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View Full Version : Cavenagh Mansions and Goodrich Park Condo sold



mr funny
12-07-10, 18:10
http://www.businesstimes.com.sg/sub/latest/story/0,4574,394514,00.html?

July 12, 2010, 5.27 pm (Singapore time)

BBR buys Goodrich Park site for S$86 mln

By ANGELA TAN


BBR Holdings (S) Ltd said on Monday that it has entered into a sale & purchase agreement to buy a plot of freehold land at 2A/B/C/D Simon Lane for S$86 million.

The group aims to develop a low-rise condominium project on the 9,076.9 sq m (97,703 sq ft) site which currently houses Goodrich Park Condominium.

The site can potentially be developed into a 5-storey condominium comprising about 120 units of around 1,200 sq ft each.

The development project is targeted to be launched sometime in end-2011.

Purchase of this site will be funded by the group's internal resources and bank borrowings.

mr funny
13-07-10, 20:38
http://www.businesstimes.com.sg/sub/news/story/0,4574,394553,00.html?

Published July 13, 2010

Cavenagh Mansions and Goodrich Park Condo sold

Malaysian developer buys Cavenagh for $42.38m; BBR buys Goodrich for $86m

By KALPANA RASHIWALA


CAVENAGH Mansions and Goodrich Park Condominium have been sold following their respective tender closings last week. Both sites are freehold.

Cavenagh Mansions, a District 9 site, is said to have been sold for $42.38 million to a Malaysian developer. The price works out to about $1,025 per square foot of potential gross floor area inclusive of an estimated $267,000 development charge (DC).

Cavenagh Mansions was sold by Teck Jin Pte Ltd. The existing development is about 20 years old and comprises 21 apartments. The 19,813 sq ft site is zoned for residential use with a 2.1 plot ratio under Master Plan 2008.

Knight Frank handled the sale of Cavenagh Mansions.

Over in the Upper Serangoon area, BBR Holdings has picked up Goodrich Park through a collective sale, for $86 million.

The price reflects a unit land price of about $629 psf per plot ratio. No DC is payable.

The 97,703 sq ft site at Simon Lane is zoned for residential use with a 1.4 plot ratio. The collective sale of Goodrich Park was brokered by Credo Real Estate. 'We received close to five bids,' says the company's managing director Karamjit Singh.

As the collective sale has not garnered unanimous approval from owners, it will be subject to approval from the Strata Titles Board. 'We hope that some, if not all, of the remaining owners who have yet to sign the collective sale agreement will now come on board, given the property has achieved a price higher than the $80-85 million we went to the market with,' Mr Singh said.

The existing development was built in the 1980s. Owners of the 52 units stand to receive gross sale proceeds of between $1.55 million and $1.72 million - or about 70 to 80 per cent more than what they could have obtained if they sold their units on an individual basis.

BBR says that the site, currently occupied by four blocks of four-storey walk-up apartments, can potentially be redeveloped into a five-storey condo comprising about 120 units of around 1,200 sq ft each. The company targets to launch the project sometime late next year.

The site is tucked away along a quiet cul-de-sac, yet is close to Kovan MRT Station.

focus
13-07-10, 20:59
Does this mean landed property prices selling for $1000psf is considered the NEW Normal also ? .. no more $600psf land ..

jlrx
14-07-10, 01:41
Over in the Upper Serangoon area, BBR Holdings has picked up Goodrich Park through a collective sale, for $86 million.

The existing development was built in the 1980s. Owners of the 52 units stand to receive gross sale proceeds of between $1.55 million and $1.72 million - or about 70 to 80 per cent more than what they could have obtained if they sold their units on an individual basis.

There are those who laugh at people who buy en bloc properties, and there are those who laugh all the way to the bank.

http://i305.photobucket.com/albums/nn211/jlrx_bucket/GoodrickParkEnBloc.jpg

jlrx
14-07-10, 01:52
Does this mean landed property prices selling for $1000psf is considered the NEW Normal also ? .. no more $600psf land ..

Can still find $600 psf land if you buy at least 5,000 sq ft (bulk discount).

However, you have to go either very far north or very far west (and look for older properties).

For example, this 6,500 sq ft Semi-Detached in Jalan Malu-Malu is asking only $3.06 mil or only $471 psf.

http://i2.propertyguru.com.sg/images/thumb/4/0/7/4/4074d12784393_1_V550.jpg

focus
14-07-10, 02:05
Can still find $600 psf land if you buy at least 5,000 sq ft (bulk discount).

However, you have to go either very far north or very far west (and look for older properties).

For example, this 6,500 sq ft Semi-Detached in Jalan Malu-Malu is asking only $3.06 mil or only $471 psf.



Wa... wrong name .. how can be Malu-Malu(lose face) when you pay $3mil for it..

True.. so now Seletar hills and Serangoon area $1000psf(for the land) for newly built landed is a fair price?

jlrx
14-07-10, 02:42
Wa... wrong name .. how can be Malu-Malu(lose face) when you pay $3mil for it..

True.. so now Seletar hills and Serangoon area $1000psf(for the land) for newly built landed is a fair price?

Seletar Hills is further north and the houses have larger land (average 3,000+ sq ft) hence the psf is lower.

Currently the land psf for Seletar old houses is around $550 psf while the newly built is around $900 psf.

Serangoon Gardens land psf is now $650+ psf while the new ones average $1,100 psf, but these are normally 2,500 sq ft land (smaller than Seletar).

You can lower the cost to below $1,000 psf if you buy an old landed and then rebuild it yourself, but you have to factor in your own time and effort. Alternatively, you can become a "developer" and then sell for around $200k profit depending on market condition.

proud owner
14-07-10, 03:18
Seletar Hills is further north and the houses have larger land (average 3,000+ sq ft) hence the psf is lower.

Currently the land psf for Seletar old houses is around $550 psf while the newly built is around $900 psf.

Serangoon Gardens land psf is now $650+ psf while the new ones average $1,100 psf, but these are normally 2,500 sq ft land (smaller than Seletar).

You can lower the cost to below $1,000 psf if you buy an old landed and then rebuild it yourself, but you have to factor in your own time and effort. Alternatively, you can become a "developer" and then sell for around $200k profit depending on market condition.

would you pay 1000 psf for 99 LH landed .. like those in Holland Grove and Gentle road ?

i do not understand... as a professional agent .. they can advertise 1160 psf for landed at gentle rd 99 LH ..those are probably at least 10 yr old ..

do not say that its the sellers who want to sell at those price ..
as a professional agent .. one should be able to advise the seller..and not just acting like a puppet ..