Published February 22, 2007

Heiwa Court sold for $11 million

Elmira Heights also up for collective sale for $326m


HEIWA Court in the East Coast has been sold for $11 million in a collective sale, marketing agent Knight Frank said yesterday.

The amount paid by buyer Roxy Homes Pte Ltd works out to about $388 per square foot per plot ratio (psf ppr), inclusive of an estimated development charge of $85,000.

Each of the 12 owners of Heiwa Court will make a premium of about 70 per cent over what their units would have fetched on the market. They will each walk away with gross proceeds of about $915,000 from the sale.

The freehold Heiwa Court has a land area of 1,900 sq m and is zoned for residential use with a 1.4 plot ratio - giving it a gross floor area of 28,600 sq ft. The maximum building height is five storeys.

Knight Frank said that 27 apartments of 1,200 square feet each can be built on the site, which right now comprises of two blocks of three-storey residential apartments. The development is located within the East Coast residential area, said Knight Frank.

Separately, property consultancy DTZ Debenham Tie Leung has put up Elmira Heights on Newton Road for collective sale with a $325.5 million price tag.

The price, which includes a development charge of about $23.5 million, works out to about $1,070 psf ppr.

Elmira Heights has a site area of 10,100 sq m and a plot ratio of 2.8 - giving it a maximum gross floor area of 304,000 sq ft. The maximum building height is 117 metres, or about 30 storeys.

About 171 residential units about 1,600 sq ft each can be built on the site, DTZ estimates. Right now, Elmira Heights has 126 apartments. Owners can expect an average 30-40 per cent en-bloc premium if the asking price is met, DTZ said.

'Elmira Heights sits on high ground and is a very choice freehold site in the Newton area,' said Tang Wei Leng, DTZ's director for investment advisory services. 'It is a popular location for foreigners, in particular, people from Hong Kong and Indonesia. We believe a high quality condominium can be built on the site and the units can be priced at or above $2,000 per sq ft.'

The tender for Elmira Heights closes on March 29.