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Thread: Pasir Panjang Village to go

  1. #1
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    Nov 2009
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    Default Pasir Panjang Village to go

    I hear from the shops at Pasir Panjang village the whole place is being knocked down and redeveloped into a condo!! Their leases terminate in April. Coldstorage, Harrys the lot will go.

    Can anyone confirm? Was looking at buying around there not sure I'd get anyone to rent it with major building works going on not to mention the loss of the main draw for renters and expats (close to bars, shops etc).

  2. #2
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    Mar 2008
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    I think you have mistaken...the building that houses the cold storage and harry's is called the village center...Pasir Panjang village is the row of shop houses with the pubs and eateries...Yes...the village center and the car park next to it have been sold recently...but there's no news about that being redevelop into condo.....

  3. #3
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    Default Maybe

    OK but I heard it from a shop in the centre above cold storage. Their 6 month old 2 year ease is being terminated in April for the redevelopment.

  4. #4
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    Mar 2008
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    In that case, your info may be the latest...i understand the pasir panjang village is under conservation so not likely that will be taken down. If the village center is to be redevelop...hopefully it will be developed into a residential with retail kind of condo...

  5. #5
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    Jul 2009
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    Source: http://propertyhighlights.blogspot.c...tre-again.html

    Simon Cheong Sells Village Centre, Again

    Source : The Business Times, June 23, 2009

    Property helps developer strike gold for second time

    Developer Simon Cheong has pulled a rabbit out of his hat by making money from the same set of properties for a second time.

    Mr Cheong's privately-held vehicle recently sold The Village Centre at Pasir Panjang and a site next door for $23 million.

    The Village Centre: Mr Cheong's family vehicle sold it for $26m in 1996, bought it back for $10.8m in 2004 and sold it for $23m recently

    This is double the $10.8 million he paid a NatSteel associate for the assets in 2004.

    Mr Cheong's family vehicle had sold the freehold properties to NatSteel in 1996 for $26 million.

    He is not the only one to have made two rounds of money from The Village Centre and the site next door.

    Property consultancy group DTZ brokered the latest deal as well as the one in 2004.

    In the latest transaction, Mr Cheong's Ridge Investments has sold the properties to Hume Homes Pte Ltd, a boutique property developer controlled by Ching Chiat Kwong, Low See Ching and Tee Wee Sien.

    The Village Centre, at No 3 South Buona Vista Road, is a four-storey commercial and residential building comprising shop units on the first to third levels, seven apartments on the top level and 29 basement carpark lots.

    The apartments are currently vacant while retail tenants include Cold Storage, Harry's Bar and Thai restaurant Lemon Grass.

    About 92 per cent of the total 23,363 sq ft net lettable area for the shop units are currently leased.

    The next door plot at No 7 South Buona Vista Road is currently a surface carpark with 30 lots.

    The properties can be redeveloped.

    Under Master Plan 2008, The Village Centre plot is zoned for commercial and residential use with a 3.0 plot ratio (ratio of maximum potential gross floor area or GFA to land area).

    The next door plot, No 7 South Buona Vista Road, is zoned for residential use with a 1.4 plot ratio.

    An estimated development charge (DC) of $7 million is payable to redevelop the two plots to their maximum potential.

    However, there is a major road line sitting on the two sites, which means that Hume would have to make setback provisions if it redevelops the properties.

    Assuming the properties are redeveloped to their maximum Master Plan 2008 potential, the $23 million purchase price reflects a unit land price of $351 per square foot of potential GFA inclusive of the $7 million DC.

    There is at least one other instance in recent years of a property trader making profit from selling the same property twice.

    Lippo group sold One Phillip Street, a 999-year leasehold office block, in early 1996 for $76.8 million to Kewalram Group.

    Then Lippo unit Auric Pacific bought back the 16-storey office block from Kewalram in 2006 for $37.6 million.

    Last year, Auric sold the asset to New Star International Property Fund for about $99 million.

  6. #6
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    Mar 2008
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    Default

    yup...i saw this too...but nothing about a confirmed redevelopment....

  7. #7
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    Quote Originally Posted by MMOUSE
    yup...i saw this too...but nothing about a confirmed redevelopment....
    whatever it is that part of D5 has huge potential ...

  8. #8
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    May 2009
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    Default

    Looks like it's confirmed....

  9. #9
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    Nov 2008
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    6

    Default Village Centre to go

    yup, its true. Ate at the Thai restaurant today and the staff there were telling me the restaurant will be closed by March next year. Building will be torn down to make way for residential apartments. Such a big loss to residents in the area!

  10. #10
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    Mar 2008
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    Quote Originally Posted by NICHONG
    yup, its true. Ate at the Thai restaurant today and the staff there were telling me the restaurant will be closed by March next year. Building will be torn down to make way for residential apartments. Such a big loss to residents in the area!
    torn down 2 storey high building and build 5 storey high residence condo. Is there any mean in making the profit. 1500psf maybe. where they going to build the pool. If 40th storey maybe. then pasir panjang condos got enblic potential.

  11. #11
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    Jul 2009
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    Quote Originally Posted by PropertiesHunter
    torn down 2 storey high building and build 5 storey high residence condo. Is there any mean in making the profit. 1500psf maybe. where they going to build the pool. If 40th storey maybe. then pasir panjang condos got enblic potential.
    village centre is even taller. i remember lemongrass is on 3rd floor.

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