Published October 19, 2006

Emerald Mansion sold for $73m through en bloc sale
Walk-ups at Zion Road and Suffolk Apartments also up for collective sale


EMERALD Mansion, a freehold development located in District 9, has been bought for $73 million through a collective en bloc sale.

Emerald Mansion: Owners of the 46 units will receive a 40-50 per cent premium over the current market price

With a site area of 29,810 sq ft and a potential gross floor area of 78,401 sq ft, the price works out to be about $931 psf per plot ratio.

Tan Hong Boon, executive director of Credo Real Estate, which marketed the site, said that the breakeven price would be about $1,350 psf.

Mr Tan said the buyers wanted to be known only as the 'Cheong Family'.

It is understood that the family is related to SC Global chairman and chief executive officer Simon Cheong.

Emerald Mansion comprises 46 units and Mr Tan estimates that owners will receive a 40-50 per cent premium over the current market price.

A new residential development of 52 units with an average size of 1,500 sq ft can be built, he said.

Mr Tan said the site was put up for sale in July but the asking price was not attained until recently.

The price reflects an increase of about 16 per cent over neighbouring Emerald Lodge, a smaller residential collective sale site that sold for $45.2 million or $803 psf per plot ratio in January.

The buyers were said to be a private investment company controlled by a Hong Kong family.

Another site up for sale by Credo in the River Valley area is 57 to 66 Zion Road, where there are 40 walk-up apartments directly across from Great World City.

The 900-year leasehold site has a potential gross floor area of 61,222 sq ft and can be redeveloped into 60 apartments of about 970 sq ft each.

The asking price is $30 million, reflecting a price of $492 psf per plot ratio, inclusive of an estimated development charge of $136,500. The breakeven price is about $840-$850 psf.

Suffolk Apartments, at the junction of Suffolk Road and Thomson Road is also up for collective en bloc sale.

Charles Hoon of CB Richard Ellis, which is marketing the property, said: 'One distinct advantage of this site is that the locality has a high base density of 495 persons per ha (ppha) under the 1980 Master Plan - equivalent to a plot ratio of 2.772 - therefore the development charge payable to maximise the full potential is minimal.'

Currently, Suffolk Apartments, which was built in the mid-1980s, houses 24 apartment units.

The plot ratio for the 20,384 sq ft site is 2.8 and the height restriction is 36 storeys. Mr Hoon says the expected price is $28.4 million or $500 psf per plot ratio.

Off Balestier Road, Knight Frank is marketing the freehold Hang Tat Garden, an eight-storey apartment block, for collective en bloc sale.

The site sits on 25,201 sq ft of land and is zoned for residential use with a plot ratio of 2.8 and a maximum height of 36 storeys.

Knight Frank said the site is expected to fetch at least $25 million, reflecting a land value of $356 psf per plot ratio inclusive of a development charge estimated at $105,000.