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Thread: Pearlbank among four condos to sell en bloc

  1. #1
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    Default Pearlbank among four condos to sell en bloc

    Pearlbank among four condos to sell en bloc

    Nov 16, 2017

    Reserve price is $728m; the rest are Parkway Mansion, Derby Court and Riviera Point

    Rachel Mui


    Iconic condominium Pearlbank Apartments is among four residential developments put up in separate tenders for collective sale yesterday.

    Its reserve price is $728 million. The other three are Parkway Mansion in Katong, Derby Court near Novena, and Riviera Point along River Valley Road.

    Pearlbank, a horse shoe-shaped development in Outram sited near the Central Business District, is 37 storeys high. With its reserve price, the land cost amounts to about $1,505 per sq ft per plot ratio (psf ppr), after factoring in about $195 million for the lease top-up.

    No development charge needs to be paid.

    The building, with a 99-year lease that began in June 1970, has 288 units, including eight commercial units. Its gross plot ratio is 7.4479.

    Meanwhile, Parkway Mansion, a 32-unit condominium, has an indicative price of $138 million. This excludes an estimated development charge of $21 million, which has to be paid to the Government for more intense use of the land.

    Together, the combined sum translates to a land rate of $1,454 psf ppr. "This compares favourably against the land rate of $1,515 psf ppr for Amber Park," said its marketing agent, Colliers International, which is also doing the launch of Pearlbank. Both developments have undergone multiple attempts at collective sale.

    Pearlbank is making a fourth attempt, after failing in 2007, 2008 and 2011. In 2015, plans to gazette it for conservation did not materialise as the liaison committee failed to obtain the required 100 per cent approval from the owners. Colliers said the site has the potential for a residential development with a total gross floor area of 56,998.8 sq m, comprising 730 new homes with an average size of 800 sq ft. But this is subject to approval from the authorities.

    Owners of apartments, with sizes ranging from 123 sq m to 371 sq m, could receive minimum gross prices of between $1.8 million and $4.9 million. These prices are about 55 per cent above the last transacted price in September for an individual flat, Colliers said.

    Owners of commercial units, with sizes ranging from 65 sq m to 523 sq m, could collect between $1.2 million and $6.9 million, it added.

    Parkway Mansion, a 17-storey freehold building, is making a third bid at a collective sale. If successful, each owner could receive between $4.2 million and $4.4 million in gross proceeds, depending on the size of their homes, Colliers said. The size of the apartments range from 169 sq m to 181 sq m. Colliers said that under the 2014 Master Plan, Parkway Mansion's 3,620.9 sq m site is zoned for residences. It has a gross plot ratio of 2.8, with a potential total gross floor area of 10,138.5 sq m.

    Colliers' managing director Tang Wei Leng is optimistic about the collective sales.

    "Sentiment in the residential market has improved following a down cycle that spanned four years. This year, new home sales have been brisk and prices picked up in the third quarter, possibly marking a positive turn in the market," she said.

    Derby Court, a 20-unit block near Novena, has a reserve price of $62 million, while Riviera Point, with 33 homes, has set its reserve price at $75 million.The tenders for all four developments will close next month.


    COLLECTIVE SALE FEVER


    Pearlbank Apartments

    288-unit, 37-storey development in Outram with 99-year lease that began in June 1970.

    Reserve price: $728 million



    Riviera Point

    33-unit condo along River Valley Road.

    Reserve price: $75 million



    Parkway Mansion

    32-unit, 17-storey freehold building in Katong.

    Indicative price: $138 million

    PHOTOS: ST FILE, JONES LANG LASALLE ALPHONSUS CHERN, SAVILLS



    Derby Court

    20-unit block near Novena.

    Reserve price: $62 million

  2. #2
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    En bloc fever rages as Pearlbank aims for S$728m

    Iconic development up for collective sale for fourth time; Parkway Mansion, Derby Court, Riviera Point also for sale

    Thu, Nov 16, 2017

    Rachel Mui


    OWNERS of the iconic Pearlbank Apartments are hoping that the en bloc fever will last as the tender for its sale will be launched with a reserve price of S$728 million. Meanwhile, Parkway Mansion in Katong, Derby Court near Novena and Riviera Point close to Great World City also jumped onto the collective sale bandwagon.

    Condominium projects Pearlbank Apartments and Parkway Mansion will launch separate tenders for collective sale on Thursday, marketing agent Colliers International has confirmed.

    The reserve price for Pearlbank, a 37-storey development in Outram, translates to a land cost of about S$1,505 per square foot per plot ratio (psf ppr), after factoring in an upgrading premium of about S$195 million for the lease top-up. There is no development charge payable.

    Meanwhile, Parkway, a 32-unit condominium near the Katong district, has an indicative price of S$138 million, which excludes an estimated development charge of approximately S$21 million payable to the state for the intensification of land use. Taken together, the indicative price and the development charge translate to a land rate of S$1,454 psf ppr.

    "This compares favourably against the land rate of S$1,515 psf per plot ratio for Amber Park," Colliers said.

    An iconic horseshoe-shaped building located near the central business district (CBD) area, Pearlbank comprises 288 units, including eight commercial units, and has a 99-year leasehold tenure with effect from June 1970. While the development has a gross plot ratio of 7.2 under the 2014 Master Plan, it has an existing gross plot ratio of 7.4479.

    This is Pearlbank's fourth attempt at an en bloc sale - it was put up for sale previously in 2007, 2008 and 2011. In 2015, plans to gazette it for conservation did not materialise as the liaison committee failed to obtain a 100 per cent approval from the owners, required for the go-ahead.

    According to Colliers International, the site has the potential to be re-developed into a residential development with a total gross floor area of 56,998.8 sq m, comprising 730 new residential units with an average size of 800 sq ft, subject to approval from the relevant authorities.

    Apartment owners, whose unit sizes range from 123 sq m to 371 sq m, stand to receive minimum gross prices of between S$1.8 million and S$4.9 million. These proceeds are about 55 per cent above the last transacted price in September 2017, Colliers said.

    Additionally, owners of commercial units with sizes ranging from 65 sq m to 523 sq m can potentially receive S$1.2 million to S$6.9 million, the company said.

    For Parkway, this is the third collective sale attempt by the development's owners. Depending on the size of their property, each owner could receive between S$4.2 million and S$4.4 million in gross proceeds from the sale, Colliers said.

    Apartment sizes at the 17-storey development range from 169 sq m to 181 sq m. Colliers added that under the 2014 Master Plan, the 3,620.9 sq m site is zoned residential and has a gross plot ratio of 2.8, with a potential total gross floor area of 10,138.5 sq m.

    Tenders for Pearlbank Apartments, Riviera Point and Parkway Mansion will close at 3 pm on Dec 19, Dec 18 and Dec 13 respectively.

    Tang Wei Leng, managing director at Colliers International, said: "Sentiment in the residential market has improved following a down cycle that spanned four years. New home sales have been brisk this year and prices picked up in third quarter, possibly marking a positive turn in the market."

    Indeed, over the past seven months, about 16 private residential estates have been put up for en bloc sale. And with many others underway, the government is expecting a more than doubling of private residential units available for sale over the next couple of years, said Minister for National Development Lawrence Wong.

    Speaking at the 58th anniversary dinner of the Real Estate Developers' Association of Singapore (Redas) on Tuesday, Mr Wong also advised home buyers to be prudent about their purchases amid an oversupply in the property market.

    Commenting on the surge of en bloc sales in recent weeks, CBRE's director of Capital Markets, Galven Tan, said that owners are rushing in now because they want to get ahead of the holiday season while developers are still around for evaluation.

    He added that with a finite demand for property and many en bloc sales coming onboard, "owners would like to be considered sooner rather than later".

  3. #3
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    At S$728 mil or S$1,505 psfppr, breakeven price might be too high for any developer to bite. Good luck.

    https://singaporepropertykaki.com/20...cky-this-time/

  4. #4
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    Quote Originally Posted by SGPropertyKaki View Post
    At S$728 mil or S$1,505 psfppr, breakeven price might be too high for any developer to bite. Good luck.

    https://singaporepropertykaki.com/20...cky-this-time/
    My sincere apology, I just need to spam again.

    D19 selling at S$1,650 psf with no MRT in sight, you guess is as good as mine.

    https://www.dbs.com.sg/treasures/tem..._singapore.xml

  5. #5
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    Anyone has news on the en bloc of the above condo projects?

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