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Thread: En-Bloc Achieved (as reported in the media)

  1. #46

    Default Tong Eng bags 2 sites for $2.5m at auction

    Published September 28, 2006

    Tong Eng bags 2 sites for $2.5m at auction

    FEATURE Land, a member of the Tong Eng Group, yesterday snapped up two adjoining freehold sites in Sixth Avenue for $2.5 million at a Colliers International auction where three other properties - including a freehold walk-up maisonette at Tanglin Hill Condominium that fetched $2.5 million - were also sold.

    Tanglin Hill Condo: A foreign bidder clinched a maisonette here for $2.5m

    The 7,565 sq ft site bought by Feature Land was put up for auction by the Inland Revenue Authority of Singapore (IRAS) to recover unpaid property taxes.

    And IRAS said yesterday it may put another two lots of property on the auction block later this year for the same reason.

    One is a pre-war terrace house at 27 Onan Road, for which IRAS has been owed $12,832 in property tax since 1997.

    The other comprises two pre-war houses at 19 and 21 Emerald Hill, for which the taxman is owed $25,212 in tax for the period July 2002 to December 2006.

    In both cases, IRAS has not been paid tax despite numerous attempts to collect it.

    On the Sixth Avenue site, Feature Land plans to build a pair of semi-detached houses it hopes to sell for about $2.5 million to $2.6 million each.

    The property was sold after six bids.

    But the most hotly-contested property at yesterday's auction was a walk-up maisonette at Tanglin Hill Condominium at 11A Tanglin Rise.

    Bidding started at $1.7 million and raced up before the property was knocked down at $2.5 million. The unit attracted 16 bids in total and was picked up by a foreigner.

    BT understands that a similar unit in the development changed hands for $1.665 million in March this year.

    'In fact, similar-size units in the development were going for around $2.38 million in 1995, so the price for the latest deal has surpassed prices during the market peak,' a source told BT.

    On selling or auctioning properties to recover outstanding tax, an IRAS spokeswoman stressed yesterday that the authority only does this as a last resort.

    The same applies to property tax on HDB flats, although these make up a very small part of total property tax collections.

    'We issue reminders, notices to pay, make phone calls and appoint banks as agents to try to recover the taxes due,' the spokeswoman said in a statement.

    'We even visit the owners with the objective of helping them settle their taxes. It is only when all such attempts fail to get the taxes settled that we would resort to recovering outstanding property tax through the sale/auction of property.'

    IRAS said total property tax arrears have hovered around 5 per cent of the total property tax collection and 0.4 per cent of total collections of all tax types for the past few years.

    'The tax arrears attributable to HDB cases are not large since HDB property tax accounts for about 3.4 per cent of the property tax assessed,' it said.

  2. #47

    Default Re: En-Bloc Achieved (as reported in the media)

    Singapore Companies
    Published September 29, 2006

    CapitaLand buys Cairnhill en bloc site for $161m


    CAPITALAND will buy Silver Tower in Cairnhill for $161 million, its second collective en bloc sale site in about a year.

    Including an estimated development charge of $16.5 million, the price works out to $1,107 psf per plot ratio (ppr). Recent transactions in the same district include Orange Grove Condominium at $970 psf ppr and Grange Tower at $1,207 psf ppr.

    In October 2005, CapitaLand bought Dragon View Park in River Valley for $128 million.

    Patricia Chia, CEO of CapitaLand Residential Singapore, said that the company intends to build a 20-storey condominium with some 100 units.

    CapitaLand's other prime developments like the Botanic on Lloyd, Tanglin Residences, The Imperial and The Loft are all fully sold, she said.

    For its latest development, the 73-unit Scotts HighPark, 13 units have been sold so far at an average price of $1,800 psf.

    The Silver Tower deal was brokered by Savills Singapore. Its director of investment sales, Steven Ming, said that owners of the 38 units in the building stand to receive an average premium of 70 per cent above current market prices.

    'Strong interest for the site was received from both local and foreign developers,' he said.

    The initial price objective set by the owners of $168 million is also close to the transacted price.

    The breakeven price is expected to be between $1,600 and $1,700 psf. Currently, new developments in Cairnhill include Cairnhill Crest, The Light @ Cairnhill and The Edge @ Cairnhill.

    Cairnhill Crest has even reportedly achieved prices of $2,000 psf.

    There are likely to be more old apartments put on the market. Mr Ming believes that there could be five projects in the Cairnhill/Emerald Hill area that are at various stages of en bloc sale readiness.

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