GFA, this will increase to 172,239 sq ft.

    Assuming an average size of 70 sqm, the site can accommodate up to 228 new apartments. With no development charge payable for this site, the land rate works out to be S$2,101 per square foot per plot ratio (psf ppr).

    As for the adjacent site at 67 Cairnhill Road, the squarish elevated freehold site has an allowable plot ratio of 2.8 and a height restriction of up to 36 storeys. The guide price for this site works out to S$2,225 psf including the 10 per cent bonus balcony GFA.

    Colliers International director of research Tricia Song told The Business Times that she is expecting more prime freehold plots to come onto the market as their values go up with more aggressive land prices achieved in the mass-market segment.

    So far, the collective sale boom since 2016 has been led by the mass-market segment, with only two out of the 20 collective sale deals involving pure residential sites or predominantly residential sites being located in prime districts 9 and 10, namely One Tree Hill and Jervois Gardens.

    This is unlike the collective sale boom in 2006-2007, which was driven by the high-end segment before spreading to the mass-market segment, said Ms Song.

    "Once developers have bought enough sites, they will start going slow on collective sales and will become more selective. Developers will favour those with less competitive supply, so timing and speed to market for the sellers will be important."

    Among projects in the collective sale launch pipeline, approval for Shelford Green, Katong Park Towers and Waterloo Apartments has each reached the 50-60 per cent level, said their marketing agent Cushman & Wakefield.

    Owners of the 116-unit Katong Park Towers in Marine Parade are asking for S$282 million, which translates to S$1,134 psf ppr after including an estimated lease top-up premium. It was previously put up for collective sale in 2012 with an indicative price range of S$330-340 million.

    For Waterloo Apartments near Bras Basah and Bencoolen MRT stations, owners of those 30 units are asking for S$80 million. This would work out to S$1,808 psf including the 10 per cent bonus balcony GFA. This 14,369 sq ft freehold site with a gross plot ratio of 2.8 has potential for conversion to serviced apartments or hotel, subject to authorities approval, said Cushman & Wakefield.

    It was reported earlier this month that owners of Shelford Green are seeking S$140 million or S$1,505 psf ppr for the 66,392 sq ft site.

    Owners at Chuan Park condominium are making a second attempt at a collective sale and are asking for S$790 million, which translates to S$1,100 psf ppr, including lease top-up premiums but excluding the 10 per cent bonus balcony GFA.

    Meanwhile, at least two other properties have hopped onto the collective sale bandwagon. Huttons Asia revealed that it has been appointed the marketing agent for owners of Teresa Ville in Lower Delta Road and Dynasty Gardens in Sixth Avenue.

  3. #3
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    http://infopub.sgx.com/FileOpen/2018...&FileID=489120

    Cairnhill Mansion sold at asking price of $362m or $2101psf to Low Keng Huat.

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    Default

    Riveria Point also got sold to Macly Group. En bloc sales momentum is still going strong.

  5. #5
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    Quote Originally Posted by Khng8 View Post
    Riveria Point also got sold to Macly Group. En bloc sales momentum is still going strong.
    http://www.businesstimes.com.sg/stoc...group-for-s72m wow, en bloc deals going through by the hour lol.

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