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

  1. #11
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    UOL buys Akyab Rd site for $20.9m

    7 Feb 06

    New COO says it will be on the lookout for further acquisitions


    UNITED Overseas Land is extending its buying spree into the new year with its latest acquisition of a residential redevelopment site in Akyab Road for $20.9 million.


    And UOL's new chief operating officer Liam Wee Sin, who was previously group general manager and promoted yesterday, confirms that it is actively looking to expand its land bank.

    The freehold Akyab Road site, which is in the Novena area, will be amalgamated with a smaller adjoining site in Minbu Road that it bought in October 2005. Last year, UOL made a slew of acquisitions which included Maryland Park, Eng Cheong Tower, Oasis Garden and Bo Bo Tan Mansion/Gardens.

    Mr Liam said UOL expects to launch several projects this year, including one in Kuala Lumpur.

    Indeed, of its new land bank, more may be expected to be overseas. 'For en-bloc sales sites especially, we are increasingly faced with fast escalating and unrealistic asking prices,' he added.

    Saying that today's property market is 'highly competitive', Mr Liam noted that an 'immense amount of energy is spent on product development'. Some of UOL's better known products include the award winning One Moulmein Rise in Novena.

    New niche products include its new economy condominium at One-North in Buona Vista, a joint venture project with Kheng Leong Company and Low Keng Huat. As COO, Mr Liam will oversee the investment, project, marketing and engineering divisions. UOL is also looking to expand its service apartment arm which will also fall under the COO's purview.

    'We have just bought One Residency in Kuala Lumpur and we plan to operate it as service apartments. Locally, we will also be launching our proposed service suites at Somerset Road sometime next year,' he added.

    Also promoted was general manager of finance Wellington Foo who will now serve as CFO of UOL.

    Perhaps more indicative of UOL's expansion plans is the confirmation that Kam Tin Seah, former Centrepoint Properties' assistant general manager of development, has joined UOL and is now general manager of investments.

    By ARTHUR SIM

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    Published February 8, 2006

    Far East bags Angullia Mansion
    $1,058 psf ppr land price, including devt charges, is highest since 1997

    By KALPANA RASHIWALA

    (SINGAPORE) Property tycoon Ng Teng Fong's Far East Organization continues to expand its presence in the prime Orchard Road belt. This time it has clinched the freehold Angullia Mansion, near the Four Seasons Park condo, through a $120 million collective sale, sources say.

    Angullia Mansion: Marketing agent secured owners' unanimous approval, and called off the tender closing tomorrow.
    The price works out to a land cost of $1,058 per square foot per plot ratio (psf ppr) inclusive of development charges (DC). This is 65 per cent higher than the $643 psf ppr including DC that Wheelock Properties paid in December 2004 for Angullia View just opposite the latest site, reflecting the dramatic recovery in sentiment in the high-end residential market over the past 15 months.

    More importantly, Far East's $1,058 psf ppr unit land price for Angullia Mansion is the highest for a collective sale site here since the 1996-97 market peak, property consultants say.

    The price is also just 3 per cent shy of the record unit land price for a collective sale which Far East itself set in January 1997 when it bought Scotts Tower through an auction for $1,093 psf ppr including DC.

    During a subsequent wave of collective sales that began in 1999, the highest price fetched was for the freehold Kim Lin Mansion on Grange Road, which went for $996 psf ppr including DC.

    But the highest-ever price for a freehold residential site in Singapore is $1,122 psf ppr that Hong Leong Group paid in April 1997 for Boulevard Hotel, which has been approved for redevelopment into a condo.

    And the benchmark for an all-residential 99-year leasehold site is still held by Wing Tai with its June 1997 winning bid of $1,104 psf ppr for the Draycott Park site that it has since redeveloped into the Draycott 8 condo.

    Angullia Mansion, located in Angullia Park, is on 44,730 sq ft of land that is zoned for residential use with a 2.8 plot ratio (ratio of potential gross floor area to land area). A new 36-storey condo on the site could break even at about $1,400 psf or even lower, based on Far East's acquisition cost, property consultants say. The site can be redeveloped into a project of about 60-plus apartments averaging 2,000 sq ft.

    Far East's offer of $120 million is understood to have led the property's marketing agent DTZ Debenham Tie Leung to call off a tender last week ahead of the scheduled closing date of tomorrow.

    Market sources say DTZ may also have called off the tender partly because it already had the unanimous agreement of owners of all 21 existing apartments at Angullia Mansion for an en bloc sale at a much lower reserve price, said to be about $106 million.

    In short, Far East's $120 million offer on the table surpassed the owners' already-high expectations and there was no certainty that a tender would have resulted in a still-higher bid.

    'A bird in hand is better than two in the bush, as they say,' said a market watcher.

    This is the second Orchard Road property Far East has bagged this year. Last month, it clinched the former Glutton's Square plot next to Somerset MRT Station and Specialists' Shopping Centre for $421.1 million or $1,085 psf ppr in a state tender. Far East is expected to do an all-retail development on the 99-year leasehold plot.

    In May last year, it bought Pacific Plaza on Scotts Road for $111 million. Far East also has stakes in Far East Plaza, Far East Shopping Centre, Lucky Plaza, Orchard Shopping Centre, Orchard Plaza and Orchard Parade Hotel, besides full ownership of Orchard Parksuites, Regency House and Elizabeth Hotel, among other properties - making it the biggest private property owner in the Orchard Road area.

    The collective sale market has been hotting up since last year, as developers selectively replenish their landbanks in response to the strong recovery in home buying in the luxury segment.

    Collective sales are a good source of the prime freehold sites that developers are keen to have.

    More prime district properties are expected to hit the en bloc sale trail soon, including Habitat I and Ardmore Point along Ardmore Park, Beverly Mai in the Orchard Boulevard area and Casa Rosita along Bukit Timah Road.

    However, property consultants say that with reports of higher land prices being achieved, it becomes more trying to do collective sales as owners' asking prices also rise.

  3. #13
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    Property
    Published April 20, 2006

    Hoi Hup pays $52m for Cairnhill Gardens
    More properties on River Valley, Thomson Rd, Robin Rd and Balmoral on en bloc market


    By KALPANA RASHIWALA


    THE collective sales train continues to chug along. Hoi Hup Realty is buying Cairnhill Gardens for $52.38 million, even as more properties in the River Valley, Thomson Road, Robin Road and Balmoral areas jump on the en bloc bandwagon.



    Cairnhill Gardens: The price for the 25,083 sq ft site works out to $795 psf of potential gross floor area


    The price Hoi Hup is paying for the 25,083 sq ft freehold Cairnhill Gardens site works out to $795 psf of potential gross floor area inclusive of development charges, BT understands.

    Jones Lang LaSalle handled the sale of the site, which is zoned residential with a 2.8 plot ratio.

    Unit land prices fetched for collective sales in the Cairnhill area have been creeping up. Last week, Chip Eng Seng announced that it paid $785 psf per plot ratio (psf ppr) for Venus Mansion in Peck Hay Road. No DC is payable for the freehold Venus Mansion.

    And last month, Bukit Sembawang bought a property in the vicinity, The Vermont, for $750 psf ppr including DC. In July last year, Wing Tai bagged Phoenix Mansion for $716 psf ppr.


    Land prices for collective sales in the Cairnhill area have been creeping up. All eyes are now on Hilltops Apts tender which closed yesterday.

    All eyes are now on the Hilltops Apartments tender, which closed yesterday.

    Meanwhile, ERA yesterday announced the launch of a tender for the collective sale of 433-471B River Valley Road, with an asking price of $70.5 million. This works out to $387 psf ppr inclusive of a small DC.

    The existing development on the site is a part freehold/part 999-year leasehold three-storey walk-up apartment. The site fronts River Valley Road and is a short walk from Great World City.

    The long, rectangular plot, with a service road and back lane, totals 64,967 sq ft. It is zoned residential with a 2.8 plot ratio and a maximum height of only five storeys.

    'Based on the Urban Redevelopment Authority's approval, a five-storey party-wall development abutting the road line is allowed,' ERA said yesterday. The developer can build about 120 unis averaging 1,200 sq ft, according to ERA.

    CB Richard Ellis has launched an expression of interest exercise for Balmoral View with an asking price of $52 million or $733 psf ppr inclusive of an estimated $7.9 million DC.

    The 51,080 sq ft site is zoned residential with a 1.6 plot ratio and height control of up to 12 storeys.

    Credo Real Estate has also launched two collective sale sites this week - The Albany and No 1 Robin Road.

    The Albany, a 41,688 sq ft freehold site diagonally opposite Thomson Medical Centre, is expected to fetch between $60 million and $65 million.

    This reflects a unit land cost of $413 to $445 psf ppr inclusive of DC to maximise the site's redevelopment potential, as well as a land premium for adjoining state land of some 10,000 to 15,000 sq ft.

    At No 1 Robin Road, the owners expect between $12 million and $12.5 million for their 15,070 sq ft freehold site. This works out to $482 to $498 psf ppr inclusive of an estimated $3.31 million DC.

    The tender for No 1 Robin Rd closes on May 16, that for The Albany on May 18 and for the River Valley site on May 19. Expressions of interest for Balmoral View close on May 25.

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    Singapore Companies
    Published April 26, 2006

    MCL Land buys Boon Teck Heights for $22.88m

    By NANDE KHIN


    MCL Land Ltd, through its wholly owned unit MCL Land Development, has bought the Boon Teck Heights property off Balestier Road for $22.88 million.


    The en bloc purchase price for the freehold property was arrived at after taking into account various commercial factors including the development potential, location of the property and the recent transacted prices for properties in the vicinity, said MCL Land.

    The $22.88 million price tag works out to be $300 per square foot (psf) of potential gross floor area inclusive of development charges for the freehold property, BT understands.

    This is slightly lower than the $344 psf per plot ratio City Developments paid for a combined en bloc purchase of Lock Cho Apartment, Comfort Mansion and a four-storey walk-up apartment building earlier this month. The three adjoining properties are in nearby Thomson.

    The collective sale of Boon Teck Heights was carried out through a private treaty brokered by DTZ Debenham Tie Leung.

    The 27,368 sq ft site is zoned for residential use with a 2.8 plot ratio (ratio of potential gross floor area to land area). Analysts estimate that MCL Land's break-even costs for a new apartment project on the site could be about $550 psf.

    Boon Teck Heights, a 19-storey apartment building, is more than 10 years old and is located along Boon Teck Road, close to the Toa Payoh town centre and MRT station.

    In a statement yesterday, MCL Land said that its offer for the site has been accepted by the majority of subsidiary proprietors holding not less than 80 per cent of the share value of the property.

    MCL Land also said that the acquisition and development of the property will be financed by internal funds and/or bank borrowings.

    The transaction is not expected to have any material effect on the consolidated earnings and net tangible assets per share of MCL Land for the financial year ending Dec 31, 2006.

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    Singapore
    Published April 26, 2006

    Far East clinches Skyline Angullia site: sources
    Top bid for Beverly Mai is saidto have been $1,184 psf ppr


    By KALPANA RASHIWALA


    DEVELOPERS are continuing to bid for prime residential sites.



    Hot property: Far East is understood to have bought Skyline Angullia for $100m, or $1,073 per sq ft of potential gross floor area


    BT understands that Far East Organization has clinched the freehold Skyline Angullia for $100 million, or $1,073 per square foot of potential gross floor area.

    A stone's throw away at Tomlinson Road, a tender that closed yesterday for the collective sale of Beverly Mai is understood to have attracted several bidders, among which are Hotel Properties, City Developments, Far East, SC Global and Wing Tai, sources suggest.

    The top bid for the freehold Beverly Mai is understood to have come in at around $238 million, or $1,184 psf per plot ratio inclusive of development charges.

    All the parties who reportedly bid for Beverly Mai have stakes in the area.

    Hotel Properties, said to be a frontrunner for the site according to some sources, owns a huge chunk of properties there that add up to almost 220,000 sq ft.

    Spanning Orchard Road, Cuscaden Road and Orchard Boulevard, the properties comprise the Hilton and Four Seasons hotels, the Forum and HPL House.

    Far East, headed by property tycoon Ng Teng Fong, bought Angullia Mansion earlier this year.

    SC Global bought Paterson Tower last month and developed The Boulevard Residence or BLVD at Cuscaden Walk.

    City Developments is getting ready to launch its upmarket condo, St Regis Residences, in the Cuscaden/Tomlinson roads area.

    The $1,073 psf ppr price that Far East is paying for the Skyline Angullia site is inclusive of a development charge (DC) of about $7.6 million.

    This unit land price is slightly higher than the $1,060 psf ppr including DC that Far East paid for the Angullia Mansion site in February.

    Market watchers reckon the breakeven cost for new apartment developments on both sites could come in at about $1,450 to $1,550 psf. Both deals were brokered by DTZ Debenham Tie Leung.

    While Angullia Mansion involved a collective sale with multiple owners, Skyline Angullia is owned by a single party, Skyline Investment Holdings Pte Ltd, controlled by Kang Swee Liat and his wife.

    They developed the property, completing it in 1992 and have kept it since for rental income.

    The boutique property group also developed houses on Barker Road in the 1980s. The existing Angullia Skyline is a 14-storey tower comprising 22 apartments and two penthouses.

    The 35,810 sq ft freehold site is zoned for 36-storey residential use with a 2.8 plot ratio (ratio of potential gross floor area to land area).

    The site may be redeveloped into a new project with about 45 units averaging 2,000 sq ft.

    Far East has been one of the most active and successful land buyers this year. Its earlier acquisitions include the Amberville site in Katong and the former Glutton's Square parcel on Orchard Road.

    The Beverly Mai site, marketed by CB Richard Ellis, has a 76,888 sq ft site area. It also has a 2.8 plot ratio and 36-storey height limit.

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    Property
    Published April 27, 2006


    HPL bags Beverly Mai for $238m
    Price works out to $1,184 psf of potential gross floor area


    By KALPANA RASHIWALA


    HOTEL Properties Ltd (HPL) has clinched Beverly Mai on Tomlinson Road through a $238 million collective sale - $1,184 per square foot of potential gross floor area inclusive of an estimated development charge of $16.8 million.



    Millionaires' row: The owners of Beverly Mai's 50 apartments will receive about $4.4 million per apartment


    Market watchers estimate HPL's breakeven cost for a new condo on the 76,888 sq ft freehold site could be about $1,600 psf. HPL can develop the site into a new 36-storey condominium with about 107 units averaging 2,000 sq ft.

    HPL officials were not available for commment yesterday. However, David Lawrence, CEO of Wheelock Properties (Singapore) which recently bought a 21 per cent stake in HPL, yesterday told BT: 'HPL has had big success in the area. Beverly Mai is next to Four Seasons Park condo and close to their Four Seasons Hotel. I'm sure they'll find ways to make money from this project. HPL has a reputation as a stylish developer and they have a good following. They will do very well.' HPL developed the Four Seasons Park condo and Four Seasons hotel in the 1990s.

    Mr Lawrence said there were no plans for Wheelock to team up with HPL in redeveloping Beverly Mai, which he described as 'a very good freehold site'.

    CB Richard Ellis brokered the sale. The tender for the site drew five bids when it closed on Tuesday - with HPL being the highest bidder. The other four bidders were said to be City Developments, Far East Organization, SC Global Developments and Wing Tai. The deal is subject to approval from the Strata Titles Board as unanimous approval from the owners has yet to be obtained.

    The Beverly Mai site is zoned for residential use with a 2.8 plot ratio (ratio of potential gross floor area to land area).

    The owners of Beverly Mai's 50 apartments will receive slightly over $4.4 million per apartment while the two penthouse owners will walk away with double that amount - about $8.81 million per unit. These sums represent collective sale premiums of 76 per cent to 146 per cent - depending on which benchmark is used - in terms of what the apartments would have fetched on an individual basis. In March 2004, before Beverly Mai's collective sale was initiated, an apartment in the development changed hands for $1.8 million while in August last year, after the owners began signing for the en bloc sale, another apartment was sold for $2.5 million. Market watchers reckon the latter deal probably factored in some of the potential collective sale premium.

    Analysts observed that the acquisition of Beverly Mai marks HPL's first major property acquisition in nine years. In July 1997, HPL led a consortium that bought The Forum, a retail and office property along Orchard Road, for $359 million.

    Analysts said the last time the group bought a major development site was probably in September 1993 when it teamed up with MCL Land to buy the Scotts Road bungalow of Khoo Teck Puat, which has since been developed into the Scotts 28 condo.

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    Singapore Companies
    Published May 3, 2006

    SingTel's Hillcrest site goes to MCL Land for $102.5m
    Astoria Apts, meanwhile, launched for collective sale


    By KALPANA RASHIWALA



    MCL Land has clinched SingTel's Hillcrest Road site for $102.5 million, even as more prime residential sites continue to come on the market, including Astoria Apartments at Cairnhill Rise.



    Prime land: An advantage of the Hillcrest Road site is its proximity to well sought after schools, Raffles Girls' Primary School and Nanyang Girls' High


    MCL Land's acquisition of the SingTel Academy site - at the corner of Hillcrest and Dunearn roads - is the listed property group's seventh residential land acquisition in Singapore over the past 12 months. This brings its total shopping bill to over $400 million.

    'We're still on the lookout for more sites as long as there's value. We'll not be setting benchmark prices with our land purchases. There's probably more value in city-fringe locations now compared with the prime areas where prices have run up strongly in the past few months,' said Koh Teck Chuan, CEO of MCL Land, a subsidiary of Hongkong Land. As for the latest site that the group has bought from SingTel, MCL is probably looking at developing 172 cluster terrace and conventional terrace houses on the 256,483 sq ft site.

    Jones Lang LaSalle, which brokered the deal, says this will bring MCL Land's average land cost per house to about $830,000, inclusive of an estimated $40 million payment to the state comprising a premium to top up the site's lease to 99 years and another to change its use from utility to residential. The breakeven cost could be about $1.43 million per terrace house.

    JLL says that 99-year cluster terrace homes at The Teneriffe at Garlick Avenue are currently changing hands in the resale market at about $1.5 million upwards. 'A new terrace home project on the Hillcrest site, being near two highly sought after schools - Raffles Girls' Primary and Nanyang Girls' High - should be able to fetch prices above that level, may be say $1.75 million to $1.8 million per unit, if it were to come to the market next year,' said JLL's regional director and head of investments Lui Seng Fatt. Freehold conventional terrace houses in the Greenwood area developed by Far East Organization are currently fetching about $2.1 million.

    Jones Lang LaSalle said the tender for the Hillcrest site which closed on March 29 attracted a good response and was keenly contested. 'MCL Land was the highest bidder and its bid reflects the current sentiment towards prime properties,' Mr Lui said.

    Sources say the other parties that bid in the tender included CapitaLand, Hong Leong group, SC Global, Frasers Centrepoint, Far East Organization and Kheng Leong.

    Meanwhile DTZ Debenham Tie Leung has launched the collective sale of the freehold Astoria Apartments at Cairnhill Rise. The estimated price of $95 million works out to $946 psf of potential gross floor area inclusive of a development charge of about $7.2 million.

    The 38,615 sq ft freehold site is zoned for residential use with a 2.8 plot ratio (ratio of potential gross floor area to land area). The tender for Astoria Apartments closes on May 30.

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    Default Chip Eng Seng buys Westpeak for $206m

    Singapore
    Published April 29, 2006

    PROPERTY
    Chip Eng Seng buys Westpeak for $206m
    Metropole Hotel also changes hands; Hilton Towers' sale confirmed


    By KALPANA RASHIWALA


    CONSTRUCTION and property group Chip Eng Seng has clinched its second collective-sale site this month - Westpeak Condominium.


    Its purchase price of $206.09 million reflects a unit land price of $348 per square foot (psf) of potential gross floor area inclusive of an estimated development charge of $21.5 million.

    Westpeak has a site area of 311,829 sq ft, making it the biggest freehold collective property in terms of land area to be transacted in recent years.

    If Chip Eng Seng decides to buy an adjoining state plot of 50,450 sq ft for an estimated $14.3 million, its unit land price will fall to $318 psf per plot ratio, according to Valuers & Property Consultants (S) Pte Ltd, a subsidiary of Savills Singapore which brokered the sale of Westpeak.

    The site is zoned for residential use with a 2.1 plot ratio - the ratio of potential maximum gross floor area to land area - and has a height limit of 24 storeys.

    Savills estimates that Chip Eng Seng's breakeven cost will be below $550 psf and it should be able to market its new condo on the site for about $600-$650 psf.

    Chip Eng Seng said yesterday it can redevelop the site into a new project with about 545 units averaging 1,200 sq ft.

    It will finance Westpeak's purchase from internal sources and through bank borrowings.

    Earlier this month, Chip Eng Seng bought Venus Mansion at Peck Hay Road in the Cairnhill area for $123 million or $785 psf per plot ratio (ppr).

    Analysts reckon that Chip Eng Seng may either announce joint venture partners for the projects or do an equity raising to help fund the acquisition costs of the sites.

    A possible partner is a Lehman Brothers fund that recently partnered Chip Eng Seng in its unsuccessful bid for a 99-year leasehold condominium site near Tanah Merah MRT Station, market watchers suggest.

    The tender for Westpeak, which closed this week, also attracted bids from Far East Organization and Frasers Centrepoint, sources say.

    Other property deals this week include the $18 million sale of Metropole Hotel at Seah Street in the Beach Road area to Surya Jhunjhnuwala, a member of the family that once controlled Hind Hotels, which owned the former Imperial Hotel at Jalan Rumbia.

    The Metropole Hotel deal was brokered by Lee Hon Kiun of Landmark Property Advisors.

    Mr Jhunjhnuwala plans to refurbish the hotel and convert the second and third floors, which are now used as food and beverage outlets, into additional hotel rooms. Metropole Hotel now has 54 hotel rooms. The property has a 999-year leasehold tenure.

    The seller is Metropole Hotel Pte Ltd, controlled by members of a Lee family.

    Also, Koh Brothers and Heeton have teamed up to buy Hilton Towers at Leonie Hill for $79.2 million or $880 psf ppr including development charges. They intend to redevelop the site into an 80-unit luxury apartment project.

    Colliers International brokered the collective sale of the freehold Hilton Towers.

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    Duchess Court sold en bloc for $104m

    By MICHELLE QUAH


    THE prime residential property of Duchess Court along Duchess Walk has been sold. Developer UOL Group said yesterday it has bought the District 10 site for $104 million.


    That en bloc purchase price works out to an average of $2.8 million per residential unit, with Duchess Court comprising 36 townhouses and maisonettes.

    It is also equivalent to $582 per square foot, per plot ratio, according to UOL Group's statement last night. That is inclusive of a development charge, earlier estimated at some $20 million.

    UOL Group emerged the successful bidder after a tender that closed on April 18. It made the en bloc purchase with Low Keng Huat (Singapore) through their joint-venture company Ace Lead.

    Ace will pay 10 per cent of the purchase price within seven days and the balance on completion of the sale.

    UOL and Low Keng Huat say the purchase and subsequent redevelopment of the property will be financed by internal funds and bank borrowings - but did not elaborate on their redevelopment plans. The acquisition is not expected to have a material impact on UOL Group's net tangible assets or earnings per share for the current financial year.

    Duchess Court is zoned for residential use with a 1.4 plot ratio and a five-storey height limit. Its total land area is 152,250 sq ft - with each unit averaging 4,230 sq ft in size, almost the minimum size required to build one detached house.

    It's third time lucky for the 999-year leasehold property, which went through two failed collective sale attempts in 1997 and 2000. Its owners put the development up for sale again in mid-March this year.

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    Wing Tai bags Newton Meadows: sources
    Collective sale price said to be about $73m or about $660 psf ppr

    By KALPANA RASHIWALA

    WING Tai is said to have clinched the freehold Newton Meadows through a collective sale for about $73 million or around $660 per square foot of potential gross floor area inclusive of an estimated development charge of about $6.9 million.



    Changing hands: Owners of the existing 28 units at Newton Meadows stand to reap collective sales premiums of more than 50 per cent
    The mainboard-listed property group has developed two projects - Amaryllis Ville and the adjacent Newton 18 - just opposite Newton Meadows.

    Newton Meadows' tender, which closed last week, was handled by Jones Lang LaSalle. The firm declined to comment on the winning bidder.

    The 42,886 sq ft elevated site is zoned for residential use with a 2.8 plot ratio (ratio of potential gross floor area to land area).

    The plot can be redeveloped into a 36-storey condominium with about 95 units averaging 1,300 sq ft each.

    Owners of the existing 28 units at Newton Meadows stand to reap collective sales premiums of more than 50 per cent.

    The existing units in the 10-storey development range in size from about 1,200 to 3,600 sq ft.

    Market watchers say the price for Newton Meadows is likely to be used as a benchmark for other impending collective sale launches in the area, including the nearby Elmira Heights which has a 108,500 sq ft land area.

    That site, too, is zoned residential, with a 2.8 plot ratio and 36-storey maximum height. An estimated $18 million DC is payable to maximise the site's use.

    Wing Tai has been busy restocking its residential land bank and has been featuring regularly in residential land tenders - both for 99-year leasehold site sold by the state as well as freehold sites sold by private owners.

    Last month, Wing Tai teamed up with NTUC Choice Homes to place the winning bid for a 99-year leasehold condo site near Tanah Merah MRT Station. Their price was $210 million or $318.50 psf per plot ratio (psf ppr).

    In October last year, Wing Tai clinched Belle Vue at Oxley through a $227.3 million collective sale.

    The unit land price works out to almost $666 psf ppr.

    Wing Tai last year sold its stake in Park Mall to Suntec Reit for $230 million, which helped to release resources for the group's landbanking spree.

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