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Thread: CityDev acquires 3 prime freehold residential sites

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    Default CityDev acquires 3 prime freehold residential sites

    CityDev acquires 3 prime freehold residential sites

    By Loh Kim Chin, Channel NewsAsia | Posted: 26 March 2007 2132 hrs


    SINGAPORE: City Developments has acquired three prime freehold residential sites along Thomson Road, near Balestier Road, for a total of S$81.3 million.

    The three sites - measuring 56,799 square feet in all - are currently occupied by Concorde Residences, the adjoining Balestier Court and Bright Building.

    The property developer also bought a piece of adjoining state land measuring 3,415 square feet.

    All in, the land cost works out to about S$490 per square foot, per plot ratio.

    Together, the three sites and the state land will give a total land area of 60,214 square feet.

    It will allow for a new development with a maximum potential gross floor area of 168,600 square feet.

    It has the potential to yield 150 units averaging 1,200 square feet each.

    Meanwhile, all the 18 owners of the nearby Thomson Mansions have agreed to a collective sale of their 17,500 square feet site.

    They are looking at S$32 million for the freehold site.

    This works out to S$657 per square foot, per plot ratio.


    - CNA/so

  2. #2
    balestier boleh!
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    Default Re: CityDev acquires 3 prime freehold residential sites

    Together with The Albany, Lock Cho Apartments and Comfort Mansion, CDL now have a sizable land bank in Balestier.

    CDL's huge presence in Balestier will clean up and transform the area. We will see the effects of CDL's impact on Balestier in less than 5 years' time. Balestier will easily be included in the Prime district category, because:

    1) it is freehold

    2) its proximity to the Marina IR

    3) the modernising high class influence of CDL, probably Singapore's most dynamic developer

    4) it has a Western name. Balestier is French. Not difficult to rejuvenate an area and make it classy if it already has a Western name or Western Cultural influence. Look at Mount Emily, Mount Sophia, Novena, River Valley, Robertson Quay, Mount Sinai, Holland, Dunearn, Adam, Farrer Road, Lornie, Thomson, etc.

    Expect Balestier to be worth more than $1200 psf in 5 years' time.

    I suspect UOL will also have a big influence here in the future, after they finish selling Pavilion 11. Watch for further en blocs in Balestier.

    2 of Singapore's richest men capitalising on Balestier's potential. How wrong can they be?

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    Default CDL buys 3 more properties off Balestier Road

    Published March 27, 2007

    CDL buys 3 more properties off Balestier Road

    By ARTHUR SIM


    CITY Developments Ltd (CDL) has acquired three more residential sites off Balestier Road, bringing the total area of land it has acquired in the area to almost 300,000 sq ft.

    CDL announced yesterday that it had bought Concorde Residences, Balestier Court and Bright Building for a total of $81.3 million. All three properties are in an urban block bound by Balestier Road, Thomson Road, Jalan Raja Udang and Jalan Datoh.

    Including a 3,415 sq ft piece of state land and development charge of $103,000, the price of CDL's latest acquisitions work out to $490 per square feet per plot ratio (psf ppr).

    CDL said the three sites alone can yield 150 units of about 1,200 sq ft in size.

    In the same urban block there are The Albany, Lock Cho Apartments, Comfort Mansions and a four-storey walk-up apartment for which CDL paid a total of $221.3 million earlier this year and in 2006. Collectively, CDL's acquisitions there can yield a potential gross floor area of approximately 831,339 sq ft.

    CDL group general manager Chia Ngiang Hong said: 'We have always believed in the selective purchase of land parcels in prime locations or in areas where there is good growth potential. Apart from adding to our existing land bank, we are focused on creating value beyond the purchase of each individual plot.'

    Two more properties in the urban block remain - Thomson Mansion and Tan Tong Meng Tower - but a spokesman for CDL said that the acquisition of these 'are not critical'.

    'If these are up for sale, then it will boil down to the selling price,' the spokesman said.

    Thomson Mansion has indeed just been put on the market and the asking price is $32 million or $657 psf ppr, including an estimated development charge of $79,000.

    They are marketed by Newman & Goh, where the head of investment sales, Jeffrey Goh, said he was confident of achieving the target price as several developers had already expressed interest.

    Mr Goh said that property prices in the area have moved up and said that the average selling price of nearby [email protected] is $1,080 psf.

    Separately, CDL also announced yesterday that it had sold 80 per cent of The Solitaire, a 59-unit residential development in the Balmoral Park area with prices averaging between $1,800 and $2,200 psf. Foreigners from the UK, US, Indonesia, Malaysia and the Philippines made up 40 per cent of the buyers.

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    Default CityDev buys another 3 sites in District 11

    March 27, 2007

    CityDev buys another 3 sites in District 11


    CITY Developments (CDL) has bought another three sites in District 11, cementing its presence in the Thomson Road/Balestier Road area.

    The developer paid $81.4 million in all for Concorde Residences and the adjoining Balestier Court and Bright Building.

    Including an adjacent piece of state land, the plot amounts to 60,214 sq ft of land area and 168,600 sq ft of maximum gross floor area.

    CDL's purchase price for the whole plot works out to about $490 per sq ft (psf) per plot ratio.

    Combining all the sites can yield a freehold 36-storey condominium with 150 units at 1,200 sq ft each, CDL said in a statement yesterday.

    This purchase comes on top of other recent CDL buys in the area.

    The company bought the 41,688 sq ft Albany last month and three other adjoining sites last year - Lock Cho Apartments, Comfort Mansion and a four-storey walk-up apartment block.

    CDL now has a total land area of 296,907 sq ft, with a potential floor area of 831,339 sq ft, in the Thomson Road district.

    Separately, CDL said it has sold about 65 per cent of its boutique Solitaire development in Balmoral Park.

    About 40 of the 59 units were taken up at a soft launch over the weekend.

    Prices ranged from $1,800 to $2,200 psf, 'setting a new benchmark price in the location', the developer said in another statement.

    Foreign buyers - from Britain, the United States, Indonesia, Malaysia and the Philippines - made up about 40 per cent of total buyers.

    The Solitaire comprises three 12-storey blocks with two- to four-bedroom apartments and penthouses.

    Besides the two-bedders, all other units come with their own private lift and private lobby.

    In CDL's launch pipeline over the next three months are a 110-unit Grange Road condominium and the 223-unit Quayside Isle in Sentosa Cove.

    FIONA CHAN

  5. #5
    joe
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    Default Re: CityDev acquires 3 prime freehold residential sites

    News Release: Strategic Acquisition of Three Prime Freehold Residential Sites at District 11
    Attached Files Attached Files

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