2 more apartment complexes up for collective sale

2 more apartment complexes up for collective sale

Apr 10, 2018


The rush to sell en bloc shows no signs of abating with two estates put up for sale yesterday - one in East Coast and the other near Pearl's Hill City Park.

United Mansion has a reserve price of $98 million for the walk-up block in East Coast Road. That is $1,485 per square foot per plot ratio (psf ppr) with no development charges payable.

The freehold site is within a three-storey mixed-landed housing area but it can retain its four-storey height along with its verified gross floor area of 65,975 sq ft, said marketing agent Cushman & Wakefield. The site could yield 87 apartments with an average size of 70 sq m gross floor area, subject to approval, it added.

United Mansion is within walking distance of the Siglap neighbourhood and is near Parkway Parade and the I12 Katong mall. It is also near CHIJ Katong Convent, Victoria Junior College and the Global Indian International School.

Ms Christina Sim, director of capital markets at Cushman & Wakefield, said: "The site will certainly appeal to small and mid-sized developers looking for a boutique residential redevelopment opportunity in the highly sought-after Siglap neighbourhood."

The tender closes on May 9.

Meanwhile, Landmark Tower in Chin Swee Road is also up for sale, said marketing agent JLL.

The owners have a reserve price of $285 million, but expect the site to fetch in excess of $300 million.

At the reserve price, the unit land rate is about $1,400 psf ppr after factoring in the lease top-up premium. No development charges are payable. The 99-year leasehold complex comprises 139 units in a single 38-storey block. It is a three-to five-minute drive from Orchard Road and about a 10-minute walk from Outram Park and Chinatown MRT stations. River Valley Primary School is about 1km away.

The tender closes on May 17.

United Mansion, Landmark Tower up for collective sale

Freehold project in East Coast Road has reserve price of S$98m while leasehold Chin Swee Road complex has a reserve price of S$285m

Tue, Apr 10, 2018

Navin Sregantan


WITH en bloc fever showing few signs of abating, two developments joined the bandwagon on Monday.

Real estate marketing agent Cushman & Wakefield said that owners of United Mansion have put up the freehold walk-up project at 592 to 614 East Coast Road for public tender with a reserve price of S$98 million, or S$1,485 per square foot per plot ratio (psf ppr) with no development charges payable.

The site, which has a land area of 5,135.2 square metres, or about 55,275 square feet, was put up for collective sale following approval by owners holding 89.5 per cent of the share values and strata area.

According to the Urban Redevelopment Authority's (URA) 2014 Master Plan, the site is within a three-storey mixed-landed housing area, but it is allowed to retain its current four-storey building height along with its verified gross floor area of 6,129.33 sq m (about 65,975 sq ft), C&W said.

The site can potentially yield 87 apartment units with an average size of 70 sq m gross floor area, subject to the relevant authorities' approval, it added.

United Mansion is within walking distance of the Siglap neighbourhood and is near Parkway Parade and I12 Katong mall.

It is also near a number of educational institutions including CHIJ Katong Convent, Victoria Junior College and Global Indian International School.

Said Christina Sim, director of capital markets at C&W: "There is a limited supply of freehold low-rise residential sites in the Siglap/Frankel Estate locality.

"The site will certainly appeal to small and mid-size developers looking for a boutique residential redevelopment opportunity in the highly sought-after Siglap neighbourhood. Currently, there is also an undersupply of saleable units in this locale."

The tender will close on May 9 at 3pm.

Meanwhile, Landmark Tower, an apartment complex along Chin Swee Road, was also put up for collective sale by tender, said marketing agent JLL on Monday.

The owners have a reserve price of S$285 million, but are expecting in excess of S$300 million for the site.

At the reserve price, the unit land rate is about S$1,400 psf ppr after factoring in the lease top-up premium. No development charge or differential premium for the intensification of the site is payable up to its "as-built" gross plot ratio (GPR).

The 99-year leasehold complex, built in the mid-1980s, comprises 139 units in a single 38-storey apartment block, and is located next to the Pearl's Hill City Park. Under the 2014 Master Plan, the 60,821 sq ft site is zoned "residential" with a GPR of 3.7.

JLL said the development has an "as-built" GPR of around 4.014. It may be redeveloped to accommodate a high-rise apartment development.

The site is within a three to five-minute drive to Orchard Road and the central business district, and an eight to 10-minute walk to two major MRT interchanges - Outram Park MRT Interchange and Chinatown MRT Interchange.

In addition, River Valley Primary School is also within one kilometre from the development.

The Landmark Tower tender closes on May 17 at 2.30pm.