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Thread: Normanton Park sold en bloc for S$830.1 million

  1. #61
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    Quote Originally Posted by HP65 View Post
    Ok, case closed. There is no new LH condo that is below or in the region of $1,000 psf and 1,000 sqf. I just want to challenge your notion that Normanton enbloc success is low due to the fact 1,000 sqf units can't be sold at $1,500 psf (as suggested by Bargain Hunter which I agree is possible) because secondary market is going for $1,000 in the vincinity. I am basically putting it across to you that not all investors compare secondary vs primary units prices directly. There are investors who will just buy brand new condos regardless of the premium over secondary market units. I know because my wife is one of those. Buying for own stay is a totally different matter.

    I read your posts very carefully...I'm just do not agree with your specific sweeping statements and reasons why Normanton enbloc success would be low. It may not succeed (for whatever reasons) but not because developers cannot price new 1,000 sqf units for $1,500 psf (in your own words "it will be a stretched' ) or that this location does not have enough pull factor for new buyers.

    No I can't stop anyone from having an opinion and likewise nobody can't stop me from pointing out rubbish opinions
    Glad that you find closure in your defensiveness. We are not trying to understand the psychology of buyers who prefer new launch over secondary. The bigger question is: is there sufficient demand to fulfill 1500 homes in that region in the next few years? A sweeping statement is not backed by any analysis, thought process or facts. I have already told you there are secondary places trading 800 to 1000 psf closer to Pasir Panjang. From the onset, I have clearly said its secondary market and you tried to attack me with new launch. So mate, if you been reading real clearly and carefully, you will not have inserted false accusations into my arguments.

    Again, I also cannot stop others from having a myopic view in investments and property. Thankfully, this is a zero sum game.

  2. #62
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    Default Normanton Park makes second bid at selling en bloc

    Normanton Park makes second bid at selling en bloc

    AUG 22, 2017

    It is setting an $800m reserve price; it failed in first bid in 2015

    Grace Leong


    Owners at former HUDC estate Normanton Park hope it will be second-time lucky in its collective-sale bid at an $800 million reserve price.

    As the number of sales en bloc continued to rise here, the owners mounted a military-style operation to get the 488-unit project near Kent Ridge Park on the market in double-quick time.

    Mr S. S. Chopra, the sale committee chairman and a retired navy colonel, said: "It took a mere 11 days for us to reach the 80 per cent consensus and a further two weeks to launch the tender today.

    "This very quick and short duration... was achieved through the enthusiasm of owners and great collaboration between the marketing agent, lawyers and sale committee."

    The Normanton Park owners are among those capitalising on what market observers call the early stages of collective-sale fever, which began heating up after property cooling measure adjustments in March boosted buying sentiment, and limited sites offered in the Government's land sale programme for the second half.

    It failed in its previous bid in 2015.

    Normanton Park will launch a collective sale at a minimum price of $800 million after more than 80 per cent of owners approved the collective-sales agreement (CSA) in less than two weeks. The tender will close on Oct 5 at 3pm.

    This is one of the highest reserve prices after Tampines Court, a privatised HUDC estate, is said to have received a bid of $970 million with conditions attached. That deal is not officially closed yet.

    So far this year, seven successful collective sales worth $2.5 billion have been mounted, compared with just three for the whole of last year totalling about $1 billion.

    Based on the reserve price, each Normanton Park unit owner could get between $1.6 million and $1.8 million. This translates to a land rate of about $898 per sq ft per plot ratio (psf ppr), which includes a differential premium for intensification of the site of about $225.3 million, and a top-up premium of $220.6 million for a fresh 99-year lease.

    Of interest is whether the bids will go higher than the $800 million reserve price, Mr Nicholas Mak, head of research and consultancy at ZACD Group said.

    "There's a possibility that bids could be higher than $800 million. $898 psf ppr is near the high end of the range for land prices in that location. In today's market, there may be some developers who are willing to pay even higher than reserve price in order to secure attractive sites to replenish their land bank. But as more collective-sale developments come to market, there will also be more land available to satisfy their hunger.''

    Exclusive marketing agent Knight Frank Singapore's Ian Loh noted that there has not been any new high-rise residential development launched within a 1.5km radius in the last 15 years, leading to low supply in its locality.

    "The new high-rise development could potentially comprise more than 1,200 new residential units of 100 sq m on the site, and home owners should be able to enjoy lush greenery and unblocked views. As such, we expect... strong interest," Mr Loh, Knight Frank's executive director & head of investment and capital markets, said.

  3. #63
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    Normanton Park on sale with S$800m reserve price

    Owners stand to get S$1.6m to S$1.8m per unit or about 50% more than if they were to sell their units individually

    August 22, 2017

    KALPANA RASHIWALA


    THE tender for the collective sale of Normanton Park, near Science Park and Kent Ridge Park, has been launched with a reserve price of S$800 million, which translates to S$898 per square foot per plot ratio (psf ppr).

    This is the eleventh tender for a collective sale to be launched this year.

    Normanton Park's unit land price of S$898 psf ppr is inclusive of two payments that the developer of the 660,999 square foot site will have to make to the state.

    One is an estimated differential premium of S$225.3 million for intensification of the site based on the maximum permissible gross floor area of 1,388,099 sq ft, based on the March 1 development charge rates. The other payment is an estimated S$220.6 million to top up the site's lease to 99 years, assuming the top-up is done late next year when the balance lease will be 58 years.

    Under the Urban Redevelopment Authority's Master Plan 2014, the site is zoned for "residential" use with a gross plot ratio of 2.1.

    A privatised housing estate originally built in 1977 for military personnel and their families, Normanton Park comprises 13 residential blocks of 488 units ranging from 1,270 sq ft to 1,550 sq ft.

    Based on the reserve price, owners stand to receive between approximately S$1.6 million and S$1.8 million per unit - which is about 50 per cent more than if they were to sell their units individually in the current market, said Ian Loh, Knight Frank Singapore executive director and head of investment and capital markets.

    The property consulting group is marketing the en bloc sale through a tender that closes on Oct 5, 2017.

    "The new high-rise development on the site could potentially have close to 1,290 homes of an average size of 100 sq m (1,076 sq ft) gross floor area," said Mr Loh.

    "Residents should be able to enjoy views of the lush greenery and unblocked views to the city and the sea. Thus, we expect the property to attract strong interest in view of its exclusive location and positive site attributes."

    Normanton Park is near educational institutions including Anglo-Chinese School (Independent), Fairfield Methodist primary and secondary schools, National University of Singapore, Singapore Polytechnic and Insead.

    The wave of collective sites is set to continue and will feed land-hungry developers that have been paying bullish prices for private residential sites at state tenders as well as private-sector collective sales.

    Tan Hong Boon, JLL regional director for capital markets, commented that in addition to the 11 collective sale sites launched for tender year to date, "we believe there are another 60 or so collective sales, mostly residential at various stages of progress - in both small and large developments".

    Some market watchers are concerned about a build-up in supply of units that will be launched in due course from new projects on collective-sale sites. Derek Tan, senior vice-president for group equity research at DBS, highlights that about 6,400 new private homes will be generated on collective sale sites sold last year and so far this year (up to Serangoon Ville).

    "Launches of the new projects on these sites will straddle 2018 and 2019. Supply is certainly building up on the non-Government Land Sales (GLS) side. The key is whether new home buying demand can be sustained at current levels."

    Mr Tan also noted that on the GLS front, some of the projects with high land prices such as Stirling Road and Toh Tuck Road are likely to be launched in H1 next year and they will "provide some indication as to whether the market is willing to accept a higher price".

    However, Savills Singapore research head Alan Cheong argues that the collective sales since 2016 will cause some "displacement" in the "physical or spot property market" as the current residences on these sites are pulled out of the existing housing stock. According to JLL's analysis, the collective sale sites sold in 2016 and YTD 2017 (up to Serangoon Ville) have on them 1,438 residential units.

    Explains Mr Cheong: "For instance, some of those who used to live in privatised HUDC estates that have been sold en bloc might move into a HDB resale flat; and the seller of the flat might perhaps upgrade to a private condo.

    "This sort of displacement will create demand for private homes in the physical market. However, the new homes that will be come up on the projects sold through en bloc sales will be ready only in say, 2020.

    "So there may be a shortage in the physical market until then; this, coupled with high land prices paid for both GLS and collective sale sites, points to higher private home prices."

  4. #64
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    Kingsford awarded Normanton Park for S$830.1m or S$969 psf ppr
    THU, OCT 05, 2017 - 9:24 PM
    fa-normanton-20171005.jpg Kingsford Huray Development has been awarded the Normanton Park collective sale site at a price of S$830.1 million. PHOTO: KNIGHT FRANK
    KINGSFORD Huray Development has been awarded the Normanton Park collective sale site at a price of S$830.1 million.

    This works out to S$969 per square foot per plot ratio inclusive of differential premium and lease upgrading premium.

    Normanton Park, which is near Science Park and Kent Ridge Park, is on a 660,999 square foot site that has a balance lease term of about 59 years.

    Knight Frank marketed the collective sale of Normanton Park through a tender that closed on Thursday.


    Under the Urban Redevelopment Authority's Master Plan 2014, the site is zoned for "residential" use with a gross plot ratio of 2.1.

    SEE ALSO: Cairnhill Mansions to be launched for en bloc sale for S$362m




    A privatised housing estate originally built in 1977 for military personnel and their families, Normanton Park comprises 13 residential blocks of 488 units ranging from 1,270 sq ft to 1,550 sq ft.

    "Each owner will stand to receive a gross sale price of approximately S$1.68 million to S$1.86 million upon a successful sale, which is subject to several conditions being met, including an order of sale by the Strata Titles Board or High Court," Knight Frank said in a release on Thursday night.

    Normanton Park is near educational institutions including Anglo-Chinese School (Independent), Fairfield Methodist primary and secondary schools, National University of Singapore, Singapore Polytechnic and Insead.

    The new high-rise development on the site could potentially have close to 1,290 homes of an average size of 100 sq m (1,076 sq ft) gross floor area.

    http://www.businesstimes.com.sg/comp...r-s969-psf-ppr

  5. #65
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    Quote Originally Posted by patches View Post
    Why are we so similar in our investments yet possess such different opinions? I am vested in D2 and D10. I did not say that I am not happy for Normanton to go en bloc, all I said was to speculate on its likelihood. What shadow here and there? If I wish the price to go lower so I can buy therefore I made a post to downplay the likelihood? What sort of logic is that?

    You clearly do not read, or have difficulty reading clearly. I have said secondary resale in my previous posts for 1000psf transactions around Normanton's vicinity.

    So by writing one post and sharing with the forum that I think the likelihood of Normanton's en bloc success is low, you think it will sway or influence developer or the general public's opinion? I thank you for thinking what influence I can carry.

    You can peddle however much you want, whichever property segment you like, but does not prevent others from having an opinion. Continue bashing down others in public forum through personal attacks and self-validation mate, but you know this isn't going to have your arguments validated.
    Guess you are gonna say “I said low probability, not no probability”....or maybe your well wishes worked for your friend!

    Now I wonder how much Kingsford is gonna sell the units for? Patch, base on your analysis, what do you reckon? Oh, you think nobody is gonna buy a place here.

  6. #66
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    Quote Originally Posted by Kelonguni View Post
    Proof of concept for Leasehold 99 sales.

    61 Years left, targeted selling price of $605 PSF PPR.



    Normanton Park condo to go en bloc, largest local deal since 2007 if successful


    Normanton Park condominium has been put up for collective sale, with a reserve price in the region of $840 million. ST PHOTO: CHEW SENG KIM


    Published1 hour ago

    Wong Siew Ying


    SINGAPORE - Normanton Park condominium located near Kent Ridge Park will be put up for collective sale next Thursday (Oct 22) after more than 80 per cent of the owners agreed to the sale.

    There are 488 units in the condominium project - made up of eight low-rise blocks and five 23-storey towers.

    The Straits Times understands that the reserve price is in the region of S$840 million, making it one of the largest en bloc deals to be launched in Singapore in recent years.

    Mount Everest Properties, which is marketing the collective sale said this translates to a land cost of about S$605 per sq ft per plot ratio.

    Size of the units in the development range from 1,270 sq ft to 1,550 sq ft, and the marketing agent said each owner will stand to pocket S$1.6 million to S$1.7 million on average if the deal goes through.

    Normanton Park, a 99-year leasehold project, has 61 years remaining on its tenure.

    "We will be speaking to some developers with the objective of getting them to form a consortium to invest and to bid for this site together," said project consultant Dillon Loi of Mount Everest Properties.

    Mr Loi said part of the strategy includes reaching out to foreign developers, including those in China.

    Under the Urban Redevelopment Authority's Master Plan 2014, the over 660,000 sq ft site is zoned for residential use with a 2.1 plot ratio.

    The plot could potentially yield 1,388 residential units based on an average size of 1,000 sq ft.

    The trend of ageing population and rising demand for quality healthcare could provide a fillip to sales.

    "We are actually very near to NUH and Alexandra Hospital as well, so a great angle is to brand the new development here as a wellness village with medical facilities," added Mr Loi.

    To this end, the marketing agent intends to approach private medical groups in Singapore to team up with the property developer to drive the proposal.

    The tender for the collective sale will close on Jan 19.
    2 years delayed, but finally sweetness.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  7. #67
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    Default Normanton Park sold en bloc for S$830.1 million

    http://www.channelnewsasia.com/news/...illion-9284010

    Normanton Park sold en bloc for S$830.1 million


    05 Oct 2017 10:14PM

    SINGAPORE: Normanton Park has been sold to Kingsford Huray Development for S$830.1 million, the latest in a flurry of en bloc sales sealed this year.

    The collective sale price, which translates to a land price of approximately S$969 per square foot per plot ratio (psf ppr), is the highest land rate for a 99-year leasehold collective sale site this year, said marketing agent Knight Frank in a news release on Thursday (Oct 5).

    Each home owner will stand to receive about S$1.68 million to S$1.86 million.

    Kingsford will have to fork out a premium of about S$231.1 million to renew the lease for another 99 years, and top up about S$283.4 million to redevelop the site to a gross plot ratio of 2.1.

    A public tender was launched on Aug 22 and closed on Oct 5, and 87.3 per cent of the owners have consented to the sale.

    The gross development value for the site is estimated at S$2.23 billion, said Mr Ian Loh, executive director and head of investment and capital markets at Knight Frank. The new high-rise development could potentially house more than 1,200 new residential units of 100 sq m.

    “New homeowners can potentially enjoy lush greenery views and unblocked views to the city,” Mr Loh added.

    Normanton Park, a former government housing project located off Ayer Rajah Expressway, was originally built in the mid-1970s for military personnel and their families. The 40-year-old development has 13 residential blocks of 488 apartment units with a site area of 61,408.9 sq m.

    “We could not have done it without the support of the majority of owners. The sale committee thanks them as well,” said Mr Sukhvinder S Chopra, chairman of the sale committee and a retired colonel from the Singapore navy.

    The sale comes a day after Amber Park was sold for S$906.7 million in Singapore’s largest freehold collective sale by dollar value.

  8. #68
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    Normanton Park sold en bloc for $830.1 million

    Oct 6, 2017

    Grace Leong


    Normanton Park estate near Kent Ridge Park has been sold for $830.1 million in one of the biggest collective sale deals seen here, it was announced last night.

    The price paid by Chinese firm Kingsford Huray Development is the highest land rate - that refers to price per square foot per plot ratio - for a 99-year leasehold collective sale site this year.

    It was also more than $30 million over the reserve price.

    Each owner at the 488-unit former HUDC estate will get a gross price of between $1.68 million and $1.86 million if certain conditions are met.

    The huge deal is seen as a property market game changer for bigger sites.

    "This sale changes the assumption that there may not be appetite among developers for the big sites," said Dr Lee Nai Jia, head of research at Edmund Tie & Company.

    "Now, even the bigger sites are attracting developers, especially if there is big redevelopment potential. And this site has merits. It is close to the Buona Vista growth story."

    The winning bid comes with an estimated $231.1 million additional payment to top up the lease to 99 years.

    There will also be a fee of about $283.4 million to redevelop the site to a gross plot ratio of 2.1 based on the maximum permissible gross floor area of about 1.39 million sq ft.

    This translates to a land price of about $969 per square foot per plot ratio.

    Mr Sukhvinder Chopra, chairman of the sale committee and a retired navy colonel, said last night: "The sale committee received several submissions and worked very closely with the marketing agent and lawyers.



    "We deliberated all submissions carefully and the decision to award to Kingsford was unanimous."

    "The sale is subject to government approval of the outline planning permission and the lease top-up," he added. More than 80 per cent of the owners consented to the sale within just 11 days of the first signature.

    A public tender was launched on Aug 22, and closed on Oct 5 with a reserve price of $800 million.

    Normanton Park comprises 488 units in 13 blocks, with a site area of 660,999 sq ft.

    Located close to nature parks, it was built in the mid-1970s for the Singapore Armed Forces.

    Mr Ian Loh, executive director and head of investment and capital markets at Knight Frank, said: "The gross development value for this project is estimated at $2.23 billion. The new high-rise development could potentially house more than 1,200 new residential units of 100 sq m."

  9. #69
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    Default Kingsford Huray bags Normanton Park for S$830.1m

    EN BLOC FEVER

    Kingsford Huray bags Normanton Park for S$830.1m

    Oct 06, 2017


    KINGSFORD Huray Development, owned by Chinese-citizen-turned-Singaporean Cui Zhengfeng, has been awarded the Normanton Park collective sale site at S$830.1 million.

    This works out to S$969 per square foot per plot ratio (psf ppr) inclusive of two payments that Kingsford will have to make to the state - a lease upgrading premium and a differential premium.

    The land rate is the highest achieved for a 99-year leasehold collective sale site this year.

    Located near Science Park and Kent Ridge Park, Normanton Park sits on a 660,999 square foot site that has a balance lease term of about 59 years.

    Kingsford's breakeven cost is estimated at around S$1,600 psf and assuming a profit margin of 10 per cent, the average selling price of units in the new development on the site would be around S$1,785 psf.

    Knight Frank marketed the collective sale of Normanton Park through a tender that closed on Thursday. Its head of investment and capital markets, Ian Loh, said last night that "we received several submissions", but declined to elaborate.

    According to JLL, inclusive of Normanton Park, a total of 16 collective sale transactions have been inked so far this year totalling S$5.843 billion across all property segments - up from three transactions amounting to just over S$1 billion last year. In the peak year of 2007, 88 deals were done at S$11.516 billion.

    Said Mr Loh of Knight Frank: "The gross development value for this project is estimated at S$2.23 billion. The new high-rise development could potentially house more than 1,200 residential units of 100 square metres, and new homeowners can potentially enjoy lush greenery views and unblocked views to the city."

    The price achieved is higher than the reserve price of S$800 million set in the collective sale agreement. Owners will stand to receive a gross sale price of about S$1.68 million to S$1.86 million per unit upon a successful sale, subject to several conditions being met, including an order of sale by the Strata Titles Board or High Court.

    So far, owners controlling 87.3 per cent of the share value and 87.34 per cent of strata area in the development have signed the collective sale agreement.

    A privatised housing estate originally built in 1977 for military personnel and their families, Normanton Park comprises 13 residential blocks of 488 apartments ranging from 1,270 sq ft to 1,550 sq ft.

    Under the Urban Redevelopment Authority's Master Plan 2014, the site is zoned for "residential" use with a gross plot ratio of 2.1.

    Knight Frank said on Thursday night that the lease upgrading premium to top up the site's lease to 99 years is estimated at S$231.1 million; the differential premium will be about S$283.4 million to redevelop the site to 2.1 plot ratio based on the maximum permissible gross floor area of about 1.39 million sq ft.

    Normanton Park is close to educational institutions including Anglo-Chinese School (Independent), Fairfield Methodist primary and secondary schools, the National University of Singapore, Singapore Polytechnic and Insead.

    Sukhvinder S Chopra, chairman of Normanton Park's sale committee, said the "committee received several submissions and worked very closely with the marketing agent and lawyers".

    "We deliberated on all the submissions carefully and the decision to award Kingsford was unanimous. The sale committee was formed on July 29, and it took us a mere 10 weeks to conclude the sale. We could not have done it without the support of the majority of owners."

    Last week, Kingsford was beaten into second place by a GuocoLand-Guoco Group tie-up at a state tender for a commercial site along Beach Road. The winning bid of S1.622 billion or S$1,706 psf ppr was 3.2 per cent higher than Kingsford Huray's bid of nearly S$1.572 billion.

    Kingsford's developments in Singapore include the Kingsford Waterbay riverfront condo in Upper Serangoon View and the Kingsford Hillview Peak project.

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