Page 2 of 7 FirstFirst 123456 ... LastLast
Results 11 to 20 of 65

Thread: General 'en-bloc' News; Bids & Tenders

  1. #11
    Any complaints please PM me mr funny's Avatar
    Join Date
    May 2006
    Posts
    8,129

    Default

    Property 2006
    Published March 30, 2006


    To sign or to wait is the big question

    By JEREMY LAKE


    THE collective sale market has been very active in the last nine months and newspaper headlines reporting landmark sales like Habitat 2 ($103.8 million), Amber Ville ($183 million) and Eng Lok Mansion ($138 million) are a regular occurrence.



    Landmark deal: The recent sale of Eng Lok Mansion for $138 million made the headlines


    Owners of properties with collective sale potential are now rushing to get themselves ready to sell and capitalise on the current bullish sentiment. Most of the leading property consultants and lawyers with collective sale experience are very busy at the moment managing and processing these projects.

    Despite the near-perfect market conditions for selling a collective project, in many cases it is still taking a long time to secure the required 80 per cent mandate. Legislation is in place requiring the 80 per cent to be achieved within 12 months of the first owner signing the collective sale agreement. This was put in place in May 2004 to stop the exercise from dragging on indefinitely and causing prolonged inconvenience and uncertainty to owners while the en bloc is underway.

    Accordingly, the property consultant must secure the 80 per cent within 12 months or else the exercise has to be restarted. It is not uncommon to hear owners ask if the collective sale agreement validity period can be extended but the answer is no, it cannot.

    It is interesting to note that owners are currently divided into two different groups, with opposite outlooks. Most recognise that land values have risen substantially and it is a good time to sell. They are mindful of the tidal wave of sites currently coming onto the market and want to ensure that they are not left behind.

    Beginning of a recovery

    For some of these projects, it is also their second or third attempt and the lessons of the previous unsuccessful attempts have been learnt.

    For this reason, they are willing to come forward to sign the collective sale agreement quickly. However, some owners feel that Singapore is at the beginning of a long-term property recovery and that land prices will continue to rise indefinitely. For this reason, they feel that the collective sale should be delayed so that a higher price can be achieved in the future. Thus, they are not willing to sign the agreement.

    This difference in opinion is due to the different risk/ reward profiles which each of these two groups of owners have. Some owners judge that the upside of waiting is greater than the downside of waiting, ie, if the collective sale is delayed, the land price will rise and they will get a higher price. They consider the risks of waiting, namely that developers may commit to buy other sites or that bird flu could derail the market, are small and acceptable.

    Conversely, most owners feel that the collective sale prices which are achievable today are sufficiently attractive and they would like to sell now. They are mindful that the recovery in 1999/2000 was short-lived and that developers have limited budgets. Accordingly, they consider that it is not worth taking the risk of waiting.

    In order to facilitate the signing process, there needs to be some bad news reported in the media to balance all the good news. Owners are influenced by sentiment and while sentiment remains good, the signing process will continue to be frustratingly slow.

    The writer is executive director, investment properties, CB Richard Ellis


  2. #12
    Any complaints please PM me mr funny's Avatar
    Join Date
    May 2006
    Posts
    8,129

    Default Pinetree plans en bloc sale with a twist

    Published March 30, 2006


    Pinetree plans en bloc sale with a twist

    By KALPANA RASHIWALA


    MOST of the owners at the 50-unit Pinetree Condominium at Balmoral Park would end up out of pocket if they did a collective sale today, as they had bought their apartments at the peak of the market.



    Pinetree Condo: bidders will have to provide an exchange unit in the new project on the site to all owners who would suffer a financial loss


    So their property agent Jones Lang LaSalle is proposing a collective deal in which bidders will have to provide an exchange unit in the new project they build on the site to all owners who would suffer a financial loss.

    Those who will not incur a loss would have the option of receiving a cash payment from the developer.

    Real estate lawyer SK Phang says current en bloc sale legislation provides that in a collective sale where the majority consenting owners are given exchange units in a new development, the minority who object to the sale must be offered a cash payment option. However, the minority still have grounds to object if they suffer a financial loss.

    Under the legislation, an owner is deemed to have incurred a financial loss if the sale proceeds, after any deduction allowed by the Strata Titles Board, are less than the price paid for the property.

    Another basis for objection by a minority owner to a collective sale is if the sale proceeds are insufficient to redeem the outstanding mortgage on the property.

    JLL estimates that the current-day value of an exchange unit in a new development at the Pinetree Condo site would be roughly 30-40 per cent more than what the units in the present condo would fetch if sold individually today.

    Owners who want a cash-out option would probably reap a lower collective sale premium of about 25 to 30 per cent. But as a market watcher points out, this premium may not be big enough to erase the financial loss for some of the owners.

    Even if the financial-loss cases agree to the exchange option, other hurdles may await them - such as the expense of renting a property while they wait for the new project to be built on the current site. Likewise, owners who are renting out their apartments will have to forego rental income while the property is being redeveloped.

    Owners will also have to make arrangements with their bank to roll over the mortgage to the new property, failing which they will have to redeem their existing mortgage.

    Still, JLL says its proposal provides an exit opportunity for owners to move on, and that otherwise they may have no feasible way of exiting their investment under current en bloc legislation.

    The original developer of Pinetree Condominium, Land Resources Group, still holds a substantial number of the project's 50 apartments, BT understands. The majority, however, are held by other individuals.

    JLL is inviting bidders to take part in an expression-of-interest exercise closing on April 27. They will have to indicate their bids providing at least two options - an exchange unit, and cash for owners who want out.

    Bidders are also welcome to list a third option - offering the owners a unit in a completed project by the developer nearby.

    'This is the first time where competitive bids are being invited for a collective sale involving both cash and exchange options,' said JLL's regional director and head of investments Lui Seng Fatt.

    Pinetree Condo is on a freehold site of 41,361 sq ft, zoned for residential use with 1.6 plot ratio and a 12-storey height limit. Bidders can also offer to buy four adjoining semi-detached houses, which would result in a bigger site of 50,329 sq ft. This would be big enough to house a new development of about 60-70 apartments averaging 1,100 sq ft, JLL says.


  3. #13
    Any complaints please PM me mr funny's Avatar
    Join Date
    May 2006
    Posts
    8,129

    Default Trading places: a spin on en bloc sales

    Property
    Published April 4, 2006


    Trading places: a spin on en bloc sales
    Collective exchange gives owners an instant upgrade, but it is not without problems, writes KALPANA RASHIWALA



    A VARIATION of the popular collective sale called the collective exchange has been in the news lately. First the owners of Paterson Lodge concluded such a deal. And last week it was announced that the owners of Pinetree Condominium are seeking expressions of interest from developers keen on a similar proposal.



    Arriving at a win-win solution: The most practical way to do a collective exchange is to get unanimous approval from all owners - whether it is for an all-exchange deal as in the case of Paterson Lodge (above), or one where there is the option of an exchange unit or a cash-out payment, as in Pinetree Condo


    Basically, a developer, instead of buying the land outright from the owners, agrees to give them replacement units in the new project to go up on the site.

    This has been touted as a 'win-win solution', with owners getting a new unit in the same location and the developer not having to pay upfront for the land, thereby saving on costs.

    Such deals are not new, says CB Richard Ellis executive director Jeremy Lake. 'However, collective exchange transactions are few and far in between and not without their own problems,' he says. 'For a start, for such deals to work, you must have owners' unanimous approval, which means there's a higher chance of success if the number of owners involved is small and they are like-minded.'

    Agreeing, Jones Lang LaSalle (JLL) regional director and head of investment sales Lui Seng Fatt does not expect the trend to take root. 'Traditional collective sales will continue to dominate because these can be done with just the 80 per cent consent level,' he says.

    However, some owners and property consultants are undeterred, as the collective exchange can solve several problems.

    In the case of Paterson Lodge, the collective exchange with a subsidiary of mainboard-listed Ace Dynamics was structured as a solution for the property's owners, who faced the usual difficulty in a collective sale - finding a replacement property of the same size in the same location with their proceeds.

    And in the case of Pinetree Condo at Balmoral Park, the collective exchange is mooted as a way to reduce the loss for most owners, who would be out of pocket in an en bloc sale today because they bought their apartments at the peak of the market.

    How do the numbers stack up?

    A developer doesn't have to fork out a large amount to buy the land upfront - basically he only has to spend money on construction, so he saves on finance costs and cash outflow. The developer then splits some of this saving with the owners by offering them a higher collective sale premium through a replacement property.

    JLL's Mr Lui, whose firm is marketing Pinetree Condo, estimates the current value of an exchange unit at some 30-40 per cent more than a unit in the existing development would fetch if sold individually today. Owners who want a cash-out option would reap a lower collective sale premium of some 25-30 per cent.

    Some of the owners could still make a financial loss, albeit a lower one. Nonetheless, the proposal provides an exit opportunity for those willing to take a haircut and move on.

    The developer makes his profit by building more and higher value units than those in an existing project. After giving the owners their exchange units, the developer is free to sell the remaining units for a profit.

    But for a collective exchange to work, owners must agree unanimously on the structure of the deal, as Knight Frank executive director Foo Suan Peng, whose firm brokered the Paterson Lodge transaction, explains. This is unlike the typical collective sale, where consent from majority owners controlling at least 80 per cent of share value is sufficient, subject to approval from the Strata Titles Board (STB).

    'Even in a normal collective sale, the 80 per cent that agree to the deal must include all financial loss cases since anyone making a loss will have grounds to block an en bloc sale when it comes up for hearing at the STB under current legislation,' says Mr Foo.

    The same law also provides that in a collective sale where the majority consenting owners are given exchange units in a new development, the minority who object to such an arrangement must be offered a cash payment option.

    This is why, in the case of Pinetree Condo, developers bidding for the property will have to provide owners with a choice of a one-for-one exchange or a cash-out option.

    And the deal can still be blocked at the STB hearing if the minority argue that the cash-out price is not fair value. As Credo Real Estate managing director Karamjit Singh explains: 'Therein lies a challenge - what value should be used to determine the fair cash-out compensation for such dissenting owners?'

    Knight Frank's Mr Foo says the most transparent method is to have a tender and use the highest bid as the basis for the cash-out price.

    But developers not willing to provide both exchange and cash-out options will not participate in such a tender. To avoid all this hassle, consultants say the most practical way to do a collective exchange is to get unanimous approval from all owners - whether it is for an all exchange deal like Paterson Lodge, or one where there is the option of an exchange unit or a cash-out payment, like Pinetree Condo.

    Even then, a host of problems can bedevil what is conceptually a win-win proposition, says Credo's Mr Singh. 'The moment owners get down to reviewing the legal paperwork, they can get overwhelmed by the issues they would have to wrestle with, and often then resort back to an outright sale,' he recounts from a recent case he worked on in the River Valley area.

    There are also other issues.

    Owners may have to redeem outstanding mortgages with banks when a developer starts work on their site - even if the land is not transferred to that developer until the new project is completed and those owners have received the titles to their new apartments. Owners will also have to factor in the rental expense they will incur while waiting for the site to be redeveloped.

    On the other side of the fence, a contractor/developer who participates in such a scheme will have to find a financier willing to give him a construction loan without the security of the land to be developed.

    'One way would be for the contractor, if it's an established company, to give a corporate guarantee tied to other assets of the company,' suggests Mr Foo.


  4. #14
    Any complaints please PM me mr funny's Avatar
    Join Date
    May 2006
    Posts
    8,129

    Default

    Beverly Mai at Tomlinson Rd up for en bloc sale at $238m

    23 Mar 06


    BEVERLY Mai, a 32-year-old residential development in Tomlinson Road, is up for collective en bloc sale by public tender. And the price tag: $238 million.


    Jeremy Lake, executive director, investment properties at CB Richard Ellis, which is also the marketing consultants, pointed out that the site is across the street from the upcoming St Regis Residences.

    He said that St Regis is expected to fetch close to $2,600 per square foot.

    'The upcoming launch of St Regis is creating a buzz in the area. That, coupled with a clear, unobstructed view of One Tree Hill, makes Beverly Mai an attractive site.'

    At $238 million, the price of the site based on its plot ratio of 2.8 is $1,184 psf per plot ratio, inclusive of an estimated development charge of $16.8 million.

    In August 2005, a unit was sold for $2.5 million. Before this, the highest price was $1.79 million in March 2004. If the asking price is achieved, owners of the 52-unit development stand to make up to a 60 per cent premium or $4.4 million per unit.

    The 76,888 sq ft site can be developed up to 36-storeys and have up to 107 units if each is 2,000 sq ft. The breakeven price for the future development is expected to be $1,550 psf.

    Also for sale, but in a vastly different price bracket, is Sunshine Regency. This new freehold development on Rambai Road in the East Coast, developed by Fragrance Homes, will be launched this weekend at an average $554 psf.

    The marketing consultant is Real ONE International and it says a range of unit sizes from one to four bedrooms (452 sq ft to 603 sq ft) are being offered with the smallest unit starting at $361,000.

    By ARTHUR SIM


  5. #15
    Any complaints please PM me mr funny's Avatar
    Join Date
    May 2006
    Posts
    8,129

    Default

    Thomson Rd properties up for collective sale
    3 developments have combined freehold land area of 137,500 sq ft

    By ALEXANDRA HO


    CAPITALISING on the momentum for collective sales, three separate residential developments off Thomson Road are joining forces to put the properties up for en bloc sale.


    The properties are Lock Cho Apartment, Comfort Mansion and a walk-up apartment block at Jalan Datoh and Jalan Raja Udang.

    In terms of permissible gross floor area for redevelopment, the properties together could be the largest collective sale launched so far this year.

    The three properties together have a freehold land area of around 137,500 square feet.

    A piece of state land of 40,500 sq ft could be incorporated into the project, boosting the total to about 178,000 sq ft.

    In terms of potential GFA, it comes up to 500,000 sq ft, given the site's plot ratio of 2.8 and a height control of 36 floors.

    In their first collective sale attempt, the owners are hoping to get $160 million for the combined site, or around $350 per sq ft per plot ratio, factoring in the development charge and state land costs of $14 million.

    If successfully sold at $160 million, the owners are expected to get between $300,000 and $500,000 each, a 60 to 80 per cent premium over individual sale.


    'The launch of the Lock Cho Apartment and its adjoining developments marks the first large-scale residential collective sale site in the Thomson Road vicinity in recent years,' says Tan Hong Boon, executive director of Credo Real Estate, who is handling the sale.

    He added: 'The launch of this centrally located site is timely as the locality experiences an almost absence of such a coveted large site, which many developers are seeking to acquire.

    'We feel it would be more appealing to developers if we can offer them a critical mass in size with regular plot shape for them to enjoy greater efficiency and economies of scale in construction and marketing.'

    Mr Tan believes that such a large site will attract listed companies that are at least mid-sized.

    He reckons developers can break even on the site at between $580 and $600 per sq ft of potential saleable floor area, with 400 apartment units of about 1,200 sq ft each.

    At present, Lock Cho Apartment is a 140-unit development, Comfort Mansion has 17, while the walk-up apartment has eight units.

    The apartments are around 30 to 40 years old, Credo says.

    The tender for the properties will close on March 27.


  6. #16
    Any complaints please PM me mr funny's Avatar
    Join Date
    May 2006
    Posts
    8,129

    Default

    Published February 8, 2006

    Alexandra Centre put up for collective sale

    ALEXANDRA Centre has hit the market for collective sales, making an entry with a $40 million asking price.

    $40m asking price: The existing two-storey building, which is about 25 years old, houses 12 ground-floor shops and 12 apartments
    This works out to $270 psf per plot ratio inclusive of an estimated $1.153 million development charge.

    The freehold property on Alexandra Road is zoned for residential with commercial use on the first storey. It may be redeveloped to a height of four storeys with a maximum 3.0 plot ratio - the ratio of potential gross floor area to land area.

    Alexandra Centre has a land area of 50,838 sq ft. The existing two-storey building, which is about 25 years old, houses 12 ground-floor shops and 12 apartments.

    Owners controlling more than 80 per cent of share values have consented to the collective sale, which is being handled by CB Richard Ellis.

    Based upon $40 million, apartment owners will receive about $1.1 million each, and the shopowners about $2.1 million each.

    'This is about 100 per cent more than the price which the units can achieve if they are sold individually,' says CBRE executive director Jeremy Lake.

    Alexandra Centre is within walking distance of Queenstown MRT Station. Nearby landmarks include the Queens condo, Ikea and The Anchorage. The tender for Alexandra Centre closes on March 8.


  7. #17
    Any complaints please PM me mr funny's Avatar
    Join Date
    May 2006
    Posts
    8,129

    Default

    Published December 14, 2005

    En bloc sales hit 5-year high of $1.9b
    But rapidly rising price expectations among owners could dampen market next year


    By KALPANA RASHIWALA

    (SINGAPORE) With just two weeks to go before year's end, the value of collective property sales done so far has hit $1.9 billion. This is more than double the $722 million chalked up for the whole of last year and is the highest level in at least five years.

    The strong uptrend captured in the latest figures compiled by CB Richard Ellis and released to BT reflects a happy convergence of the price expectations of both sellers and buyers.

    Owners, however, are becoming more optimistic in their price expectations and there's a risk that they may raise their asking prices too fast for developers. This, warns CB Richard Ellis executive director Jeremy Lake, could significantly dampen collective sales next year.

    Agreeing, Credo Real Estate executive director Melvin Poh says many of the deals being structured now are based on future pricing. He also points to a substantial supply of en bloc properties at various stages of readiness in the prime districts like Cairnhill, Angullia Park, Orchard Boulevard, Kim Yam, St Thomas Walk, Ardmore Park and Nassim.

    'There's a lot of supply coming out. Not all will be sold. Developers don't have unlimited funds. So the key is speed. The race is on to get your collective sale organised quickly and put it on the market early.'

    Collective sales, under which the owners in an estate team up to sell their homes to a developer, have been a closely watched phenomenon among Singapore property investors since 1994. These en bloc deals have arisen due to an increase in plot ratios, which specify the intensity permitted by the planning authority for a property development on a site.

    This has boosted the redevelopment potential of sites, creating an opportunity for owners in an estate to get a higher price or premium if they join forces and sell their properties to a developer instead of going it alone. With improving sentiment, owners' expectations of this 'collective sale premium' have risen.

    'Whereas a premium of 30-plus per cent was enough 12 months ago, you now need to look at about 40 to 50 per cent to stand a good chance of getting owners to agree to a collective sale,' says CBRE's Mr Lake.

    There have been two bouts of en bloc fever - from 1994 to 1997, and again in 1999-2000. Home owners and property agents hope the current wave will not be short-lived.

    Highlighting a key factor behind the impressive performance so far this year, Mr Lake says: 'For many of the deals done this year, the process of collecting signatures from owners began in 2004 or the early part of this year, before sentiment started to improve. So these properties were put on the market with more realistic price expectations from owners.'

    On the demand side, developers have raised the prices they are prepared to pay on the back of improving sentiment. The strong demand they have enjoyed from home buyers in the luxury residential segment has led them to speed up replenishing their land banks with prime freehold sites. Collective sales are an excellent source of such supply, notes Mr Lake.

    He cites a couple of examples of notable deals. Habitat II, sold in September this year, fetched $103.88 million, surpassing the owners' reserve price of $86 million set last year.

    Likewise, Belle Vue was sold in October for $227.28 million, again exceeding the reserve price of $190 million agreed upon by the owners last year. 'Right now, it's competition among developers that has led to reserve prices being surpassed. In the next stage, we'll see whether developers are prepared to pay the higher reserve prices being set by owners,' says Mr Lake.

    Owners are certainly starting to become more confident about asking prices. Says DTZ Debenham Tie Leung director Tang Wei Leng: 'In the past few weeks, we've seen cases of owners backing out from prices they had agreed to earlier in their collective sale agreement and jacking up reserve prices by about 10 to 40 per cent.'

    This has been partly triggered by last week's tender for the landmark Orchard Turn site, which may include a residential component. It fetched a bullish top bid.

    'Basically, we have owners saying things like, 'If a 99-year site (Orchard Turn) can fetch $1,020 psf per plot ratio, surely our plot which is also in the prime district and is morever freehold, should be able to sell for much more than the $800 psf ppr we signed up for',' says Ms Tang.


  8. #18
    Any complaints please PM me mr funny's Avatar
    Join Date
    May 2006
    Posts
    8,129

    Default

    Wee Cho Yaw firms top en bloc deals
    They account for $485m or 25% of $1.9b in collective sales this year


    By KALPANA RASHIWALA


    COMPANIES in the stable of United Overseas Bank chairman Wee Cho Yaw have been the biggest buyers of collective sale sites this year. United Overseas Land, United Industrial Corp, Singapore Land, Kheng Leong and OUB Centre Ltd have snapped up about $485 million of such properties, or a quarter of the $1.9 billion of collective sales that have changed hands in 2005.

    The en bloc sites clinched by companies in Mr Wee's stable include Maryland Park in Katong, Eng Cheong Tower in the Beach Road area, Bo Bo Tan Gardens/Mansion off Kim Tian Rd, Parry Gardens, Oasis Garden in Paya Lebar and a collective sale at Minbu Rd in the Balestier area.

    Other big shoppers who have picked up sites in the en bloc market this year include Wing Tai, Sim Lian, MCL Land and Bukit Sembawang. Wing Tai clinched two prime district sites - Belle Vue at Oxley Walk for $227.28 million and Phoenix Mansion in Cairnhill for $57.9 million.

    MCL Land bought Balmeg Court atop a hill in Pasir Panjang and Fernhill Place.

    The most expensive collective sale site this year in terms of unit land price was Habitat II at Ardmore Park. Wheelock Properties paid $876 per square foot per plot ratio for the site in September this year, about 30 per cent more than the $671 psf ppr that nearby Falcon Crest fetched a year earlier.

    The most expensive collective sale site this year in terms of unit land price was Habitat II at Ardmore Park, clinched by Wheelock Properties

    Another prime district site, Belle Vue in Oxley Walk, sold for $666 psf ppr this year, or 35 per cent higher than the $492 psf ppr that Quelin Gardens in the St Thomas Walk area went for last year.

    However, such increases in land prices were exceptional. Most en bloc sites sold this year registered much more modest increases in land prices, property consultants say.

    An interesting deal this year was the conclusion of the maiden collective sale of a 99-year property - Eng Cheong Tower in January.

    Subsequently, only one other 99-year property has changed hands through a collective sale, Evian Condominium in Holland Rd, although two more are still on the market - Waterfront View facing Bedok Reservoir and Amberville in Katong, both privatised HUDC estates.

    Basically, developers who buy such sites will have to pay a sum to the state to top up the lease of the site to the original 99 years, besides the usual development charge/differential premium to tap a higher plot ratio. 'So there are two sets of payments the developer has to make to the state, leaving less money that it can offer to the owners. That reduces the incentive for owners to go en bloc for 99-year estates compared with freehold ones,' a property consultant said.

    As well, many of the privatised HUDC estates are huge, with hundreds of owners. This makes it harder to get the minimum 80 or 90 per cent consent levels for an en bloc deal.

    Also, because these sites are huge - Waterfront View, for instance, can be developed into a new project with about 1,400 units - developers are more cautious when bidding, because of the risk of being stuck with a big project for years, especially if oversupply develops in the area.

    'This again translates to lower bids from developers for such sites, reducing the incentive for owners to agree to a collective sale,' said a property consultant.


  9. #19
    Any complaints please PM me mr funny's Avatar
    Join Date
    May 2006
    Posts
    8,129

    Default

    Published January 11, 2006

    Angullia Mansion up for collective sale again
    Owners said to be asking for $108m, slightly more than the top bid in 1999

    ANGULLIA Mansion, a stone's throw from Orchard MRT Station, is back on the collective sale market - and this time the owners are said to be asking for $108 million or about $960 psf of potential gross floor area including a development charge of about $12.5 million.

    Owners of 20 of the 21 apartments are understood to have signed the collective sale agreement. The last owner is expected to do so soon.
    This is slightly more than the $105 million top bid the freehold property drew when it was previously put on the market in late 1999. The requisite approval level from majority owners could not be secured then. But this time around, owners of 20 of the 21 apartments are understood to have signed the collective sale agreement at a price of about $108 million. The last owner is expected to do so soon.

    Keck Seng group, which is said to own four apartments at Angullia Mansion, has consented to the collective sale.

    A price tag of $960 psf per plot ratio (psf ppr) is about 10 per cent higher than the highest unit land price fetched for a collective sale last year - $876 psf ppr for Habitat II. However, DTZ Debenham Tie Leung, which is marketing Angullia Mansion, has set its sights on an even higher benchmark - the $1,020 psf ppr at which the 99-year leasehold Orchard Turn site was sold to CapitaLand and Sun Hung Kai Properties last month.

    CapitaLand has since given a breakdown of its bid, imputing a land price of $1,130 psf ppr for the project's retail component which will make up 70-75 per cent of total gross floor area, while the land value for the residential component is a lower $700 psf ppr.

    Angullia Mansion has a land area of 44,730 sq ft. The site is zoned for residential use with a 2.8 plot ratio under Master Plan 2003. The maximum height is 36 storeys.

    The site can accommodate about 56 units averaging about 2,000 sq ft. DTZ is expecting strong demand for the site given the improved take-up rate for luxurious and lifestyle apartments. In the vicinity, units in SC Global's BLVD project fetched prices of as high as $2,200 psf in October last year, DTZ pointed out in a statement.

    The tender for Angullia Mansion closes on Feb 9.


  10. #20
    Any complaints please PM me mr funny's Avatar
    Join Date
    May 2006
    Posts
    8,129

    Default

    The Vermont up for collective sale
    Tender for the freehold site closes on March 3

    By KALPANA RASHIWALA

    THE owners of The Vermont at Peck Hay Road in the Cairnhill area are the latest to put up their prime district homes for collective sale, tapping the current uptick in the luxury residential market.

    The Vermont comprises two apartment blocks at 9 and 11 Peck Hay Road in the Cairnhill area. The project was built in the mid-1980s.
    The indicative price for the freehold Vermont is about $76 million, translating to $750 per square foot of potential gross floor area inclusive of an estimated development charge of $9 million. Based on this, a new condo on the 40,375 sq ft freehold site could break even at about $1,100 psf, say analysts.

    CB Richard Ellis, which is handling the sale of The Vermont, says recent collective sale transactions in District 9 include Emerald Lodge at $803 psf per plot ratio (psf ppr) and Habitat II at $876 psf ppr.

    The Vermont site is zoned for residential use with a 2.8 plot ratio and a maximum height of 20 storeys under Master Plan 2003.

    The tender for The Vermont closes on March 3.

    Property agents and home owners in the prime districts have been busy launching collective sale tenders, riding on the current upturn in sentiment in the luxury housing segment. That has improved developers' appetites for replenishing their landbanks.

    Recent launches include Eng Lok Mansion near Botanic Gardens, Angullia Mansion near Orchard MRT Station and Kim Yam Mansion off River Valley Road. In addition, there is a slew of properties at various stages of readiness for an en-bloc sale launch in the prime districts like Cairnhill, Angullia Park, Orchard Boulevard, River Valley, St Thomas Walk, Ardmore Park and Nassim, say property consultants.

    With a relatively huge potential supply of en-bloc sites slated for release this year, and finite demand from developers, the race is on to get collective sales organised quickly and tenders launched as soon as possible.

    The Vermont comprises two apartment blocks at 9 and 11 Peck Hay Road. The project was built in the mid-1980s.


Page 2 of 7 FirstFirst 123456 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •