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

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    Singapore
    Published May 26, 2006


    HIGH-END PROPERTIES
    Owners of Nassim Park invite expression of interest
    $410m asking price for prime freehold site works out to $1,218 psf ppr


    By KALPANA RASHIWALA


    JUST after news broke of City Developments emerging as the highest bidder for the 169,188 sq ft Lucky Tower in Grange Road, and with some market watchers wondering how many more substantial, prime collective sale sites would be rolled out, the owners of the freehold Nassim Park have offered their 245,135 sq ft freehold site through an expression-of-interest exercise.



    Nassim Park: The 245,135 sq ft site, with a four-storey height restriction, can accommodate about 160 apartments


    Marketing agent Savills Singapore says the $410 million asking price for Nassim Park, which was developed by City Developments and completed only 14 years ago, works out to $1,218 psf of potential gross floor area inclusive of an estimated $8 million development charge.

    This matches the record unit land price earlier this year for Eng Lok Mansion next to Gleneagles Hospital.

    While the Eng Lok site has a higher 10-storey redevelopment limit compared with just four storeys for Nassim Park, and while Eng Lok's buyers paid top dollar with a view of redeveloping the site into upmarket medical suites, Nassim Park's more exclusive location stands it in good stead to fetch the same price as Eng Lok, says Savills Singapore managing director Michael Ng.

    In fact, he expects Nassim Park's price to surpass Eng Lok's. 'Freehold sites in prime districts are always in demand, but this particular site is the creme de la creme of all the sites currently available in the market. It is the only large condo site left in Nassim Road.'

    Nassim Park is zoned for residential use with a 1.4 plot ratio and four-storey height restriction. It can be redeveloped into a project of about 160 apartments ranging in size from about 1,900 sq ft to 2,200 sq ft.

    Nassim Park, built in 1992, has 104 strata-titled apartments and townhouses.

    If the owners obtain their asking price, they will receive at least double what their units would fetch if sold on an individual basis. CityDev does not own any units in the development.

    Expressions of interest for Nassim Park close on June 21.


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    Freehold site in Chatsworth GCB area up for en bloc sale
    Price tag of $80.5m to $83.5m expected

    By KALPANA RASHIWALA

    A 69,189 sq ft freehold site in the Chatsworth Good Class Bungalow (GCB) area has come on the market with an expected price tag of $80.5 million to $83.5 million.

    Nos 2 to 50 Bishopswalk: The site may be developed into low-density housing with a maximum 1.4 plot ratio
    At present, 25 townhouses stand on the site - at Nos 2 to 50 Bishopswalk - and their owners have decided to band together for a collective sale.

    Although the site is within the Chatsworth GCB area, it may be developed into low-density housing with a maximum 1.4 plot ratio - the ratio of potential gross floor area to land area - under Master Plan 2003. Observers suggest this is in keeping with the existing development on the site.

    DTZ Debenham Tie Leung, which is marketing the property, says the site can be redeveloped into a low-rise condo with about 43 units averaging about 2,000 sq ft. Alternatively, developers may consider developing 16 strata bungalows.

    An estimated development charge (DC) of $8.45 million is payable for either redevelopment scheme. The $80.5 million to $83.5 million being sought by the owners works out to a unit land price of about $920 to $950 psf of potential gross floor area inclusive of DC.

    The breakeven cost for a luxury low-rise condo could be about $1,400 psf, and if the developer opts for the alternative of 16 strata bungalows, the breakeven cost would work out to about $6.5 million per bungalow.

    DTZ is marketing the site through an expression of interest that closes on June 14. Developers may make an all-cash offer or offer replacement units in a new development to the sellers, or come up with a combination offer.

    Based on their asking prices, owners of the existing 25 townhouses stand to walk away with $3.2 million to $3.3 million per unit, representing a premium of about 50 per cent on the current value of their townhouses if sold separately.


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    44,663 sq ft freehold site at Paterson Road/Lengkok Angsa

    2 more sites put on sale despite turmoil on bourses
    One is an en bloc offer at $110.6m, the other a hotel plot from URA

    By KALPANA RASHIWALA

    EVEN as some market watchers wonder if developers' appetite for land will be hit by the stockmarket rout, new sites continue to be rolled out.

    The latest offerings include a 44,663 sq ft freehold site at Paterson Road/Lengkok Angsa being offered by collective sale, and a 99-year hotel site along Unity Street/Clemenceau Avenue on the government's reserve list offered by the Urban Redevelopment Authority.

    The Lengkok Angsa site, currently occupied by 14 houses, has an asking price of $110.6 million or about $1,184 per square foot (psf) of potential gross floor area including an estimated $421,000 development charge.

    This matches the unit land price that Hotel Properties paid for last month's collective sale of Beverly Mai at Tomlinson Road.

    In the case of the latest Lengkok Angsa site, if the developer succeeds in applying to buy a part of the road separating the houses, this is expected to lower the developer's all-in unit land price to about $1,100 psf per plot ratio (psf ppr) inclusive of payment to the state.


    "However, moments like these give everybody a time to take a breather and take stock. Lately, the prices that developers have been paying for land does not leave them with much of a profit margin. It's based on future price increases.'

    - a seasoned property consultant on the impact that the stock market rout could have on developers' landbanking decisions




    Still, this is nearly 70 per cent higher than the $650 psf ppr all-in unit land price that Bukit Sembawang paid for the next door site of 32 houses in July last year.

    This reflects the escalation in prime land values over the past 12 months as developers snapped up sites in response to strong demand for luxury homes led by foreign demand.

    Whether new benchmarks in land prices will keep on being set remains to be seen.

    The stockmarket slide is expected to be used by some developers as an excuse to offer lower land prices, some industry observers suggest.

    'This is part of the posturing process. But it's still early days. So far, nobody has panicked,' said a seasoned property consultant.

    'However, moments like these give everybody a time to take a breather and take stock. Lately, the prices that developers have been paying for land does not leave them with much of a profit margin. It's based on future price increases.'

    Notwithstanding this, if developers bite at the latest Lengkok Angsa site and the owners of the 14 houses on the site receive their asking price of $110.6 million, they will reap a collective sale premium of more than 100 per cent.

    The site is zoned for residential use with a 2.1 plot ratio (ratio of potential gross floor area to land area).

    There is a 24-storey maximum height.

    The second site on offer is a 42,503 sq ft hotel plot at Unity Street and Clemenceau Avenue, with a 2.8 plot ratio.

    This translates to a maximum gross floor area of 119,006 sq ft.

    By some calculations, a hotel development on the site can yield about 190 rooms.

    The maximum height for the new development is four storeys fronting the Singapore River, with a higher limit of 10 storeys away from the river.

    A hotel consultant said that the site could attract new players into the market given the shortage of hotel development sites.

    However, she said that it would be difficult to forecast how much potential bidders would be prepared to pay, as this depends on how they deal with the restrictions like the four-storey height limit next to the river.

    Another drawback is the site's configuration.

    There is just a small frontage on the Singapore River, and most of the site faces either a busy stretch of Clemenceau Avenue or Unity Street, say market observers.

    This is the second of three hotel sites on the government reserve list for the first half of 2006 that have been made available for application by developers.

    The first, at Sinaran Drive in the Novena medical hub, was made available last month.

    The final plot, in the traditional budget hotel/backpacker haunt of Bencoolen Street, will be offered next month.

    Being reserve list sites, they will be released for tender only upon successful application by developers undertaking to bid minimum prices acceptable to the government.


  4. #34
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    Property
    Published May 30, 2006


    Residential collective sales from June 2005



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    Default Collective sales hit $3.5b in just 5 months

    Top Print Edition Stories
    Published May 30, 2006


    Collective sales hit $3.5b in just 5 months
    Opinions differ on whether developers will keep buying at current prices


    By KALPANA RASHIWALA



    (SINGAPORE) Including yesterday's Lucky Tower deal, 26 collective sales have been transacted for a total of about $3.5 billion so far this year, surpassing the $2 billion for the whole of last year, although that was for 36 sites, the latest figures from CB Richard Ellis show.




    What is more interesting is the broad spectrum of buyers in the current wave of en bloc deals that kicked in last year.

    From property giants like Far East Organization and City Developments to mid-size players like Ho Bee, relatively new entrants like Aspial and construction and property groups like Chip Eng Seng, Sim Lian and Hoi Hup, just about every player in town seems to have netted at least one prime district site - or more. Even Hotel Properties, which had not made a major purchase since the Asian financial crisis of 1997, was lured recently by Beverly Mai at Cuscaden Road.

    Can property agents continue to whet the appetite of developers as they keep rolling out prime district collective-sale sites at current prices?

    'After you've eaten something you're less hungry and tend to be more choosy about what you're going to eat next,' is how DTZ Debenham Tie Leung director Tang Wei Leng puts it.

    Agreeing with this, a fellow property consultant notes that the number of bids for recent en bloc tenders has fallen compared with, say, six months ago.

    However, taking a more positive view, CB Richard Ellis executive director Jeremy Lake says the broad spectrum of buyers for collective-sale sites - with buying not just confined to just a few players - suggests that if some drop out and decide to take a break for the time being, others can replace them.

    But the jury is out on where luxury land prices are headed. Some industry players reckon they have plateaued, while others believe they can head further north because developers need to keep replenishing their landbanks with prime district sites on the back of strong purchases of luxury homes driven by foreigners.

    Says a developer who has been buying prime en bloc sites: 'I think prices have levelled off. If prices were to come down, a lot of prime Orchard Road sites would not be available in the market as the prices would not be enough to entice owners to sell.

    'But by the same token, over the past three months, everyone has bought at least one piece of choice land. When you're full and look at the dessert menu, it doesn't look so interesting. So that will provide a stalemate in land prices, I think.'

    However, others beg to differ. 'St Regis Residences will be the litmus test for luxury residential prices. And that will provide the base for further increases in high-end residential land values,' suggests Knight Frank executive director Foo Suan Peng. Sources say Hong Leong Group has begun to sell the luxury housing project at Tomlinson/ Cuscaden roads at average prices of about $2,500-2,600 psf, although some choice units have achieved much higher prices.

    Even taking into account the project's unique factors, the pricing reflects values above the current market, Mr Foo notes.

    Luxury home prices in Singapore still lag those in major cities and are attractive to foreign buyers. 'Increasingly we are seeing regional and international property buyers who are looking for a place to park funds being drawn to Singapore because it's a wealth management hub and enjoys a safe haven status,' says Mr Foo.

    'This will continue to provide the momentum for developers to replenish prime sites. If developers buy predominantly high-end sites, this will create upward pressure on prime land prices.'

    A list compiled by CBRE of collective-sale transactions since June last year shows the big buyers include Hong Leong Group, which includes listed City Developments. The group has spent $726.5 million on four acquisitions including the $383 million purchase of Lucky Tower.

    Another big buyer has been fellow property giant Far East Organization, which has bought four properties totalling $715 million, including the $385 million purchase of Waterfront View with Frasers Centrepoint.

    Bukit Sembawang Estates broke an eight-year hiatus in land buying when it snapped up Woodleigh Grove in July last year, and followed up with four other collective-sale purchases.


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    Top Print Edition Stories
    Published June 12, 2006

    SC Global puts Newton site up for sale
    Sale of site slated for commercial devt could fetch up to $58m


    By KALPANA RASHIWALA


    (SINGAPORE) Riding on the recovery in the property market, Simon Cheong's SC Global Developments has put up for sale a commercial site it bought last year at the corner of Newton and Thomson roads which some in the market say could fetch around $42 million to $58 million.



    Prime location: SC Global has proposed the building of medical suites for the site situated at the corner of Newton and Thomson roads


    If this price is indeed achieved, it would make for a handsome profit given that SC Global bought the 15,490 sq ft freehold site for just $13.5 million in August last year when sentiment was weaker.

    Besides the vast improvement in sentiment in the commercial property market, an additional reason for the increase in the site's value comes from SC Global's decision to pitch the proposed commercial development for medical suites.

    This makes sense given that the Novena area seems to be shaping up as a medical hub with Far East Organization's Novena Medical Centre coming up and the site's proximity to Tan Tock Seng Hospital. SC Global's site - previously used as a Shell petrol station - is also close to Thomson Medical Centre and KK Women's and Children's Hospital.

    SC Global's site is currently approved for a 12-storey commercial building with a 3.0 plot ratio (ratio of potential gross floor area to land area). This allows a maximum gross floor area (GFA) of 46,470 sq ft. No development charge (DC) is currently payable.

    However, the property group, which is well-known for its upscale residential properties, recently submitted an outline application for a higher plot ratio of 4.2 entailing an 18-storey commercial project with 65,058 sq ft GFA. The latter scheme, if approved, would involve payment of a development charge of nearly $1 million.

    SC Global itself has not placed a price tag for the property, which is being marketed by DTZ Debenham Tie Leung by a tender that closes on July 12.

    However, by some estimates, the site could fetch about $900 psf of potential gross floor area, inclusive of development charges, if any. This works out to an absolute amount of about $42 million based on the approved redevelopment scheme with 3.0 plot ratio.

    Using the proposal for a higher 4.2 plot ratio, the plot's value translates to a higher figure of $57.6 million using the same $900 psf per plot ratio unit land price.

    The breakeven cost for the new freehold project works out to about $1,800 psf to $1,900 psf.

    Currently, Far East Organization is said to be selling 99-year leasehold medical suites at its upcoming Novena Medical Centre nearby for about $2,000 psf. The location is set for transformation. Novena Square is being repositioned as a sports and lifestyle mall with a new name of Velocity@Novena. And the Urban Redevelopment Authority will soon launch for tender a residential plot near Novena Medical Centre, which will create more homes in the area.

    Across the road, next to SC Global's site, the owners of units in the four-storey Goldhill Centre are also said to be planning a collective sale and are understood to have submitted a planning application for a commercial redevelopment of their site.

    SC Global bought its site last August from Shell Singapore through a tender.


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    Singapore
    June 13, 2006, 6.17 pm (Singapore time)


    2 Killiney Rd sites near Somerset MRT up for en-bloc sale


    SINGAPORE - Colliers International on Tuesday said it has put up for sale by tender two freehold residential development sites located at Killiney Road.



    The site at 147 Killiney Road is currently occupied by Killiney Apartments (above), a 16-storey residential development, which houses 44 apartment units.


    In a statement, the property consultant said the first site, at 147 Killiney Road, is currently occupied by Killiney Apartments, a 16-storey residential development which houses 44 apartment units.

    Zoned for residential use under the 2003 Master Plan, the 40,348 sq-ft development site has a gross plot ratio of 2.8 and an allowable building height of up to 10 storeys.

    Ho Eng Joo, director for investment sales at Colliers International, said owners expect the site to fetch between $94 million and $96 million, or $835-$852 psf per plot ratio (psf ppr).

    The tender for the site will close on July 12.

    The second and smaller development site, meanwhile, is located at 118-128 Killiney Road and occupies a land area of 10,050 sq ft.

    Zoned for residential use with first storey commercial under the 2003 Master Plan, the site has a gross plot ratio of 2.8 and an asking price in the range of $21-$23 million, or $750-$820 psf ppr, said Colliers.

    Tender will close on July 6 for this site. -- BT Online


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    Property
    Published June 8, 2006


    Two freehold sites up for en bloc sale
    Phoenix Court, Hong Yun Court priced at $100m, $9m respectively


    By KALPANA RASHIWALA



    THE owners of Phoenix Court at the St Thomas Walk/Killiney Road corner and Hong Yun Court in Telok Kurau want to join the collective sale bandwagon.


    Phoenix Court's asking price is said to be close to $100 million, which works out to around $850 per square foot (psf) of potential gross floor area including an estimated $5 million development charge (DC). Under Master Plan 2003, the 44,003 square foot freehold site is zoned for residential use with a 2.8 maximum plot ratio - the ratio of potential maximum gross floor area to land area - and maximum height of 36 storeys.

    Phoenix Court marketing agent Dennis Wee said owners controlling more than 80 per cent of share values in the development have agreed to a sale. Phoenix Court is a 13-storey block with 47 apartments.

    Dennis Wee is also marketing Hong Yun Court, which occupies a freehold site with a land area of 18,398 sq ft at Lorong M Telok Kurau. Dennis Wee said it understands that the buyer of this site may be able to buy from the state a small neighbouring plot of 2,239 sq ft for about $900,000. Hong Yun Court's owners are said to be asking for about $9 million for their property. This works out to about $343 psf of potential gross floor area inclusive of a small development charge of about $70,000 and the price payable for the state plot.

    Hong Yun Court has a single block of 12 apartments. All the owners have agreed to a collective sale. The site is zoned for residential use with a 1.4 plot ratio with a five-storey height limit. The tenders for both properties close in end-June.

    Dennis Wee also expects to garner soon the minimum 80 per cent consent level for another en bloc sale - of East Coast Ville at 320 Upper East Coast Road. The property has a land area of about 96,600 sq ft, with a 1.4 plot ratio under Master Plan 2003. The owners' asking price of about $56 million works out to nearly $450 psf per plot ratio including an estimated $4.7 million DC.


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    Property
    Published June 20, 2006

    Orange Grove Condo up for enbloc sale
    Owners asking for a total of $175 million or $1,143 psf ppr


    By KALPANA RASHIWALA


    AFTER a flurry of collective sales in the Cairnhill and Orchard Boulevard areas in recent months, en bloc fever has headed towards Orange Grove Road.



    Orange Grove Condominium: It's the first property to be put up for collective sale in Orange Grove Road this year


    Orange Grove Condominium is the first property to be put up for collective sale in Orange Grove Road this year, says marketing agent Jones Lang LaSalle.

    Market sources say the owners expect about $175 million, which works out to $1,143 per square foot of potential gross floor area inclusive of an estimated development charge of $6 million. The 98,953 sq ft freehold site at the corner of Orange Grove and Stevens roads is zoned for residential use with a 1.6 plot ratio - the ratio of potential gross floor area to land area - with a 12-storey height limit.

    Analysts estimate a new condominium project on the District 10 site could break even at about $1,650 psf.

    'We expect keen competition for the site. There is a very limited supply of sites for sale in Orange Grove Road. Most of the stock is tightly held - there's Shangri-La Hotel, RELC and several serviced apartments. Also, the location is close to Nassim Road, which is highly sought after,' says JLL's regional director and head of investments Lui Seng Fatt.

    Other prime district residential sites now on the market include Habitat One with an asking price that works out to a $1,280 psf per plot ratio including DC, Nassim Park with an asking price of $1,218 psf ppr and a site at Lengkok Angsa in the Paterson Road vicinity at $1,184 psf ppr.

    Assuming Orange Grove Condominium's owners get the price they expect, they will pocket on average $5 million to $6 million per unit, with the biggest unit fetching about $10 million. These sums are almost 90 per cent more than the units would fetch if sold on an individual basis.

    The existing development comprises two four-storey blocks housing a total 31 apartments and maisonettes with floor areas ranging from 2,917 sq ft to 7,276 sq ft.

    The development is about 18 years old. A few Hong Kong investors collectively own four units in the development.

    Currently, owners controlling more than 80 per cent of share values in the estate have agreed to a collective sale. The tender closes on July 19.


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    Property
    Published June 15, 2006


    Joo Chiat walk-up apartments to go en bloc


    BOUGAINVILLE Maisonette Apartments - a small walk-up group of eight apartments on Joo Chiat Terrace - is being put on the market for collective en bloc sale.


    Located in District 15, the indicative price for the 20,576 square foot site is $9 million or $312 per square foot per plot ratio, says its marketing consultant United Premas.

    There is also a development charge of $85,000. And United Premas says all owners have agreed to sell.

    The site is zoned for residential use and has a plot ratio of 1.4.

    The height restriction for the area is five storeys. It can be built up to a gross floor area of 28,807 sq ft, providing about 27 units of 1,000 sq ft each.

    Suzie Mok, deputy director (asset management) of United Premas, says: 'The site offers a developer an opportunity to design an exclusive boutique development targeting at young couples, small families and upgraders.'

    Meanwhile, Aspial Corporation's new boutique residential development Carlyx Residence on Carlisle Road, near Kampong Java Park, will go on sale this weekend.

    The development has 12 apartments of one, two and three bedrooms, and marketing consultant Real One International says that prices will start at $410,000.

    The developer will also offer a deferred payment scheme in which only 5 per cent is required upon the booking of a unit, with another 5 per cent within eight weeks.

    Until then, there will be no further payment until TOP (temporary occupation permit) is issued no later than Oct 30, 2008.


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