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Thread: Roxy-Pacific to buy Dragon Mansion in en bloc deal

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    Default This year's first en bloc sale hits the market

    http://www.businesstimes.com.sg/sub/...41793,00.html?

    Published July 15, 2009

    This year's first en bloc sale hits the market

    Owners of 72-unit freehold property on Spottiswoode Park Road are hoping for $120m

    By UMA SHANKARI


    (SINGAPORE) Dragon Mansion on Spottiswoode Park Road has been put up for collective sale - the first development to be launched for en bloc sale this year.

    The owners are hoping for $120 million - or $1,020 per square foot per plot ratio (psf ppr) - for the freehold project, including a development charge of about $400,000.

    The en bloc market here has shown little sign of life since the onslaught of the global economic crisis. A total of 116 collective sales were completed at the height of the property boom in 2007, but the figure fell sharply to just eight last year. And no sites have been bought en bloc since the start of the year.

    Analysts said that the owners of the 72-unit Dragon Mansion could have chosen to market their property now to ride on the current upswing in sentiment in the residential market.

    'As the outlook for the residential property market improves, land values will rise and sellers might find it viable to sell collectively to get a premium for their properties,' said Karamjit Singh, managing director of Credo Real Estate.

    If the sale of Dragon Mansion goes through, it will be the first property to be sold en bloc in 2009. However, market watchers said that the asking price is steep.

    For comparison, said one market watcher, one can look at the June 2007 collective sale of nearby Oakswood Heights on Spottiswoode Park Road at the peak of the property boom. Then, UOL paid $132 million for the 63,700-sq-ft freehold site, which worked out to $740 per psf ppr.

    Dragon Mansion has a land area of 41,874 sq ft and is designated for residential use with a plot ratio of 2.8. The new development could potentially yield a maximum gross floor area of 117,000 sq ft, which translates to an estimated 120 units of 1,000 sq ft each, said CKS Property Consultants, which is marketing the property.

    Consent has been obtained from more than 80 per cent of the owners to proceed with the sale. The asking price is based on the 'limited availability of such freehold residential land near the central business district'.

    More projects could be launched for collective sale in the rest of the year, analysts said.

    Credo's Mr Singh said that owners of some projects are now checking to see if it is the right time to launch a collective sale: 'They don't want to start too early. They are hoping to time it right.'

    En bloc transactions may return in a significant fashion when the unsold supply pipeline falls, said Credit Suisse in a June 19 note. This comes about as developers deplete their existing land banks and need to replenish them.

    'On a current run rate of 1,200 developer units sold per month, land bank replenishment may happen in the next three months,' said Credit Suisse property analyst Tricia Song.

    In 2006 and 2007, demolitions created an artificial vacuum in supply due to 'en bloc fever', resulting in a steep hike in rents and prices amid a population boom. In addition, owners of older properties with higher redevelopment density ratios get more on a per unit space basis, creating a wealth effect in the property market.

    However, the caveat emptor this time could be oversupply of prime housing from previous years. Nevertheless, the trend bodes well for land prices and real estate owners, Ms Song added.

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    http://www.straitstimes.com/Money/St...ry_403262.html

    July 15, 2009 Wednesday

    $120m target for first en bloc site this year

    This would mean $1.7m each for the 72 unit owners of freehold site

    By Joyce Teo, Property Correspondent


    Dragon Mansion, near Outram and Tanjong Pagar, is the first en bloc launch in Singapore in about nine months. The estate can be redeveloped into about 120 apartments. -- BT FILE PHOTO

    PROPERTY market observers are probably rubbing their eyes in disbelief but it is true: an en bloc sale is under way at asking prices akin to boom times.

    It is the first tender in about nine months and reflects improved buyer sentiment although the sale launched yesterday will certainly test that sentiment, given the price levels it is shooting for.

    The freehold Dragon Mansion at 18 Spottiswoode Park Road, near Outram and Tanjong Pagar, has an asking price of about $120 million or $1,020 per sq ft per plot ratio. This is significantly higher than the transacted enbloc sale prices in the area during the 2007 boom. If this price is achieved, the estate's owners will get around $1.7 million for each of the 72 units.

    The estate has a land area of 41,874 sq ft and can be redeveloped into about 120 apartments of 1,000 sq ft in size.

    Dragon Mansion owners had wanted to sell collectively at the height of the boom in mid-2007 but their attempt was delayed when collective sale rules were tightened later that year. They had to restart the process at the beginning of last year but they also revised up their price.

    In the Spottiswoode Park area, developer UOL bought the 92-unit Spottiswoode Apartment en bloc for $79.5 million or $732 per sq ft per plot ratio in April 2007 - a price that was above earlier indicative sale levels. It later bought Oakswood Heights for $132 million or $740 psf per plot ratio.

    Property experts said the Dragon Mansion price target of some $1,020 per sq ft is more suitable to the boom times.

    Mr Nicholas Mak said the market is not ready to support such prices as the buyer will have to sell the redeveloped units at more than $1,800 psf.

    'There is still a disparity between today's land levels and the price in 2007 when most of the en bloc sales were priced,' said Credo Real Estate managing director Karamjit Singh.

    'Owners will need to adjust their price expectations. The market is looking up but it's still a question mark whether land prices will go back to boom time levels,' he said.

    Owners at Laguna Park in the east have high expectations as well and Credo Real Estate might launch the estate for collective sale next month.

    The asking price is at $1.2 billion. The development obtained the 80 per cent approval from owners late last year but the price they are hoping for was decided back in late 2007.

    Credo will launch other en bloc sites this year if the estates can obtain the 80 per cent approval soon, Mr Singh said.

    En bloc deals shot through the roof in 2007 when 111 transactions worth a record $12.4 billion were sealed but sales fell through the floor last year with only seven sales worth $371 million done, according to CB Richard Ellis.

    Ms Chia Mein Mein, manager for investment at CKS Property Consultants, said Dragon Mansion obtained the required 80 per cent approval to sell early this year but it waited for a good time.

    'It's because of the run-up in property prices recently. Recent launches are doing very well. Some developers have sold off their existing stock and are looking to land bank at this point,' she said.

    'We think there's a window of opportunity now as we really don't know how long this rally is going to last.'

    Meanwhile, new unit sales remain robust. There has been a flurry of project releases and demand has been strong. The 272-unit Sophia Residence in the Mount Sophia enclave sold nearly 85 per cent of 88 units released at a weekend preview at $1,500 psf on average.

    Singaporeans accounted for 60 per cent of the buyers, with the rest being permanent residents and foreigners.

    These buyers included the previous owners of Sophia Court, who sold the site en bloc to developer GuocoLand.

    [email protected]

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    Default Tender for collective sale of Dragon Mansion launched

    http://www.channelnewsasia.com/stori...442249/1/.html

    Tender for collective sale of Dragon Mansion launched

    By May Wong, Channel NewsAsia | Posted: 14 July 2009 1557 hrs


    SINGAPORE: The tender for the collective sale of Dragon Mansion has been launched, the first such sale this year.

    The property is located at 18 Spottiswoode Park Road.

    In a statement, CKS Property Consultants said it has obtained consent from more than 80 per cent of the owners to proceed with the sale.

    The collective sale is expected to achieve in excess of S$120 million or S$1,020 per square foot per plot ratio. This includes the development charge of about S$400,000.

    The redevelopment site has a land area of about 42,000 square feet and it is designated for residential use with a plot ratio of 2.8.

    CKS Property Consultants said the new development could potentially build up to 36 storeys, accommodating some 120 units of 1,000-square foot apartments.

    The tender will close on August 11 at 3pm. - CNA/vm

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    11 days more to go.. go go go.. got buyers or not you think?

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    Quote Originally Posted by SL
    11 days more to go.. go go go.. got buyers or not you think?
    I think ppl don't expect bidders, so if there are bidders it will catch the market by surprise and further boast the sentiment.

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    Default This could be the turning point.

    In every cycle, there is a significant transaction that marked a turning point for the market. In the last cycle, everybody woke up when capitaland paid a record $1k psf for orchard residence. This is followed by a revision and reflexion in property value. Can this be the one in this cycle?

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    Quote Originally Posted by mr funny
    http://www.channelnewsasia.com/stori...442249/1/.html

    Tender for collective sale of Dragon Mansion launched

    By May Wong, Channel NewsAsia | Posted: 14 July 2009 1557 hrs

    ....................

    The tender will close on August 11 at 3pm. - CNA/vm

    It's today, it's today

    You think got bidder or not ?

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    Quote Originally Posted by SL
    It's today, it's today

    You think got bidder or not ?
    Eh, today is the 10th rite? Which time zone r u in??

    For most pp working in S'pore, tomollo then back to office mah ...

    Counting down to 11 Aug lor ..

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    True hor.. ok.. I post again tomorrow

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    For those on govt reserved list, already got developers put in liao mah ... else dakota etc. etc. wld still be sitting on the reserved. For this one leh ... looks kinda expensive but then again, u nvr know ............

    Perhaps got bah

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    Perhaps Botak Wee will consider.

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    Alright.. this is it!! got bidders or not ??

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    hmm ... wat makes u think botak old wee will consider leh??

    I think SL got a stake in this one .... lol

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    No lah.. I swear I dont have a stake on this one.. just find the asking price crazy.. it will be more crazy if someone bid for this..

    Quote Originally Posted by cheerful
    I think SL got a stake in this one .... lol

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    What is the status for Dragon Mansion en bloc. No bidders?

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    Quote Originally Posted by Chan F M
    What is the status for Dragon Mansion en bloc. No bidders?
    I think if had successful bid it would have been all over the papers by now.

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    Unrealistic asking price got to wait long long loh!

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    Quote Originally Posted by moneyspinner
    Unrealistic asking price got to wait long long loh!
    I think no need to wait long long lah.

    This dragon seems to be on "hot fire" now.

    Congratulations to these newly created millionaires!


    Quote Originally Posted by H88

    First successful en bloc of 2009
    H88
    Tuesday, 20 October 2009, 13:26 hrs



    Yes! Finally, Dragon Mansion has done what no other has done this year - a successful en bloc! Since the tender was announced way back in July 2009 there have been few takers, but now this small District 2 condo along Spottiswoode Park Road has breathed hot fire into the en bloc market!



    RL Developments, a unit of Roxy-Pacific Holdings (the people who own Grand Mecure Roxy Hotel and developed Balestier's Nova 48 and Nova 88), has shelled out about $100.8m for the condo. Sadly for the owners, it was much less than the $120m they were asking for. But still, under the circumstances, at least they managed to sell the place!

    $100.8m for 117,247 sqft of potential residential space works out to $860 psf ppr.

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    <$100.8m for 117,247 sqft of potential residential space works out to $860 psf ppr.>

    Not too bad for a FH piece of land ... Roxy sure knows how to bargain (maybe the unidentified local buyer not matching Laguna's reserved price trying to do similar twisting).

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    It is a win-win situation at this price.

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    Quote Originally Posted by cheerful
    <$100.8m for 117,247 sqft of potential residential space works out to $860 psf ppr.>

    Not too bad for a FH piece of land ... Roxy sure knows how to bargain (maybe the unidentified local buyer not matching Laguna's reserved price trying to do similar twisting).

    not all dragon mansioners are happy ...

    cos there are 2 Dragon mansions ... only one was enbloc ..

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    Dont understand.. got 2 dragon mansions ??

    Quote Originally Posted by proud owner
    not all dragon mansioners are happy ...

    cos there are 2 Dragon mansions ... only one was enbloc ..

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    Quote Originally Posted by SL
    Dont understand.. got 2 dragon mansions ??

    there are 2 dragon mansions .... side by side ...

    also i am not sure if it was really enbloc yet ... cos my friends living there said they heard nothing ..

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    Har? so in Singapore we have 2 different condos that has the exact same name and is right next to each other ?

    So which of the 2 Dragon Mansions is the one that was put out for sale? Was the offered price for the Dragon Mansion that want to sell?

    This is so interesting and confusing, haha..


    Quote Originally Posted by proud owner
    there are 2 dragon mansions .... side by side ...

    also i am not sure if it was really enbloc yet ... cos my friends living there said they heard nothing ..

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    Hi SL, welc back to this thread ... still need to count down to the "official" success for this enbloc

    Thought there is only one dragon mansion? Unless it's another dragon something ... ....

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    Default Roxy-Pacific to buy Dragon Mansion in en bloc deal

    http://www.businesstimes.com.sg/sub/...55140,00.html?

    Published October 21, 2009

    PROPERTY

    Roxy-Pacific to buy Dragon Mansion in en bloc deal

    By UMA SHANKARI


    ROXY-PACIFIC Holdings has signed an agreement to buy Dragon Mansion for $100.8 million via a collective sale - some 16 per cent below the owners' previous asking price of $120 million when the property was first put up for sale in July.

    However, the deal is conditional upon obtaining agreement from an 80 per cent majority of the owners on the purchase price. BT understands that a fresh round of agreements have to be obtained as the price offered by Roxy-Pacific is below the owners' reserve price in the collective sale agreement.

    When the tender for the collective sale of Dragon Mansion was launched in July, it marked the first collective sale offering of the year. If Roxy-Pacific buys the freehold site for $100.8 million, it will be paying $863 per square foot per plot ratio (psf ppr) including an estimated development charge of about $400,000. The owners' original asking price, on the other hand, translated to about $1,020 psf ppr including the development charge.

    The site has a land area of about 42,000 sq ft and it is designated for residential use with a plot ratio of 2.8.

    Roxy-Pacific chief executive Teo Hong Lim said that the company inked the deal to buy the site as he 'found the price reasonable'.

    The developer, which was listed on the Singapore Exchange (SGX) in 2008, is looking to replenish its land bank after launching a number of projects over the past year. It recently acquired two freehold sites - one at Joo Chiat Place and the other at Tembeling Road. Said Mr Teo: 'We are constantly on the lookout for new sites, but the price and location have to be right.'

    The company took part in recent government tenders for the sale of state land, but it was 'too competitive', Mr Teo said. Recent tenders for government residential land sites have drawn 12-15 bids each.

    The acquisition will be fully funded through proceeds from the company's initial public offering (IPO), internal funds and/or bank borrowings, Roxy-Pacific said in a statement. The acquisition is not expected to have any material effect on the net tangible assets per share or earnings per share of the company for the current financial year.

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    Default Dragon Mansion en bloc sale sees lower offer

    http://www.straitstimes.com/Money/St...ry_444605.html

    October 21, 2009 Wednesday

    Dragon Mansion en bloc sale sees lower offer

    Roxy-Pacific's $101m offer is below the $120m that owners are asking

    By Joyce Teo


    THE first significant collective sale in Singapore this year is on the cards - if the condominium's owners will agree to a price that is lower than what they are hoping to achieve.

    Boutique developer Roxy-Pacific has agreed to acquire a site at Spottiswoode Park, but at a price that is below the estate's original reserve price.

    In an announcement to the Singapore Exchange yesterday, the developer said it has offered to buy the freehold condominium site of Dragon Mansion for $100.8 million, or $860 per sq ft (psf) per plot ratio.

    The asking price for the site, with land of about 3,890 sq m and a maximum plot ratio of 2.8, is $120 million, or $1,020 psf per plot ratio. As the price is below the reserve, a fresh set of signatures is needed, so the deal is subject to obtaining the consent of at least 80 per cent of the owners. After that, a sale order from the Strata Titles Board may be necessary, said a Roxy-Pacific statement.

    When Dragon Mansion became the first en bloc site to be launched for sale in July this year, market watchers said the asking price was more suitable to the boom times.

    They said developers might not be prepared yet to pay at that level. The price of $1,020 psf per plot ratio is significantly higher than the transacted collective sale prices in the area during the 2007 boom.

    Even at $860 psf per plot ratio, it is still above the area's boom-time prices, said Ngee Ann Polytechnic lecturer Nicholas Mak. The break-even price is about $1,300 to $1,400 psf, he added.

    Yesterday, CKS Property Consultants, the site's marketing agent, would only say it was working towards closing the deal.

    A few collective sale sites have been launched since Dragon Mansion came on the market, but there have been no sales yet. Last week, the collective sale tender for the 528-unit Laguna Park closed unsuccessfully. It had two offers, but neither bore fruit. Its reserve price of $1.2 billion works out to $844 psf per plot ratio.

    Roxy-Pacific said the purchase would be fully funded through its initial public offering proceeds, internal funds and/or bank borrowings.

    Its managing director Chris Teo said the company needs to replenish its landbank. If Roxy-Pacific manages to close a deal, Dragon Mansion will be its third land site. The other two sites were acquired just last month. One is a 910.8 sq m freehold site in Tembeling Road, while the other is a freehold site of 1,055.5 sq m in Joo Chiat Place.

    [email protected]

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    so which dragon mansion is it?
    is it 14, spottiswoode park road or 16 spottiswoode park road?

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    Dragon Mansion sold for $100.8 million
    The Business Times
    Tuesday, 1 December 2009



    Dragon Mansion at 18 Spottiswoode Park Road has been sold to Roxy-Pacific Holdings Limitedís wholly-owned subsidiary, RL Developments Private Limited, for $100.8 million or $863 psf ppr (inclusive of development charge).

    This is the first collective sale site sold this year.

    Roxy-Pacific had in Oct 2009 entered into an agreement to acquire the collective sale site at $100.8 million, conditional upon the obtaining of the agreement by 80% majority of the owners to the sale price.

    The said 80% majority agreement has now been obtained, said CKS Property Consultants, which brokered the sale.

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    Channel NewsAsia

    December 1, 2009

    Dragon Mansion sold for S$101m

    By Jonathan Peeris, Channel NewsAsia | Posted: 01 December 2009 2109 hrs



    SINGAPORE: Dragon Mansion at 18 Spottiswoode Park Road has become the first successful en bloc sale in Singapore this year.

    The property was sold to a unit of Roxy-Pacific Holdings for S$100.8m including the development charge. That translates to about S$863 per square foot per plot ratio.

    CKS Property Consultants launched a tender for the site in July, after it obtained consent from more than 80 per cent of the owners to proceed with the sale.

    The collective sale is subject to approval from the Strata Titles Board. Each owner of the 72 units of 3-bedroom apartments is expected to receive S$1.4m in sale proceeds.

    The freehold site has a land area of about 42,000 square feet and is designated for residential use with a plot ratio of 2.8. CKS Property Consultants said the new development could potentially accommodate some 120 units of 1,000-square-foot apartments.

    The brokers said the sale price sets a new benchmark for the Spottiswoode Park area, and reflects the limited availability of such freehold residential land near the Central Business District.

    CKS Property Consultants is also the marketing agent for Mayfair Gardens in the prime Bukit Timah area. It said consent has already been obtained from more than 80 per cent of the owners to proceed with the sale and the collective sale tender will be launched soon.

    - CNA/ir
    Is any Dragon Mansion owner here willing to sell me his apartment for $1.2 m?

    The last transacted price was only $770,000 on 20 Jan 2009.

    I am willing to offer 56% more than the last transacted price ...

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