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

  1. #6
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    Published February 9, 2006

    MCL Land buys Waterfall Gardens
    Price works out to $550 psf ppr, inclusive of charges, premium

    By KALPANA RASHIWALA

    MCL Land has bought the freehold Waterfall Gardens in Farrer Road and two smaller adjoining sites for $131.75 million. The price works out to $550 per square foot of potential gross floor area inclusive of development charges and a development premium payable to the state to maximise the site's redevelopment potential.

    New 12-storey condo coming up: MCL Land could build about 200 units averaging 1,800 sq ft each and is expected to get the project launch-ready by the fourth quarter of this year
    MCL Land's breakeven cost for a new 12-storey condo could be about $800 to $850 psf. The total land area is 160,932 sq ft.

    The group is buying the property through an en bloc deal from its owner Farfor Investments, controlled by members of a family with Indonesian and Hongkong connections, although some family members are now Singapore citizens.

    The family members go by two surnames - Tan and Lim.

    This is the same family that developed the Shearesville project in Holt Road and bought one block of Cuscaden Residences for $1,028 psf in early 1999 from Hotel Properties - and later sold it to the Hong Leong Group and Japan's Mitsui group for $1,380 psf in August 2000.

    Waterfall Gardens was sold through a private tender handled by DTZ Debenham Tie Leung. It closed late last month and attracted a handful of bids. Farfor's offer was the highest.

    Farfor originally bought Waterfall Gardens, with a site area of 138,016 sq ft, in 1999 for $102 million. It later bought a remnant strip of private land next door for a couple of million dollars, sources say. And it recently purchased an adjoining state site of 20,602 sq ft for about $7 million.

    These three parcels, involved in the latest sale to MCL Land, add up to 160,932 sq ft. The site is zoned residential with a 1.6 plot ratio - ratio of potential gross floor area to land area - and has a 12-storey height restriction.

    MCL Land could build about 200 units averaging 1,800 sq ft each and is expected to get the project launch-ready by the fourth quarter of this year.

    This weekend MCL is officially launching its Esta freehold condo in Katong. It has sold about 250 units in the 21-storey development since last month and is expected to raise the average price from $700 psf to $710 psf. Another MCL project that is expected to hit the market later this year is an exclusive low-rise condo comprising fewer than 50 units in Fernhill Road.

    For Waterfall marketing agent DTZ, this is the second major investment sale deal it has announced in as many days. It also handled the $120 million collective sale of Angullia Mansion to Far East Organization.


  2. #7
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    Published December 28, 2005

    PROPERTY REVIVAL
    Bt Sembawang bags Holland site for $49m
    Including estimated $6.1m development charge, price works out to $541 psf per plot ratio

    By KALPANA RASHIWALA

    IN yet more evidence of the pick-up in the property market, Bukit Sembawang has just bought its third residential development site this year - Carlton Terrace along Holland Road, near the Botanic Gardens.

    Carlton Terrace along Holland Road: Purchase of this development site is Bukit Sembawang's third this year
    The listed property group, linked to the Lee family of OCBC, yesterday announced it clinched the freehold property through a $49 million collective sale.

    Including an estimated development charge (DC) of about $6.1 million, Bukit Sembawang's purchase price for Carlton Terrace works out to a land cost of $541 psf of potential gross floor area. A new condo on the 72,718 sq ft site may breakeven at around $800 psf, say market watchers.

    The Carlton Terrace site is zoned for five-storey residential use with a 1.4 plot ratio (ratio of potential gross floor area to land area). Knight Frank brokered the sale. Bukit Sembawang is planning to redevelop the property into a new condo with about 85 units averaging 1,200 sq ft on the site.

    Bukit Sembawang's two earlier land purchases this year were the Woodleigh Grove plot in the Upper Serangoon area and a site at Lengkok Angsa just off Paterson Road. Like the latest Carlton Terrace purchase, the two earlier acquisitions involved collective sales.

    The collective sale market has been hotting up this year, reflecting developers' appetite for prime freehold sites.

    The group's July purchase of Woodleigh Grove for $29.8 million was its first property acquisition since 1998. The price for the 41,694 sq ft freehold site worked out to $280 psf per plot ratio (psf ppr) inclusive of a nearly $3 million DC. That site has a 2.8 plot ratio, and Bukit Sembawang is expected to build on it a 17-storey condominium with about 100 units.

    The Lengkok Angsa site - comprising 32 landed houses - which Bukit Sembawang clinched for $117.2 million translates to a land price of about $650 psf ppr including DC, a substation on the site and an adjoining road strip. The site has a 2.1 plot ratio, and Bukit Sembawang is planning to build on it a 24-storey luxury condo with about 100 mostly large units - three and four bedders with an average size of 1,500 sq ft or even bigger.

    Bukit Sembawang is expected to launch the condos on the Lengkok Angsa and Woodleigh sites next year.

    The group is dubbed the 'King of Seletar Hills', after its massive landbank in the location. After developing numerous projects in the area over the years, it still has about four million sq ft of freehold land - all designated for landed housing - in the Sembawang Hills area.

    The collective sale market has been hotting up this year, reflecting developers' appetite for prime freehold sites following strong end-user demand from home buyers in the luxury residential segment.

    More than 30 collective sales have been transacted so far this year, totalling over $1.9 billion, more than double the $722 million for 17 deals last year.


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    Published December 29, 2005

    Auric Pacific acquires Bukit Timah Mansions

    AURIC Pacific, part of the Lippo Group, said yesterday it has bought Bukit Timah Mansions through a $15.4 million en bloc sale. Auric did not give the site area but sources say it is about 20,000 sq ft.

    Factoring in an estimated development charge of about $6 million, the acquisition price works out to a land cost of about $510 per square foot of potential gross floor area. The site is zoned for residential use with a 2.1 plot ratio (ratio of potential gross floor area to land area).

    It can be developed into a smallish apartment project with about 35 units averaging 1,200 sq ft.

    Bukit Timah Mansions, at 327 Bukit Timah Road, is between Balmoral Road and Keng Chin Road. The existing property is a seven-storey block with 10 apartments. There are also car parking lots and a swimming pool.

    Auric is expected to redevelop the site as soon as it receives the necessary approvals. The company said the acquisition is in line with its diversification plans.

    The group's existing core business is in food manufacturing, wholesale distribution of food and allied fast-moving consumer goods and investment holding.

    Auric has identified property investment, development, management and services and related activities in Singapore and abroad as an additional core business to boost profitability.

    In May, Auric - which is perhaps best known for its Sunshine brand of bakery products - said it planned to buy Newton Heights, a freehold property.

    Auric said then it would acquire a related company, HKCL Investments, which had signed an agreement in February to buy Newton Heights in a collective sale for $43.6 million.

    The parent of HKCL is an associate of the Lippo Group, which in turn controls Auric.


  4. #9
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    Published January 6, 2006

    PROPERTY MARKET REVIVAL
    Emerald Lodge sold to HK firm for $45.2m
    The Esquire at Mt Elizabeth is on the market again for almost $32m

    By KALPANA RASHIWALA

    EN BLOC activity continues to heat up in prime District 9, with the $45.2 million sale of Emerald Lodge in Emerald Hill Road and The Esquire at Mt Elizabeth again on the market, for almost $32 million.

    Nod for sale: Emerald Lodge's sale is subject to approval by the Strata Titles Board
    The buyer of freehold Emerald Lodge is understood to be a private investment company controlled by a low-profile Hong Kong family, reflecting renewed interest by Hong Kongers in Singapore property.

    The sale is subject to approval by the Strata Titles Board as unanimous approval from Emerald Lodge's owners has yet to be secured, as well as to the purchase of an adjoining 3,339-sq-ft plot of state land. Knight Frank brokered the deal.

    The $45.2 million purchase price works out to $803 psf per plot ratio (psf ppr) inclusive of development charge (DC). With the purchase of the state site, Emerald Lodge's buyer can potentially reduce its land price to $750 psf ppr.

    A new apartment project on the site could break even at about $1,120 psf.

    Emerald Lodge has a site area of 26,900 sq ft. The combined site - including the state land - of 30,239 sq ft can be redeveloped into a new project with about 50 units averaging 1,200 sq ft.

    Under Master Plan 2003, the site is zoned for residential use with a 2.1 plot ratio - the ratio of potential gross floor area to land are. At $45.2 million, the owners of the 31 existing apartments stand to pocket in excess of 50 per cent more than the individual value of their units.

    Over in the Mt Elizabeth area, the $32 million price indicated for The Esquire apartment block is identical to what the owners sought in May last year when they last offered their homes for collective sale.

    'We received an offer that was close to what the owners were seeking, but sensing that the market was going to improve, the owners decided to wait for a while,' says Credo Real Estate executive director Tan Hong Boon, whose firm is handling the collective sale.

    The $32 million price tag works out to $791 psf ppr including a $3.59 million DC. The break-even cost for a new project on the site could be about $1,150-$1,200 psf. The property has a 16,067-sq-ft freehold site area and is zoned for residential use with a 2.8 plot ratio under Master Plan 2003, with a maximum height of 36 storeys.

    The site should appeal to boutique developers. It can be redeveloped into a new project of some 36 units averaging 1,200 sq ft.

    Credo suggests an alternative use for the property - redeveloping it into serviced apartments for long-stay guests or short-stay visitors who come to Singapore for treatment at Mt Elizabeth Hospital and Medical Centre. However, such a use would be subject to official approval.


  5. #10
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    Published January 27, 2006

    SC Global buys site at Martin Rd for $17.8m

    DEVELOPER SC Global, better known for its high-end residential projects, is paying $17.8 million for a Martin Road freehold property that can be redeveloped on a residential-cum-commercial basis.


    Through its wholly owned subsidiary Kimmingston Pte Ltd, SC Global struck the deal with Hock Giap Company Pte Ltd for the 17,664 sq ft property at 38 Martin Road.

    With an estimated development charge of $9.1 million and a gross plot ratio of 2.8, the cost works out to about $544 per sq ft per plot ratio.

    An eight-storey warehouse building now sits on the site, with tenants. It has a zoning of residential, with commercial enterprises on the first floor.

    SC Global owns a vacant freehold site next to it measuring 26,813 sq ft with a plot ratio of 2.8. It could combine that site with its newest acquisition, giving a land area of 44,477 sq ft.

    That could be developed into a 15-storey residential and commercial development with a potential gross floor area of 124,536 sq ft.

    Other residential developments near the site include CapitaLand's 43-storey Rivergate and City Development's The Pier at Robertson.

    Kimmingston has put down 10 per cent of the purchase price for 38 Martin Road and is expected to pay the balance in 12 weeks. The acquisition is expected to be completed in April. Meanwhile, SC Global has called an EGM on Feb 15 for shareholders to vote on whether to allot and issue 5,754,000 placement shares to Mass Noble Ltd at an issue price of $1.35.


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