Results 1 to 3 of 3

Thread: Four bungalows at Bournemouth Road up for collective sale by tender

  1. #1
    mr funny is offline Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default Four bungalows at Bournemouth Road up for collective sale by tender

    http://www.channelnewsasia.com/stori...001900/1/.html

    Four bungalows at Bournemouth Road up for collective sale by tender

    Posted: 31 August 2009 1807 hrs


    SINGAPORE : Four strata bungalows in Katong have been put up for collective sale by tender.

    The bungalows are located at Bournemouth Road and are currently owned by three different subsidiary proprietors, who have banded together to sell collectively.

    The price tag is set at a range of S$24 million to S$26 million.

    Property consultant Credo Real Estate said in a statement that the price works out to between S$982 per square foot (psf) and S$1,064 psf over the land area.

    "The entire plot is about 24,443 sf, making it one of the largest plots left in the Mountbatten/Goodman bungalow estate, as most other large plots have since been sub-divided over the years," said Karamjit Singh, managing director of Credo Real Estate.

    He added that the offering was not a redevelopment site, as the bungalows are relatively new - less than 10 years old - and in good condition.

    Each of the bungalows has a built-up area of about 4,200 square feet, although their strata areas are over 10,000 square feet.

    The tender for the strata bungalows closes on October 8.

    - CNA/al

  2. #2
    mr funny is offline Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default

    http://www.businesstimes.com.sg/sub/...48323,00.html?

    Published September 1, 2009

    Merchant Sq, Katong bungalows up for sale

    By KALPANA RASHIWALA


    MERCHANT Square in the Clemenceau Avenue area and four freehold strata bungalows at Bournemouth Road in the Katong locale are among the latest offerings in the property investment sales market.

    The guide price for Merchant Square is about $48 million - or 34 per cent lower than the $73 million sought for the property in February last year.

    Its owner, carpet manufacturer Jackson Carpet, did not get its asking price then for the property, which comprises offices, some shop space and 76 car park lots.

    BT understands that the latest price reflects a net property yield of close to 4 per cent, based on Merchant Square's current passing income.

    The latest $48 million guide price is about $955 per square foot, based on Merchant Square's 50,262 sq ft net lettable area. This compares with about $1,450 psf, based on last year's $73 million price tag.

    Merchant Square was completed in 1996 and is on a site with a remaining lease of about 83 years. It comprises a four-storey office tower, two blocks of shophouses, and a couple of basement levels for carpark lots. CB Richard Ellis is marketing Merchant Square through an expression of interest exercise that closes on Oct 6.

    Separately, Credo Real Estate has launched a sale through tender of four strata bungalows at 61 and 63 Bournemouth Road with a price tag of $24 million to $26 million.

    The bungalows have a total freehold site area of 24,443 sq ft, and are being sold by three parties - one of whom owns two units and the other two, one bungalow each.

    The sale is not being pitched as a redevelopment site as the bungalows are relatively new and in good condition; they were completed around 2000.

    The development, originally known as Sayang Villa, will be ideal for extended families, or groups of friends who would like to be neighbours, or simply investors looking to occupy one or two units and lease out the rest.

    'Should the buyer choose to redevelop the site in the medium term, he or she could build five conventional detached or strata houses,' Credo said. The tender closes on Oct 8.

  3. #3
    mr funny is offline Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default

    http://www.straitstimes.com/News/Hom...ry_426101.html

    Sep 6, 2009 Sunday

    Close neighbours seek en bloc sale

    By Tan Dawn Wei


    They are close neighbours and their children play together every day.

    Which is why the sellers in the latest en bloc initiative hope that a large family or extended families, rather than a developer, will pick up their four strata bungalows for $24 million to $26 million.

    They sit on 24,443 sq ft of land in Bournemouth Road in Katong, one of the biggest plots in the area earmarked for detached houses.

    'It was a purely collective decision,' said Mr Andy Kirpalani, 39, one of the three owners, on the move to cash in on the current property boom.

    Originally called Sayang Villa, the gated compound used to be owned by a family with several siblings living in the four houses.

    The current owners, all Singaporeans, did not know one another when they bought the units, each with a built-up area of 4,200 sq ft. They bought the houses between 21/2 and five years ago.

    Mr Kirpalani owns two houses. His family - parents, wife, two daughters and two maids - live in one five-bedroom house.

    The other is rented to an Australian expatriate family.

    Another owner, a Chinese Singaporean who works in the financial industry, also lives there with his family.

    The third owner, a local investment company run by an Indian Singaporean, has rented its house to a Swedish expatriate family.

    There are seven children among the four families.

    'We're like a mini United Nations here. The kids sleep over. We don't even lock our doors sometimes,' said Mr Kirpalani, director of an import-export business.

    His wife manages their Indian fine-dining restaurant, Queen's Tandoor, in Robertson Walk.

    He has appointed Credo Real Estate, which specialises in en bloc sales, to handle the transaction.

    Said Credo managing director Karamjit Singh: 'It's a modern-day kampung. The families get privacy as well as the benefits of living together.'

    Strata bungalows, unlike conventional detached houses, share a common compound. At the peak of the property market in 2007, vacant land or that with old bungalows was sold for as high as $860 per sq ft (psf) to $1,000 psf.

    If the owners get their asking price, it will amount to between $982 psf and $1,064 psf for the bungalows, which are under 10 years old. The tender closes on Oct 8.

    Property analysts are divided over whether extended families will bite, given the sizeable price. But they agree that targeting families rather than developers is appropriate.

    'Redevelopment potential is not there if the houses are quite new. Usually, en bloc properties give the best benefit if the units are ageing, as their market value is already low,' said Mr Colin Tan, research and consultancy director at Chesterton Suntec International.

    The property could appeal to upgraders who live in semi-detached or terrace homes. Less likely, but not impossible, a millionaire could also snap up the place, tear down the four houses and build a mammoth mansion, he added.

    The current property buzz has also seen another property in the area, the 23-year-old Marine Point, being put up for collective sale.

    The asking price for the 32-unit apartment block, on a 61,183 sq ft freehold plot opposite Parkway Parade, is $120 million.

    Meanwhile, Mr Kirpalani and his neighbours are shopping for new homes in the area so their children can still play together.

    Why doesn't he consider buying the other two houses for his extended family now?

    'If I could afford it, I would. It's a monetary issue,' he said with a laugh.

Similar Threads

  1. Replies: 1
    -: 02-12-21, 10:05
  2. Mount Emily property launched for collective sale by tender
    By reporter2 in forum En Bloc Discussion and News
    Replies: 0
    -: 30-06-20, 16:23
  3. Replies: 1
    -: 07-08-18, 22:45
  4. Vista Park eyes $350m in collective sale tender
    By reporter2 in forum En Bloc Discussion and News
    Replies: 2
    -: 26-11-17, 16:56
  5. Thomson Road white site for sale by tender
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 3
    -: 10-10-12, 22:49

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •