Tag Archives: enbloc

Twin Katong collective sales hit jackpots

The enbloc fever in Singapore does not seems to subside but only get hotter. Not only that record prices have reached for collective sales in their respective regions, but ever more estates are hopping onto the wagon.

The popular East Coast/Katong area also hit headlines recently. Notwithstanding the recent transaction in July for The Albracca, a 10-storey residential development (23,400 sq ft) site along Meyer Road, which has been successfully sold in its first attempt at a collective sale to Sustained Land for S$69.1 million, two prime sites in the vicinity has also hit their respective jackpots.

1. Nanak Mansions
The freehold Nanak Mansions development in upmarket Meyer Road has been bought by an associate of UOL Group in a $201.1 million en bloc deal. Secure Venture Development (No. 1), UOL’s associate company, will redevelop the 10,185 sq m site, which has a gross plot ratio of 1.4.

Meyer Road is dubbed as  ‘Nassim Residences of the East’ — a highly coveted location in the popular seaside area in Singapore. It is a low-rise development completed in the 1980s, located less than 0.5km from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line. Currently it comprises 36 maisonettes, each with either four or five bedrooms, all belonging to members and companies of a low-profile Singaporean Indian family. All 36 units have been rented out.

The site may be redeveloped into a five-storey project with a maximum gross floor area of 153,482 sq ft. This means it can accommodate a maximum of 203 units with an average size of around 700 sq ft in terms of gross floor area. The $201.1 million price tag works out to $1,429 per sq ft per plot ratio (psf ppr), after factoring in development charges payable upon redevelopment. This is comparable to the $1,409 psf ppr obtained for The Albracca at $69.1 million.

2. Amber Park

A 200-unit freehold condominium in Katong, Amber Park has been taken for S$906.7 million by its original developer CDL. This is the fourth time that Amber Park has been put up for sale. There are as many as eight bids for this prime site.

Built in 1986, the new winning party includes City Developments Ltd (CDL), through its wholly owned subsidiary Cityzens Development, and joint-venture partner Hong Realty.

The sale price reflects a land rate of about S$1,515 per sq ft per plot ratio, based on the allowable gross plot ratio of 2.8, in Singapore’s largest freehold collective sale by dollar value. At this sale price, the owners would expect to receive between S$4.3 million and S$8.3 million.

The winning consortium intends to redevelop Amber Park into a luxury condominium development comprising four 25-storey blocks with close to 800 units and a basement carpark. The current site has an area of 213,675 sq ft, and an allowable gross floor area of about 598,290 sq ft. The Tanjong Katong MRT station, located 200m from the site, will be completed in 2023.

The aggressive bid exhibits optimism among developers for Singapore property market. Though this may bring good news for property sellers, many industry experts caution against overtly optimism which may not be sustainable in the short term as loan interest rates looks poised to increase and rental market remains in the doldrums for the recent years.

 

The Albracca in Meyer Road cashing in on the hot collective sale market

Home owners at The Albracca in Meyer Road are hoping to cash in on the hot collective sale market. The property is up for sale for about $62 million to $65 million, which works out to about $1,262 to $1,323 per sq ft per plot ratio for the 11-unit freehold development near Tanjong Rhu, located opposite the upcoming Katong Park MRT station slated to be ready in 2023.

Apartment sizes at the 10-storey The Albracca range from 1,658 sq ft to 3,972 sq ft, thus each owner may get from $3 million to over $7 million from the enbloc sale.

The 23,400 sq ft Meyer Road site is zoned residential, with an allowable gross plot ratio of 2.1 under the 2014 Master Plan. The property’s prime location being near Katong Park MRT station, excellent views and a lower price quantum should attract to a wide pool of developers.

The site can potentially be redeveloped into a high-rise project, housing 65 apartments with an average size of 70 sq m or about 750 sq ft.

The four en bloc deals with a combined value of $1.5 billion sealed so far in 2017 were: One Tree Hill Gardens of District 9, Goh & Goh Building of Beauty World area as well as former HUDC estates Rio Casa and Eunosville.

The value so far has already surpassed the three deals worth $1 billion done for the whole of last year.

Former HUDC projects back in En-bloc sale

The 330-unit Eunosville former HUDC estate is up for collective sale. Eunosville, less than 100m from Eunos MRT station, comprises of 10 residential blocks of maisonettes and four walk-up apartment blocks, translating to 255 maisonettes and 75 apartments. It has a remaining lease of about 70 years. The estate sits on a rectangular-shaped site with a land area of about 376,713 sq ft and wide frontage — along Changi Road and Sims Avenue.

Rio Casa, another privatised HUDC estate in Hougang, was put up for sale two days earlier. Rio Casa’s riverfront location will draw interest from developers. It is understood that the former HUDC estate Rio Casa collective sale is seeking a sale price of $451m.

The current sentiment in the property market may result in residential en bloc sales picking up this year, given the limited supply of private housing sites due for sale by the Government and revived demand for land shown by developers.

At least 20 more residential projects may go en bloc this year including Amber Park condominium, Lakeside Tower and The Balmoral condominiums.

$1.89M per unit for Potong Pasir enbloc sale

A joint venture between UOL Group and United Industrial Corporation (UIC) has bought a  privatised former HUDC estate in Potong Pasir Avenue 1 for S$334.2 million. The 175-unit estate, known as Raintree Gardens, was launched for collective sale in September. The purchase price roughly works out to about S$1.89 million per unit.

Property experts had said the owners could get over S$315 million, or about $1.8 million per unit. UOL said the purchase by UVD (Projects) will be funded by bank borrowings and internal resources. UVD (Projects) is the joint venture between UOL unit, UOL Venture Investments, and Singland Homes, a subsidiary of developer UIC.

The 201,405 sq ft plot, next to Kallang River and near Potong Pasir MRT station, has just over 70 years of lease left. It is zoned for residential use with a 2.8 plot ratio.  The collective sale attempt is a first for the estate, which was privatised in July 2014.

Katong Shopping Centre may go enbloc again

Katong Shopping Centre (KSC) in Katong/East Coast area is making a third time try at the collective sale market, with a asking price of about $630m. More than 80% of owners have agreed to the proposed sale. CDL owns 60 units and 323 carpark spaces in the mall. KSC is built in 1973, at a cost of $20m to CDL.

The psf price of %2248 is seen high in today’s market. The 86,924 sqft site with plot ratio of 3.0 is zoned for commercial and residential use. The current gross floor area (GFA) is 280,203sqft. The agent responsible for the collective sale, Cushman & Wakefield, is applying to URA for outline permission for full commercial site.

The venue is also a prime ideal for additions and alterations to recreate a landmark mall in Katong. A potential 32K sqft space may be set aside for medical suites. The site is within 500-600m of the future MRT stations of Marine Parade and Amber. The tender is due 8 Sept 2016.

 

 

KatongShoppingCentreFacade

Macpherson-Paya Lebar Industrial site up for en-bloc sale

http://www.channelnewsasia.com/news/business/citimac-industrial/1374730.html

Citimac Industrial Complex at the junction of Macpherson Road and Paya Lebar Road has been put up for collective sale, with the owners seeking bids of S$550 million and above.

Cushman & Wakefield, which is handling the en-bloc sale, described the complex as a rare developable site near the Paya Lebar iPark vicinity and the Paya Lebar Regional Centre.

According to Cushman, Citimac occupies a land area of 139,789 square feet.

Based on a maximum allowable plot ratio of 3.5 under the 2014 Master Plan, the successful bidder can redevelop the freehold site into a property with gross floor area of about 489,261 sqft, Cushman said in a statement on Monday (Sep 22).

This could include a shopping mall with about 140,000 sqft of retail and commercial space.

The tender closes at 3pm on Oct 30.