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Thread: Fragrant Gardens at Upper Paya Lebar on en bloc sale for S$65m

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    Default Fragrant Gardens at Upper Paya Lebar on en bloc sale for S$65m

    Fragrant Gardens at Upper Paya Lebar on en bloc sale for S$65m

    Mon, Jul 30, 2018


    This translates to a land rate of approximately S$1,204 per square foor per plot ratio (psf ppr), said marketing agent Knight Frank. With no development charge payable, and with the inclusion of a 10 per cent bonus balcony gross floor area, the land rate works out to approximately S$1,094 psf ppr, subject to authorities’ approval.

    Located off Upper Paya Lebar Road, the 37-unit freehold development occupies a 38,576 sq ft plot.

    With a gross plot ratio of 1.4 and a maximum gross floor area (GFA) of approximately 54,005 sq ft, the site can be redeveloped for 71 new units averaging 70 sq metres (753.5 sq ft) each.

    The Land Transport Authority has confirmed that a pre-application feasibility study on traffic impact will not be required for the site, said Knight Frank.

    Fragrant Gardens is surrounded by landed homes and condominiums, with Paya Lebar Methodist Girls’ Primary and Maris Stella High School within a kilometre of the development. It is also two bus stops away from Nex and Serangoon MRT.

    “The reserve price for Fragrant Gardens is very competitive compared to the transaction of Sun Rosier at S$1,325 psf ppr (S$271 million). Despite recent government cooling measures, the price quantum of S$65 million is a palatable, low-risk acquisition to mid-sized developers," said Ian Loh, executive director and head of investment and capital markets, Knight Frank Singapore.

    Coupled with no possible risk of development charge movements, we believe the site could attract developers with lower risk appetites looking for redevelopment opportunities,” he said.

  2. #2
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    Default Fragrant Gardens seeks S$65m reserve price

    Fragrant Gardens seeks S$65m reserve price

    Price works out to S$1,204 psf ppr, compared to the S$1,325 for Sun Rosier, which was sold last September

    Tue, Jul 31, 2018


    FRAGRANT Gardens is the latest to launch its en bloc tender, as the property market holds its breath for the first successful collective sale since cooling measures came into effect in early July.

    At a S$65 million reserve price, owners of the 37-unit freehold development, which spans 38,576 sq ft, could net S$1.3 million to S$2.69 million should they succeed.

    This translates to a land rate of approximately S$1,204 per square foot per plot ratio (psf ppr) with no development charge payable. Including 10 per cent bonus balcony gross floor area, the land rate works out to approximately S$1,094 psf ppr, subject to authorities' approval.

    Located off Upper Paya Lebar Road, Fragrant Gardens has a gross plot ratio of 1.4.

    The site's redevelopment potential could reach a maximum gross floor area (GFA) of about 54,005 sq ft, meaning that 71 units could be redeveloped on the site. A pre-application feasibility study (PAFS) will not be required.

    Fragrant Gardens is surrounded by landed homes and condos, and schools like Paya Lebar Methodist Girls' Primary and Secondary Schools and Maris Stella High School are within a kilometre of the development. It is also two bus stops away from Nex and Serangoon MRT stations, said marketing agent Knight Frank.

    "The reserve price for Fragrant Gardens is very competitive compared to the transaction of Sun Rosier at S$1,325 psf ppr (S$271 million)," said Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore. Sun Rosier was sold last September to SingHaiyi and Huajiang International at the record S$1,325 psf ppr for an en-bloc sale in the Outside Central Region.

    "Despite recent government cooling measures, the price quantum of S$65 million is a palatable, low-risk acquisition to mid-sized developers.

    "Coupled with no possible risk of development charge movements, we believe the site could attract developers with lower risk appetites looking for redevelopment opportunities."

    The tender for Fragrant Gardens will close on Sept 4.

    Since cooling measures came into effect July 6, 10 collective sales including Fragrant Gardens have launched their tenders with asking or indicative prices totalling over S$1.1 billion, according to Colliers International.

    Six tenders have been extended, including the likes of Dalvey Court and Katong Plaza.

    "The market appears to be taking a wait-and-see approach as they assess the impact of the measures," Tricia Song, head of research for Singapore at Colliers International.

    "Certainly, the first deal to be done will be keenly watched."

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