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Thread: Windy Heights launches second tender for collective sale; unit owners seek to slash r

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    Default Windy Heights launches second tender for collective sale; unit owners seek to slash r

    Windy Heights launches second tender for collective sale; unit owners seek to slash reserve price

    Wed, Aug 01, 2018


    RESIDENTS of Windy Heights in Kembangan are putting the freehold property on the market in its second collective-sale attempt this year, according to marketing agent Knight Frank on Wednesday.

    Owners are also working to garner enough fresh signatures to lower the reserve price for the development to S$750 million, from S$806.2 million before. No development charge is payable.

    The new price tag would see the land rate fall to S$1,089 per sq ft per plot ratio (psf ppr), including the 10 per cent bonus balcony gross floor area (GFA), subject to the authorities' approval. The price on a unit basis was S$1,171 psf ppr previously, or S$1,288 psf ppr without the balcony area.

    The four-block Windy Heights, in Jalan Daud, now houses 192 apartments, eight penthouses and two commercial units on a 23,291 sq m (250,702 sq ft) site zoned for residential use.

    Knight Frank has said that, given the built-up GFA of 58,150.74 sq m and an average home size of 100 sq m, the property could be redeveloped into a 581-unit residential project.

    Ian Loh, head of investment and capital markets at Knight Frank Singapore, reiterated an earlier statement that there "isn't much impending supply in the Kembangan and Bedok area (Districts 14 and 16) through land sales and collective sales, hence new launches in the area are likely to be sought after".

    Windy Heights' first tender launched in February and closed unsuccessfully in April.

    The ongoing exercise closes on Sept 7 at 2.30pm.

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    Windy Heights owners cutting reserve price in fresh en-bloc bid

    After a failed bid in April, its owners are now in a 're-signing process' to lower the reserve price by over S$50 million

    Thu, Aug 02, 2018


    WINDY Heights made another stab at a collective sale on Wednesday, with home owners now seeking to reduce the reserve price for the tender.

    The freehold District 14 development in Jalan Daud in the Kembangan area is going on the market again - mere months after an unsuccessful tender closed in April, and hot on the heels of the surprise property-cooling measures that kicked in on July 6.

    The reserve price in the last collective-sale attempt was S$806.2 million, but marketing agent Knight Frank Singapore said the owners are now going through a "re-signing process to revise the reserve price".

    If enough sellers agree, the price tag will drop by 6.97 per cent to S$750 million.

    The revised price would work out to S$1,089 per sq ft per plot ratio (psf ppr), including a bonus balcony gross floor area of 10 per cent, subject to the authorities' approval. This is down from the original land rate of S$1,171 psf ppr, or S$1,288 psf ppr without the balcony area. No development charge is payable.

    Windy Heights now has 192 apartments, eight penthouses and two commercial units, on a 23,291 sq m (250,702 sq ft) site zoned for residential use. Knight Frank has said the plot could be redeveloped into as many as 581 new homes, at 100 sq m on average for each unit.

    Ian Loh, Knight Frank's executive director and head of investment and capital markets, noted the lack of impending supply in the Kembangan and Bedok area, and added that new launches in the area are thus likely to be sought after.

    Windy Heights launches its fresh collective sale in a market still weighing developers' appetite for land after measures that included a 10-percentage point hike in the remissible Additional Buyer's Stamp Duty (ABSD), to 25 per cent for entities, and a new, non-remissible 5 per cent ABSD. Some projects, such as Horizon Towers in Leonie Hill Road in the Orchard Road area, have extended their tender deadlines.

    As to whether sellers will start to ask for less money, Alan Cheong, senior director of research and consultancy at Savills, told The Business Times that the situation has changed since an en bloc drought in 2014 and 2015, when owners were reluctant to cut reserve prices despite market conditions. "Most will refuse to budge, but some will be more flexible because they know it's different this time round," he said, referring to the impact of the cooling measures.

    He predicted that sellers gunning for up to S$350 million may shave off at least 5 per cent to absorb the non-remissible ABSD for developers. But bigger sites could need fatter discounts of 10 per cent to 15 per cent to woo developers, he warned. "And the more subsidiary proprietors, the more chances of people who are intransigent."

    The new tender for Windy Heights will close at 2.30 pm on Sept 7.

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