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Thread: En Bloc 2021

  1. #1
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    Default En Bloc 2021

    https://www.tracygoh.sg/en-bloc-feve...ews-singapore/

    n Amara Holdings joint venture (JV) has agreed to acquire freehold residential development Surrey Point for S$47.8 million, the mainboard-listed property developer and hotelier said in a bourse filing on Thursday evening.

    Located at 2 Surrey Road in Newton, the 10-storey building with nine residential units was launched for collective sale via public tender in January 2021 with a guide price of S$55 million.

    Sole marketing agent SRI Capital Market said then that the guide price worked out to a land rate of about S$1,661 per square foot per plot ratio (psf ppr), based on the total site area of 11,977 square feet (sq ft) and gross plot ratio of 2.8, inclusive of development charge.

    https://www.businesstimes.com.sg/rea...lOw9wbVqwta1ik
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    Default Re: En Bloc 2021

    Separately, a trio of freehold, three-storey residential properties at 2, 4 and 6 Mount Emily Road has changed hands for S$18 million.

    This is the first collective sale in Singapore in 2021, Edmund Tie & Co told BT.

    The buyer is ZACD Group, a Hong Kong-listed, Singapore-headquartered integrated asset manager.

    The three adjoining buildings sit on a total site area of about 5,549 sq ft with an existing gross floor area of some 16,138 sq ft. The site is zoned for residential use with a 2.1 plot ratio, under the Urban Redevelopment Authority's Master Plan 2019.

    The sale price of S$18 million reflects a land rate of S$1,115 psf ppr, with no development charge payable due to the high development baseline, said Swee Shou Fern, executive director of investment advisory at Edmund Tie.

    https://www.tracygoh.sg/2021/mount-e...-en-bloc-sold/



    Surrey Point (left) was sold to an Amara joint venture for S$47.8 million, while 2, 4 and 6 Mount Emily Road (right) changed hands for S$18 million in this year's first en bloc deal. PHOTOS: SRI, EDMUND TIE
    The Best Time to buy Property is Yesterday.
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  3. #3
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    Default Re: En Bloc 2021

    Amara Holdings has entered into an agreement to acquire Surrey Point, a freehold 10-storey apartment block at a purchase price of $47.8 million, or $1,332 psf based on maximum allowable gross floor area (GFA).
    The development consists of nine residential units at the junction of Surrey Road and Newton Road. The land plot measuring 11,977 sq ft is zoned for residential use with an allowable gross plot ratio of 2.8. The maximum permissible gross floor area is 35,882 sq ft, inclusive of an additional 7% bonus gross floor area at the balconies. This means that the land plot can yield 36 units with an average size of 915 sq ft.
    The property can also be converted to serviced apartments or co-living apartments, subject to the approval of authorities.
    Surrey Point is within a five-minute drive to Orchard Road and within a five-minute walk to Novena Square, United Square, Courtyard by Marriott Hotel, Royal Square, Goldhill Shopping Centre and Novena Medical Hub. Newton MRT Interchange Station is also 500m away.
    Schools in its proximity include Anglo-Chinese School (Primary), Anglo-Chinese School (Junior), St. Joseph’s Institution Junior, Singapore Chinese Girls’ School and St. Margaret’s Primary School.
    The development was put up for collective sale via a public tender exercise with an initial guide price of $55 million ($1,532 psf based on maximum allowable GFA). The collective sale achieved the consensus of all the owners. No strata board title application is required.

    https://www.edgeprop.sg/property-new...jh01w.whatsapp
    The Best Time to buy Property is Yesterday.
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    Default Re: En Bloc 2021



    https://www.edgeprop.sg/property-new...8ZxM2bLr276xgc

    Kai Fook Mansion, a property sitting on a 9,999 year leasehold site measuring 15,896 sq ft, has been put up for collective sale through public tender by sole marketing agent Huttons Asia. The asking price is $123 million.
    The Best Time to buy Property is Yesterday.
    If you lose Money it because you sell on a wrong Day.

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    You don't Buy others will Buy.
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    Default Re: En Bloc 2021

    PRE-APPLICATION FEASIBILITY STUDY (PAFS)

    For instance, let's look at a Pre-Application Feasibility Study (PAFS) that might need to be submitted to the Land Transport Authority (LTA) for collective sale proposals.

    In Outline Applications and Development Applications, following the collective sales of residential properties typically result in a significant increase in the number of dwelling units (DUs) being proposed over existing ones. This may strain existing road networks and lead to congestion and disamenities for residents in the area.

    To address these issues early, real estate agencies (acting on behalf of collective sale owners) consult LTA and may conduct a PAFS, if so required by LTA. Should LTA deem that a PAFS is required for the subject property, a traffic consultant would be engaged to assess the transport impact and recommend a development proposal with an estimation on the supportable number of dwelling units for the potential new development.

    A PAFS is currently only applicable to collective sale sites, and does not apply to single-owner land parcels. Moreover, the criteria for when a PAFS is required is unclear. There have been instances where different developments in the same area yielded different verdicts from LTA.

    Perhaps the criteria for when a PAFS is required should be determined by the proposed number of DUs in the new development and/or the category of the roads in the vicinity which lead to the development. Perhaps the LTA can be clearer as to when PAFS is required and when it is not. Additionally, the process of conducting a PAFS is often long-drawn, sometimes spanning over 15 months. To coincide a PAFS approval and a collective sale, which is subject to strict legal timelines, can be a real challenge.

    It would probably be more efficient and practical if an in-principle approval can be granted after broad guidelines and concerns are covered, leaving smaller details to be settled at a later stage.
    The Best Time to buy Property is Yesterday.
    If you lose Money it because you sell on a wrong Day.

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    Default Re: En Bloc 2021

    REMISSION OF ABSD FOR DEVELOPERS

    In another example, developers are required to complete the development and sell all residential units within five years from the date of acquisition for development sites of more than four units, and within three years for development sites of four or less units, in order to obtain remission of ABSD.

    This creates a widely disparate imbalance in what is expected of developers who are developing land parcels of differing sizes, allowable built-up areas and total number of units.

    The time needed to sell five units is grossly different from the reasonable time it would take to sell projects of 100 units, and then again with those of 200, 500, and more than 1,000 units.

    Moreover, there will be times of brisk sales in years of economic prosperity and there will be periods of lacklustre sales when the economy is not doing well - not to mention black-swan events such as the ongoing Covid-19 pandemic.

    Perhaps a graduated schedule of time limits in years could be prescribed based on the total number of units. For example, projects of up to 600 units could be given up to five years to build and sell all units. And for every additional 200 units, an extension of another year could be added, subject to a cap of ten years.

    Thus, the time limit for disposal is weighed against a quantifiable and measurable physical scale for a more balanced treatment.

    Would this not then be a fairer and more reasonably calibrated treatment in the application of ABSD, instead of wielding it as a blunt one-size-fits-all instrument for projects that comprise a mere five units to those that have more than 1,000, or even more than 2,000 units?
    The Best Time to buy Property is Yesterday.
    If you lose Money it because you sell on a wrong Day.

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    You don't Buy others will Buy.
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  7. #7
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    Default Re: En Bloc 2021

    ARE COLLECTIVE SALES POSSIBLE IN TODAY'S MARKET?

    With the many steps and requirements in a potential collective sale, as well as the time needed, is there a sweet spot where it would be possible for a collective sale to be successful in today's market?

    After all, in the current climate, many have been caught in the squall of the pandemic-led economic downturn, and developers and homeowners face many uncertainties that could waylay the possibility of any collective sale.

    Despite the Singapore economy being mired in the effects of the pandemic, the private residential market has shown resilient sales volume and pricing. Therefore, in the wake of Covid-19, it is just possible for collective sales to be successful.

    Smaller quantum collective sales consisting of a project potential of about 200 units, priced within S$200 million, could yet find willing buyers. Should existing homeowners and developers find a reasonable middle ground, both parties could benefit - against conventional thinking - in the prevailing uncertain economic conditions.
    The Best Time to buy Property is Yesterday.
    If you lose Money it because you sell on a wrong Day.

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    You don't Buy others will Buy.
    You don't Sell, others will Sell.

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    Default Re: En Bloc 2021

    Freehold residential site The Bayron relaunched at $376 mil



    https://www.edgeprop.sg/property-new...unched-376-mil

    SINGAPORE (EDGEPROP) - A freehold residential redevelopment site in District 9 measuring 56,481 sq ft has been relaunched at a guide price of $376 million. Exclusively marketed by CBRE, the price remains the same as when it was launched for sale last year in September.
    The guide price of $376 million works out to a land price of around $2,377 per square foot per plot ratio (psf ppr). Taking into consideration the 7% bonus gross floor area allowed for balconies, the land price will be $2,287 psf ppr.
    Currently, the site holds dual addresses at 13 Devonshire Road and 49 Saint Thomas Walk. It accommodates a two-block condominium with 96 units, The Bayron, and has a total strata floor area of 112,300 sq ft. The development is on an elevated plot of land in a private residential enclave that enjoys 24m of frontage along Devonshire Road and 64m of frontage along Saint Thomas Walk. The property is in close proximity to Somerset MRT station and malls along the Orchard Road shopping belt.

    https://www.tracygoh.sg/2021/the-bay...loc-sale-2021/
    The Best Time to buy Property is Yesterday.
    If you lose Money it because you sell on a wrong Day.

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    You don't Buy others will Buy.
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    Default Re: En Bloc 2021

    https://www.straitstimes.com/busines...-en-bloc-again

    PUBLISHEDMAR 27, 2019, 5:00 AM SGT

    Iconic development Golden Mile Complex will today be launched for tender a second time after it closed its initial tender on its collective sale on Jan 30.

    Its reserve price remains unchanged at $800 million.

    Marketing agent Edmund Tie & Company declined to reveal details about the results of the first tender or when the collective sale agreement expires.

    The 718-unit property in Beach Road has a land area of about 1.3ha and is zoned for commercial use under the Urban Redevelopment Authority (URA) Master Plan 2014.

    The URA has earlier said that the development's landmark main building, known for its distinctive step terrace, will have to be retained.

    This caused concerns that the sale of a largely conserved building like Golden Mile Complex may be challenging, given the constraints developers could face.

    However, in a statement announcing the tender launch, Ms Swee Shou Fern, Edmund Tie & Company executive director of investment advisory, said: "In the past few months, we have heard many exciting and creative ideas from developers on the adaptive reuse of Golden Mile Complex."

    It may be developed as an integrated project with a total gross floor area of almost 86,000 sq m, which was URA's planning advice in response to Edmund Tie & Company's outline application submitted last August.

    Golden Mile Complex was completed in 1973 and has about 49 years left on its lease.

    DP Architects, the firm that designed Golden Mile Complex in the 1960s, is consultant architect for the collective sale site.

    Ms Chan Hui Min, the architecture firm's director, said in the statement: "It is possible to integrate the new development sensitively with the old so that the history of the building can enhance the sense of place and bring value to the whole development."

    With a guide price of $800 million, the 68 residential owners stand to get gross payouts of between $1.27 million and $6 million each, while the 418 shop units can fetch between $200,000 and $7 million each.

    Owners of the 227 office units stand to get between $360,000 and $3 million each.

    The differential premium and lease upgrading premium to intensify the land use and to top up the lease to 99 years respectively will depend on the developer's proposed land use mix.

    The tender exercise closes at 3pm on April 25.
    The Best Time to buy Property is Yesterday.
    If you lose Money it because you sell on a wrong Day.

    https://wa.me/6587821025

    https://r057844h.propnex.net/

    You don't Buy others will Buy.
    You don't Sell, others will Sell.

  10. #10
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    Default Re: En Bloc 2021

    Residents of leasehold properties sitting on freehold land face an extra poser in seeking a collective sale

    SINGAPORE — Many homeowners of the 325-unit Spring Grove condominium are keen to put the prime Grange Road property up for collective sale.

    Besides a looming deadline to gather the requisite agreement of 80 percent of owners, their attempt to push for an en-bloc sale potentially faces another unusual hurdle.

    The District 10 plot sits on freehold land owned by the United States government but comes with a 99-year lease, and it is unclear how much any potential buyer will have to pay to top up the lease.

    Read more at https://www.todayonline.com/singapor...ing-collective

    The Best Time to buy Property is Yesterday.
    If you lose Money it because you sell on a wrong Day.

    https://wa.me/6587821025

    https://r057844h.propnex.net/

    You don't Buy others will Buy.
    You don't Sell, others will Sell.

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