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Thread: Pender Court sold for $95m, 2 other sites for sale

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    Default Pender Court up for sale again with $100m price tag

    http://www.straitstimes.com/Money/St...ry_507185.html

    Mar 27, 2010

    Pender Court up for sale again with $100m price tag


    PENDER Court, off West Coast Highway, has been relaunched for collective sale at an asking price of about $100 million.

    That is about 20 per cent above the price the condominium fetched in an ultimately abortive sale in the 2007 property boom. Buyer Bravo Building Construction called off the deal in early 2008.

    The firm had, by then, also pulled out of two other collective sale deals - Tulip Garden near Holland Road and Makeway View in Newton.

    Now, the sellers of the freehold 48-unit development are expecting offers in the region of $100 million to $108 million, said marketing agent Credo Real Estate's executive director of marketing Yong Choon Fah.

    On this basis, the asking price range translates to a land price of about $992 per sq ft (psf) to $1,071 psf on the potential gross floor area, she said.

    At this level, a developer may expect to break even at about $1,480 psf to $1,570 psf, Ms Yong added.

    This price is for a total gross floor area of about 100,840 sq ft, including an additional 10 per cent space set aside for balconies.

    Pender Court was sold at the peak of the last boom in July 2007.

    Bravo agreed to pay $80 million or about $872 psf of potential gross floor area. No development charge was payable then.

    It decided in April 2008 to cut its losses on the deal, rather than pump in more money and make a bigger loss by pursuing the development.

    The property market had slowed considerably by then, from the boom days of the previous year.

    Pender Court owners got to keep the $12 million deposit, which worked out to an average of $250,000 per unit.

    Meanwhile in the east, Teakhwa Real Estate launched Changi Complex at the junction of Bedok Road and Upper Changi Road for collective sale on Thursday.

    Owners are expecting prices of about $45 million to $48 million. This works out to $563 psf to $598 psf of potential gross floor area, including the estimated development charge of $3.6 million.

    The tenders for Changi Complex and Pender Court close on April 20 and April 27 respectively.

    JOYCE TEO

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    Default Pender Court

    Any news on this en bloc?

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    Quote Originally Posted by gn108
    Any news on this en bloc?
    Heard it has gone through...

    HH (cant reveal much) clinched it.....

    I dont know the px done....

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    If true - it'll be on the news by Friday evening and in the papers on Sat.
    I reckon price should be SGD 90 - 94 mil.

    Did FEO get it?

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    Quote Originally Posted by gn108
    If true - it'll be on the news by Friday evening and in the papers on Sat.
    I reckon price should be SGD 90 - 94 mil.

    Did FEO get it?
    Read and guess my earlier post.....

    The clue/hint is already there..

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    Quote Originally Posted by tkc2263
    Read and guess my earlier post.....

    The clue/hint is already there..
    h*p h*i ?

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    Quote Originally Posted by limfc
    h*p h*i ?
    Nyet!!! Nyet!!

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    Wink

    Hiap Ho ?? Surprising.
    Would have thought FEO, UOL or the such.
    Interesting plot - near the IR and city.

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    Red face

    Quote Originally Posted by gn108
    Hiap Ho ?? Surprising.
    Would have thought FEO, UOL or the such.
    Interesting plot - near the IR and city.
    S$95m....a friend of mine will get S$2m, not sure abt the unit size..

    HH snares it from UOL.

    Dont forget it was "successfully" en bloc once, but developer couldnt follow up on it and each unit "swallowed" $200k from the deposit...some people have the luck...

    My friend can now retire.....

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    Thanks for the info. When will the news hit the newspapers?
    Yes some people have the luck.
    Pocket deposit from first attempt and now another at even higher price.

    That area is going to be an interesting location.
    Vivocity/HarbourFront at their door-step and with the Tanjong Pagar PSA and KTM rail-station to be developed into another waterfront city, the west-side will get more attention in the next 10 years.

    Are there any 'en bloc' properties further West?
    Perhaps near Labrador, Pasir Panjang or Haw Par MRT stations?
    How about Teresa Ville?

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    Quote Originally Posted by gn108
    Thanks for the info. When will the news hit the newspapers?
    Yes some people have the luck.
    Pocket deposit from first attempt and now another at even higher price.

    That area is going to be an interesting location.
    Vivocity/HarbourFront at their door-step and with the Tanjong Pagar PSA and KTM rail-station to be developed into another waterfront city, the west-side will get more attention in the next 10 years.

    Are there any 'en bloc' properties further West?
    Perhaps near Labrador, Pasir Panjang or Haw Par MRT stations?
    How about Teresa Ville?
    You are welcomed re the info provided. There is nothing to hide and its going to be transparent soon anyway.

    I am not from the West side but from the East. To me, the stretch starting from Neptune Court, Mandarin Gardens, Laguna park, Lagoon View and Bayshore Park is very "en blocable" and should see very exciting times ahead. What I find appealing is that these developments all have fantastic seaviews and have nothing in front to block, an example of which is the former Amberville which is of course now The SilverSeas.

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    I am from the East as well.

    I agree with you they are all 'en blocable'
    Issue is the size and no of units of these condos.
    They are all on 99-yr leases - and NC and LV are not privatised as yet.

    I favour Hacienda and Finland Gardens or even Rich East in the East.
    While low rise, they are more manageable on size / no of units to handle the long and 'regulated' en bloc process. And they are Freehold.

    Looking for something in the West now as it's under-developed as yet.
    But things will change as the Circle Line takes effect and other commercial developments come up in that corridor.

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    Quote Originally Posted by gn108
    I am from the East as well.

    I agree with you they are all 'en blocable'
    Issue is the size and no of units of these condos.
    They are all on 99-yr leases - and NC and LV are not privatised as yet.

    I favour Hacienda and Finland Gardens or even Rich East in the East.
    While low rise, they are more manageable on size / no of units to handle the long and 'regulated' en bloc process. And they are Freehold.

    Looking for something in the West now as it's under-developed as yet.
    But things will change as the Circle Line takes effect and other commercial developments come up in that corridor.
    I also like Finland Gardens. To this I will add St Patrick's Garden (next to the soon to be built St Patrick's Residence) and one inconspicious little development, Siglap Court, located at the junction of Siglap Road and Marine Parade Road, opposite Fernwood Gardens..

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    Quote Originally Posted by tkc2263
    I also like Finland Gardens. To this I will add St Patrick's Garden (next to the soon to be built St Patrick's Residence) and one inconspicious little development, Siglap Court, located at the junction of Siglap Road and Marine Parade Road, opposite Fernwood Gardens..
    Only thing is that Finland Gardens asking price is now built in with en bloc price, saw the listing from property guru. Any other property website I can use?

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    why is the good news abt Pender Court so hushed hushed?
    It's unusual that the Biz Times wrote that the sales committee is not ready to release a statement.

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    Default Pender Court sold for $95m, 2 other sites for sale

    http://www.straitstimes.com/Money/St...ry_533780.html

    Jun 1, 2010

    Pender Court sold for $95m, 2 other sites for sale


    PENDER Court, a 48-unit condominium off West Coast Highway, has been sold en bloc for $95 million.

    This land price works out to $1,007 per sq ft (psf) on the potential gross floor area. The price is shy of the owners' asking price of $100million to $108 million but is way above the $80 million price negotiated in an ultimately abortive sale in the boom days of July 2007.

    Bravo Building Construction called off the sale in early 2008. It had also pulled out of two other collective sale deals.

    Owners of the 48 units will get close to $2 million each.

    Credo Real Estate, which marketed the site, confirmed only the price and declined to comment further as the sale committee is not yet ready to make a formal announcement.

    Meanwhile, Waldorf Mansions off Balestier Road and Foh Pin Mansion in Charlton Road have been put up for collective sale.

    Both freehold estates have an indicative price of about $22.5 million each. At the 16-unit Waldorf Mansions, this equates to $709 psf per plot ratio, inclusive of a development charge of $104,000.

    Credo Real Estate said the buyer can expect to break even at about $1,100 psf.

    Built in the 1990s, the site has an allowed gross floor area of 31,875 sq ft. The buyer can redevelop the site into a project with 50 apartments of 600 sq ft on average, said Credo.

    As for the 30-year-old, 21-unit Foh Pin Mansion, it can be redeveloped only into a three-storey mixed landed housing development as the land has been rezoned, said marketing agent Savills Singapore.

    The buyer may undertake a cluster housing development, said Savills director of investment sales Suzie Mok.

    A price of $21 million or $22 million will translate to a land price of about $610 psf to $650 psf, she said.

    The tender for Waldorf Mansions closes on June 29 while the tender for Foh Pin closes a day earlier on June 28.

    JOYCE TEO

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    Quote Originally Posted by mr funny
    PENDER Court, a 48-unit condominium off West Coast Highway, has been sold en bloc for $95 million.

    This land price works out to $1,007 per sq ft (psf) on the potential gross floor area. The price is shy of the owners' asking price of $100million to $108 million but is way above the $80 million price negotiated in an ultimately abortive sale in the boom days of July 2007.

    Bravo Building Construction called off the sale in early 2008. It had also pulled out of two other collective sale deals.

    Owners of the 48 units will get close to $2 million each.
    There are those who laugh at people who buy en bloc properties, and there are those who laugh all the way to the bank.



    What are the lessons to be learned from this?

    PROPERTISM Rule No. 1 - Property prices always go up in the long term hence properties should only be bought and not sold, unless enblocked then either:
    a. Quickly buy a replacement property, or
    b. If you have the cash, buy one even before the en bloc goes through.

    PROPERTISM Rule No. 2 - Land is more valuable than air.

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    i must say those 2 who bot at 7xxpsf r the brave ones...smtimes they cud be buying for own stay...lol

    however, they must be cash rich man as valuation is far way off

    i really pity those 2 who sold b4 enbloc...must be banging walls now

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    So who bought the site? I can't believe that it is still a mystery.

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    Quote Originally Posted by louisebrown
    So who bought the site? I can't believe that it is still a mystery.
    Maybe the buyer is again Bravo Building Construction, but they are too embarrassed to talk to the press?

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    Thank Q. It's Bra-Vo again

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    Quote Originally Posted by louisebrown
    Thank Q. It's Bra-Vo again
    Is it really Bravo? They could have saved a lot of money if they had not backed out of the deal in 2008.

    First, they forfeited their $12 million deposit, which allowed each Pender Court owner to pocket $250,000. Then now they bid $95 million which is $15 million more than the $80 million they bid in 2007 ?

    They could have saved $27 million altogether if they had just ignored the Lehman Crisis and held on to the property.

    Now there is a Greek Crisis brewing. I wonder if they will back out again and forfeit their $12 million deposit and then buy back again at $110 million in 2012? and then by then there will probably be another crisis ...

    Pender Court people could end up very rich.

    Quote Originally Posted by mr funny
    Bravo agreed to pay $80 million or about $872 psf of potential gross floor area. No development charge was payable then.

    It decided in April 2008 to cut its losses on the deal, rather than pump in more money and make a bigger loss by pursuing the development.

    The property market had slowed considerably by then, from the boom days of the previous year.

    Pender Court owners got to keep the $12 million deposit, which worked out to an average of $250,000 per unit.

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    they seriously nid to visit this forum...

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    Bravo had financial difficulties so they were NOT in a position to practice propertism. I will also find it very amusing like what you described if its really Bravo again.

    Quote Originally Posted by jlrx
    Is it really Bravo? They could have saved a lot of money if they had not backed out of the deal in 2008.

    First, they forfeited their $12 million deposit, which allowed each Pender Court owner to pocket $250,000. Then now they bid $95 million which is $15 million more than the $80 million they bid in 2007 ?

    They could have saved $27 million altogether if they had just ignored the Lehman Crisis and held on to the property.

    Now there is a Greek Crisis brewing. I wonder if they will back out again and forfeit their $12 million deposit and then buy back again at $110 million in 2012? and then by then there will probably be another crisis ...

    Pender Court people could end up very rich.

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    Quote Originally Posted by louisebrown
    Thank Q. It's Bra-Vo again
    Its not Bravo.

    I have already given you guys the hint in my earlier posting...

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    oh yeah, sorry we got carried away with the Bravo bashing LOL. HH, someone said Hiap Hoe but don't think you confirmed. Anyway if not Hiap Hoe then its Hoi Hup but my guess is the 1st one.


    Quote Originally Posted by tkc2263
    Its not Bravo.

    I have already given you guys the hint in my earlier posting...

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    C'on, the bidder is hiding behind a veil of incomprehensible secrecy. Aren't they proud to have put in the successful bid?

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    Quote Originally Posted by louisebrown
    C'on, the bidder is hiding behind a veil of incomprehensible secrecy. Aren't they proud to have put in the successful bid?
    bidder?

    thought its cfm already ?

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    What's cfm please?

    No one dares to name the successful buyer here. Something's not right or fishy.

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    maybe all ready to backout?

    signed option but not exercised yet?


    Quote Originally Posted by louisebrown
    What's cfm please?

    No one dares to name the successful buyer here. Something's not right or fishy.

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