Hougang condo up for collective sale

[reporter2]

http://www.straitstimes.com/archive/...-sale-20130507

Hougang condo up for collective sale

Published on May 07, 2013


THE Yi Mei Garden condominium in Hougang has been put up for collective sale at an asking price of $132 million to $135 million.

The freehold estate, at 111 Tampines Road and near Kovan MRT station, consists of 44 apartments and four penthouses over 14 storeys.

It was completed in 1984 and sits on a 78,030.4 sq ft plot.

The site can yield a gross floor area (GFA) of 163,863.8 sq ft and can be redeveloped into two separate towers, marketing agent ERA Realty said in a statement yesterday.

The asking price works out to $806 to $820 psf per plot ratio (ppr) inclusive of development charges.

This drops to $750 to $758 psf ppr after factoring in a 10 per cent bonus GFA.

There was only one resale at the project last year, according to caveats lodged with the Urban Redevelopment Authority. A 1,862 sq ft unit sold for $1.6 million or $859 psf last August.

There were three resales at prices between $709 and $733 psf in 2011.

Yi Mei Garden joins a relatively busy en-bloc market.

The freehold Versailles in Guillemard Road went on the market two weeks ago. Owners of the 55-unit block expect offers ranging from $105 million to $110 million, which translates to about $1,088 to $1,133 psf ppr.

Kismis Lodge, a pair of freehold walk-up apartments near Toh Tuck Road, was sold en bloc for $84.18 million to a consortium of private investors in late March.

Earlier that month, Ultra Mansion, a 13-storey freehold project near Novena MRT station, was sold en bloc for $149.13 million to a subsidiary of listed Hong Kong group Fantasia Holdings.

"Developers are still on the lookout for land that is reasonably priced, on the basis that the land value is below $200 million or so," said Jones Lang LaSalle head of investments and residential Karamjit Singh yesterday.

The Yi Mei Garden tender opens today and closes on June 6.

MELISSA TAN

[reporter2]

http://www.businesstimes.com.sg/arch...-sale-20130507

Published May 07, 2013

Tampines Road site up for collective sale

By Felda Chay


[SINGAPORE] Yi Mei Garden, a freehold residential development at Tampines Road, is up for collective sale by tender with its owners looking at a selling price between $132 million and $135 million.

This works out to $805 - $810 per square foot per plot ratio (psf ppr) for the site including an estimated development charge of $4 million. The plot has a land area of 78,030.38 square feet and a gross plot ratio of 2.1.

According to ERA Realty Network, which is handling the sale, the site can be redeveloped into two towers with a total gross floor area (GFA) of 163,863.79 sq ft. The existing development is made up of 44 apartments and four penthouses that were completed in 1984.

It is located near the Kovan MRT and Heartland Mall, which are just about 0.8 km away, said ERA. The tender for Yi Mei Garden closes on June 6 at 4pm.

The residential collective sale market is showing signs of revival of late, with at least three collective sales sealed so far this year. Most of them were relatively bite-sized deals at below $200 million.

This includes Kismis Lodge, a development comprising a pair of freehold, walk-up apartments near Toh Tuck Road. It was sold in March for $84.18 million - $1,198 per square foot (psf) over land area - after being put on the market in January.

March also saw the sale of Ultra Mansion, a 13-storey freehold development near Novena MRT station which was sold for $149.13 million, or $1,170 per sq ft (psf) of potential gross floor area.

A few developments have also come on the market in the last few months. Late last month one such deal was The Versailles, a 55-unit freehold condominium along Guillemard Road, which was put up for collective sale with its owners expecting offers ranging from $105 million to $110 million - or $1,088 psf to $1,133 psf per plot ratio (ppr).

[mcmlxxvi]

All condos nearby HUAT ARRRRRR

[Reisor]

All condos nearby HUAT ARRRRRR

Better still if it can enbloc at GPR 2.X....
If the developer bites, each unit here prob getting close to 3 mil, isn't it?Phew...really Huat for suburb enbloc.....it's one's good luck to have high allowable built-up of 160000sqft.

[Reisor]

136/44 = 3.09 mil (gst, broking fee to be deducted)
still

looks like ROI better than most landed around same area. Do you agree?


================================
Roxy-Pacific Holdings, through its unit RH Draycott Park, has acquired Yi Mei Garden, a freehold residential site along Tampines Road, through a collective sale for S$136 million or S$856 psf ppr.

The sale price also includes a development charge of over S$4 million and will be funded by internal funds and bank borrowings.

The site currently houses a 14-storey residential block with 44 apartments and four penthouses completed in 1984. Located near the Kovan MRT Station, it offers a total land area of 78,030 sq ft with a plot ratio of 2.1, and is zoned for residential development under the 2008 Master Plan.

“The Acquisition is subject to and conditional inter alia upon the obtaining of an Order for Sale from the Strata Titles Board or the High Court (as may be necessary) approving this sale,” the company noted.


Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email [email protected]

[ecimbew]

I'm not sure what benefit can owners get from some enblocs. Yes, they have cash but can they buy the same size in the same location? One option is to buy a few units and take loans.