Published March 22, 2007

Four more properties up for collective sale

Largest is Leedon Heights in prime District 10, going for $981 psf ppr


ANOTHER four sites have been put up for collective sale, two property firms said yesterday.

On the block: Leedon Heights has a land area of 522,000 sq ft and a 1.6 plot ratio - giving it a gross floor area of 835,300 sq ft

The largest of the four is Leedon Heights in the prime District 10, which marketing agent DTZ Debenham Tie Leung estimates could fetch its owners $780 million.

Including an estimated development charge (DC) of $40.2 million, the suggested price works out to $981 per square foot per plot ratio (psf ppr).

The site has a land area of 522,000 sq ft and a 1.6 plot ratio - giving it a gross floor area of 835,300 sq ft. The maximum building height is 12 storeys. Provisional permission has been granted for a 12-storey condominium with 384 residential units, DTZ said.

'We expect strong interest in this site, and anticipate that developers will be able to price the future apartments at $1,800-2,000 per sq ft. This translates to a land price of $1,000 psf ppr,' said Tang Wei Leng, DTZ director for investment advisory services.

Right now, Leedon Heights, which is located off Holland Road and Farrer Road, consists of four blocks with a total of 314 units. The last transacted prices for an apartment and a penthouse were $960,000 and $1.8 million respectively, said DTZ. The firm expects that owners can make a 100 per cent premium from the collective sale.

Separately, boutique real estate firm Credo Real Estate said that it is putting up for collective sale three plots of land that can be redeveloped into residential properties.

The largest among the three is Oakswood Heights - at Spottiswoode Park Road on the fringe of the Central Business District - which Credo estimates could fetch $130-135 million. This works out to $729-757 psf ppr. Credo expects no DC to be payable.

The site has a land area of 63,700 sq ft, and a 2.8 plot ratio. A developer could lower the land price by taking advantage of an additional 10 per cent bonus plot ratio for balcony space, bringing the land price down to $662-688 psf ppr. This would give space for about 170 apartment units with an average size of 1,100 sq ft, said Credo executive director Tan Hong Boon.

The adjoining Spottiswoode Apartment site with a 38,900 sq ft land area was earlier put on the market for $73.2-77.2 million, or $673-710 psf ppr.

'The successful purchaser of the Spottiswoode Apartment site has the added opportunity to acquire Oakswood Heights to enlarge the site up to 102,595 sq ft for a large upscale and comprehensive condominium development which gives better pricing and provides cost savings due to economies of scale,' Credo said.

At present, there are 84 apartments at Oakswood Heights. Owners stand to walk away with an en bloc premium of between 80-100 per cent if the asking price is met.

Credo is also offering for sale two rows of shophouses. Numbers 20 to 44 Watten Rise - with 39 units of walk-up apartments and 13 shop units at the ground level - is expected to fetch around $65 million. A DC of $2.1 million is expected.

The site has a land area of some 92,600 sq ft, which means the price works out to about $724 per square foot (psf). 'The developer of the site could choose to build a combination of conventional terraces, semi-detached and detached houses, as well as strata terraces, strata semi-detached houses and strata bungalows,' said Mr Tan.

Also for sale - by private treaty - is a 16,600 sq ft site in Joo Chiat which now comprises a row of two-storey shophouses built in the 1940s.

The indicative asking price is around $8.5 million, or about $370 psf ppr, said Credo. A DC of about $75,500 is expected. About 18 apartment units with an average size of 1,200 sq ft each could come up on the site, Credo said.