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

  1. #41
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    May 2006


    Top Print Edition Stories
    Published June 28, 2006

    URA turns down plan for medical centre at Eng Lok site


    (SINGAPORE) The planning authorities have turned down an application for a medical centre development at the Eng Lok Mansion site on Napier Road, BT understands.

    Eng Lok Mansion: If its appeal fails, Napier Properties will proceed with a residential project on the site

    The freehold site was bought earlier this year by Napier Properties at a record land price of $1,218 psf per plot ratio.

    Napier Properties, which counts former Parkway Holdings boss Tony Tan among its key shareholders, had paid the record price in hopes of redeveloping the site - which is next to Parkway's Gleneagles Hospital - into an upscale medical centre.

    Medical suites in prime districts make up some of the most expensive real estate in Singapore.

    Units at the freehold Gleneagles Medical Centre, for example, are said to be going at up to $2,800 to $3,000 psf.

    The Urban Redevelopment Authority (URA) turned down the medical centre proposal for the Eng Lok site as it is not in sync with the authorities' planning intention for the site.

    Under Master Plan 2003, the 70,810 sq ft site is zoned for residential use with a 1.6 plot ratio and 10-storey height limit.

    However, Napier Properties is free to redevelop the Eng Lok site into a condominium or service apartments, according to advice given by the URA.

    Mr Tan's partner in the venture, Mark Wee of Penang's Island Hospital group, said, when contacted by BT yesterday, that Napier Properties would appeal against the decision.

    It would highlight the economic spin-offs that a high-end medical centre next to Gleneagles Hospital would have in attracting high-end medical visitors to Singapore. For such a facility to be successful, it would have to be located adjacent to the two private hospitals in the prime districts, namely Gleneagles and Mount Elizabeth, Mr Wee argued. 'Eng Lok's location is ideal for this purpose.'

    But if the appeal fails, Mr Tan and Mr Wee will go with their back-up plan, as stated in March, of building a residential development. This could comprise some service apartments for lease and others for sale.

    Or the owners could build an exclusive condo, tentatively named Embassy Row after the site's proximity to foreign diplomatic missions, at an average price of over $2,000 psf.

    Market watchers estimate that based on Napier Properties' $1,218 psf ppr land price, the break even cost for an upmarket condo could be around $1,800 psf.

    Napier Properties had planned to offer medical suites for sale and lease at its medical centre.

    If it fails in its appeal, Napier Properties will be looking at a smaller profit than it has envisaged, as a condo would sell for less than medical suites.

    Still, the turn of events is not expected to have wide repercussions on the collective sale market.

    'Yes, many owners when doing collective sales often peg their asking prices to the $1,218 psf ppr achieved for Eng Lok. But Eng Lok was a medical play. The big residential developers like Far East and City Developments did not top the list of bidders for Eng Lok,' said one observer.

    Agreeing, a property consultant said: 'There aren't that many Tony Tans around. The market will find its own level. Developers have to analyse the strengths and weaknesses of each site and decide the risk level they are willing to take.'

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    Published June 22, 2006

    Bt Timah-Keng Chin Rd houses up for sale again
    The properties next to Naga Court have an expected price tag of about $51m


    PROMINENT neighbours in Bukit Timah are teaming up again to sell their freehold properties next to Naga Court, with an expected price tag of about $51 million.

    Selling together: Collective offer consists of 6 plots spanning an area of 44,976 sq ft

    The latest property offer sees Hock Tong Bee, Singapore's oldest family-owned wine merchant, joining forces with descendants of the late Seah Eck Jim - a pioneering local architect. The properties are at the corner of Bukit Timah and Keng Chin roads.

    In July 2004, the two sides put up their properties for sale, but the four sites totalling about 35,381 square feet and with four bungalows standing on them were not sold then as the offers were not high enough for the owners.

    This time, they have included a neighbour's bungalow plot and a road reserve which was originally thought to belong to the state but has since been confirmed as being part of the estate of Mr Seah's widow.

    Including these two plots has resulted in a bigger combined land area of 44,976 sq ft. The $51 million which the owners are hoping for works out to about $703 per square foot (psf) of potential gross floor area, including an estimated development charge (DC) of $15.5 million. This unit land price is 68 per cent higher than the $419 psf per plot ratio (ppr) including DC that market watchers had expected in 2004. The 2004 unit land price expectation factored in the cost of buying the adjoining road reserve from the state.

    DTZ Debenham Tie Leung, which is marketing the 44,976 sq ft site, says that it is zoned for residential use with a 2.1 plot ratio and 24-storey height limit under Master Plan 2003. The site can be redeveloped into a new condominium with about 60 units averaging 1,500 sq ft.

    The current price expectation is pegged at the $703 psf ppr including DC that Keppel Land paid for Naga Court next door in a collective sale in 1999. In 2001, KepLand wrote down the value of the 49,168-sq-ft freehold site to $409 psf ppr.

    Sentiment in the property market has certainly picked up markedly since then. DTZ director for investment advisory services Tang Wei Leng says: 'Given the better outlook, we anticipate this site to fetch at least the same price if not better than the $703 psf ppr Naga Court price.'

    The latest site comprises six parcels, including Nos 347 and 351 Bukit Timah Road belonging to Hock Tong Bee, No 349 Bukit Timah Road belonging to Kwok Weng Fai (grandson of the late Mr Seah), No 353 Bukit Timah Road owned by his sister, Dawn Kwok, and her husband, Wee Kok Wah, group president of Stamford Tyres.

    The other two plots are the road reserve, which belongs to the estate of Lim Buck Sim (Mr Seah's widow), and No 2 Keng Chin Road, owned by a neighbour. The six plots combined form a regular-shaped rectangular plot which should appeal to developers.

    Li-Ann Wee, daughter of Dawn Kwok, said the two bungalow plots being sold by her parents and her uncle Kwok Weng Fai are the last two land parcels owned by the family in the area.

    'The Seah family rode out the Japanese Occupation in the area, and there were stories of how the family had to really struggle, hiding family members to prevent them from being killed by the Japanese,' said Dr Wee, who grew up in No 353 Bukit Timah Road. 'They planted vegetables like tapioca in the gardens to survive. So the properties do have a lot of memories for us. But we've been waiting for the market upturn and we think it's a good time to sell now.'

    The tender for the site closes on July 18.

    DTZ also clarified that the nearly $70 million price for the expressions of interest exercise for the Balmoral Condominium collective sale which it launched earlier this week is an indicative price, and not asking price.

    Two more collective sale sites have been put on the market. CB Richard Ellis has launched an expressions of interest for the freehold Makeway View, off Newton Road. The asking price of $66 million works out to about $622 psf ppr inclusive of an estimated $6.32 million DC. The 41,560-sq-ft site has a 2.8 plot ratio.

    Credo Real Estate has launched the tender for the freehold Emerald Mansion, at the corner of Emerald Hill and Saunders roads, with an indicative land price of $73 million to $75 million. This works out to about $846 to $870 psf ppr. This is based on a redevelopment scheme with 86,240 sq ft gross floor area and assuming no DC is payable.

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    Default Ardmore Point may topple current record

    Published July 5, 2006

    Ardmore Point may topple current record
    A new benchmark could be set if the $220m asking price for the prime location is met


    A NEW benchmark could be set for the price of freehold residential land if owners of Ardmore Point are successful in the collective sale of their homes in the prime Ardmore Park location.

    Ardmore Point: Analysts reckon its reserve price could be 5 to 10% lower than the $1,432 psf ppr asking price, but even if the property is sold at these levels, it would still topple the current record set by Eng Lok Mansion

    They are asking for $220 million, which translates to a unit land price of $1,432 psf of potential gross floor area, including an estimated $22.7 million development charge (DC).

    Market watchers suggest the actual reserve price set by the owners could be 5 to 10 per cent lower, at $1,289 to $1,360 psf per plot ratio including DC.

    But even at these levels, if they are achieved, Ardmore Point will still topple the current record of $1,218 psf ppr set by Eng Lok Mansion in March this year.

    'We're confident that with competition from bidders, we'll be able to exceed Ardmore Point's reserve price,' says CB Richard Ellis executive director Jeremy Lake, whose firm is marketing the collective sale. Based on the asking price of $1,432 psf ppr, the breakeven cost for a new condo project on the Ardmore Point site could work out to around $1,950 psf. Using the likely reserve price, the breakeven would be a lower $1,830 psf. That still leaves a profit margin for its developer going by current pricing expectations for coming launches in the area.

    Across the road, Wheelock Properties (Singapore) will launch in October its 118-unit condo, Ardmore II, on the amalgamated Ardmore View and Habitat II site at an average $2,250 psf, Wheelock CEO David Lawrence told BT yesterday.

    The development will comprise of two 36-storey towers and all 118 units in the project will be four-bedroom apartments of 2,050 sq ft each.

    Ardmore Point has a freehold land area of 60,533 sq ft and market watchers say that whoever bags it is also likely to be eyeing the next door Pin Tjoe Court, which is expected to be put up for tender soon.

    The two sites will have a combined land area of over 120,000 sq ft - enough to accommodate a new condo with about 165 units averaging 2,000 sq ft. Both sites are zoned for residential use with a 2.8 plot ratio (ratio of potential maximum gross floor area to land area) and a maximum height of 36 storeys.

    Ardmore Point's tender closes on August 8.

    The existing 20-storey Ardmore Point has 47 units.

    Based on the $220 million asking price, owners stand to receive sums ranging from $2.3 million to $7.9 million per unit.

    These are about 120 per cent more than what the units would fetch if sold individually.

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    Top Print Edition Stories
    Published July 21, 2006

    More big en bloc sites in wake of Gillman launch
    Farrer Court is estimated to cost almost $1b, pipping Gillman Heights


    (SINGAPORE) Earlier this week, Gillman Heights made the headlines as the biggest collective sale site to hit the market. But an en bloc sale now in the works for another privatised HUDC estate - Farrer Court - could top that.

    Farrer Court: Around $650m is expected to be payable to the owners, and about $320m to the state to raise the plot ratio and to top up the site's lease

    The Farrer Court site is expected to cost its potential developer nearly $1 billion in total. This comprises around $650 million payable to the owners, and a further $320 million or so payable to the state to tap a higher plot ratio and for topping up the site's lease to 99 years.

    Based on these figures, the unit land price for developers works out to slightly over $400 per square foot of potential gross floor area. The site, in District 10, is a stone's throw from an upcoming MRT station under the Circle Line. The site can be redeveloped into a new condo with about 1,900 units averaging 1,200 sq ft.

    The big question is whether developers will have appetite for such large sites given the huge outlay involved.

    Gillman Heights, in the Depot and Alexandra roads area, was launched for tender this week and has a reserve price of $529 million. In addition, developers will have to pay the state a further sum of about $89.5 million to raise the plot ratio and top up the site's lease to 99 years, bringing the total unit land price to $352 psf per plot ratio.

    Farrer Court's land area of 838,488 sq ft also pips Gillman's, at 836,425 sq ft. Also, Farrer Court has a total of 618 units currently, again higher than Gillman's 608.

    But another collective sale in the works - at Pine Grove in the Ulu Pandan and Mt Sinai area - has an even bigger number of existing units at 660. The all-in price (including payments to the state) to deve lopers keen on the 893,178 sq ft leasehold site is said to be around $700 million, or about $380 psf per plot ratio.

    Besides these privatised HUDC sites, there are biggish private condominiums, some of whose owners are looking at collective sales. These include Ridgewood (land area of about 672,000 sq ft) and Pandan Valley condo (417,000 sq ft), both near Pine Grove.

    Other potential biggish en bloc sites could include Mandarin Gardens in the east coast (with a land area of slightly over a million sq ft) and The Waterside in Tanjong Rhu (706,000 sq ft).

    'Many of these private condos, as well as privatised HUDC estates, were developed in the 1980s, when it was fashionable to build big developments on huge sites,' says DTZ Debenham Tie Leung's director Tang Wei Leng. 'Very often, the developers even introduced phases within the projects.'

    She notes that some of the huge projects involved foreign funds from the Middle East and Japan, who did a few projects here before withdrawing from the local market. These days, foreign funds that have been investing in the Singapore residential sector include the likes of AIG and Lehman Brothers, of the US. The latter has teamed up with Chip Eng Seng to redevelop the Venus Mansion site in Cairnhill.

    'There are many other funds waiting to partner local developers. So there just may be takers for even the huge sites. It depends on whether the prices being sought by the owners make investment sense for the developers and funds, considering the risks they would be taking of parking huge sums in one site, in a single location,' reckons Ms Tang, whose firm was appointed earlier this year to handle the collective sale of Pine Grove.

    Property agents, too, have some serious reckoning to do in terms of deciding which jobs to pitch for when they are invited by sales committees of huge estates thinking of doing a collective sale.

    Credo Real Estate, which clinched the job to market Farrer Court's en bloc sale a few months ago, studied the matter from several angles. 'We looked at the various privatised HUDC sites and picked Farrer Court. It's in a prime district and one side faces Leedon Heights. And based on the prices we're working on, the collective sale premiums for owners look attractive, at almost 100 per cent.

    'Most importantly, we spoke to potential bidders who said that in principle, they would be prepared to make the huge investment involved, possibly as part of a consortium, to reduce the risk,' says Credo's managing director Karamjit Singh. He declined to comment on Farrer Court's reserve price. Farrer Court is zoned for residential use with a 2.8 plot ratio and a 36-storey height limit.

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    Default Chip Eng Seng, Lehman in JV for Cairnhill project

    Singapore Companies
    Published July 19, 2006

    Chip Eng Seng, Lehman in JV for Cairnhill project


    MAINBOARD-listed construction company Chip Eng Seng Group will team up with Lehman Brothers Real Estate Partners II to build a high-end residential development in Cairnhill in a 50/50 joint venture.

    The site, formerly Venus Mansion, was acquired by Chip Eng Seng earlier this year for $123 million. Raymond Chia, managing director of Chip Eng Seng's property arm, Chip Eng Leong Enterprise - now known as CEL Development - said the development will be worth 'over $200 million' when completed.

    The joint venture with Lehman Brothers - through a newly formed company called PH Properties - comes after an earlier venture fell through when they failed to clinch a site near Tanah Merah MRT Station in a public tender in April.

    There is no agreement with Lehman Brothers to partner CEL Development 'exclusively' in Singapore.

    Even so, more joint ventures are possible. Lehman Brothers (Asia) managing director (private equity) Keith Greengrove said: 'Our experience with CEL so far has been extremely professional in the negotiations and due diligence process, and we look forward to continuing to make investments with them.'

    Mr Greengrove pointed out that Lehman Brothers has been investing in Singapore property since 2004 when it bought the Hotel New Otani on River Valley Road - now Novotel Clarke Quay Hotel. It also has a stake in Paradiz Centre in Selegie Road. In March, Lehman Brothers partnered Shimizu Corp in a failed bid for a hotel site at Changi Airport. Mr Greengrove said: 'Lehman Brothers, particularly the real estate group, remains bullish on the Singaporean market.'

    The Cairnhill project, which is expected to be launched for sale in Q2 2007, will be its third real estate investment here.

    Revealing details on the project, Mr Chia said that they expect to build a 70-unit development with apartments about 2,000 sq ft in size. He added that the break even cost would be about $1,100 psf. He said that the final cost will depend on the type of fittings specified and highlighted that construction materials costs had risen by about 3 per cent over the last year.

    Chip Eng Seng, which has large main-contractor jobs like the Housing and Development Board's The Pinnacle @ Duxton, only ventured into property development on its own in 2002 after earlier joint ventures with partners like NTUC Choice Homes. Mr Chia said that property development now makes up two-thirds of its revenue with the remaining one-third coming from construction contracts.

    On the latest joint venture, CEL hopes some of its partner's financial finesse will rub off. 'Lehman Brothers can guide us on financing,' he said, by way of explaining how Chip Eng Seng expects to arrange its gearing ratio.

    Chip Eng Seng, which requested a trading halt at 3 pm pending the joint venture announcement, was last traded at 18.5 cents.

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    Singapore Companies
    Published July 18, 2006

    Wheelock eyes nearby sites after clinching Habitat One
    It will still proceed with October launch of Ardmore II on Habitat II site


    WHEELOCK Properties (Singapore), which has just bagged the Habitat One site along Ardmore Park, is eyeing adjoining properties for a bigger project.

    'If we're approached by the owners of the adjoining sites, we'll look at buying them. If not, we'll go ahead with redeveloping the Habitat One site on its own into a 68-unit condo named Ardmore III. We'll probably launch it in 2008,' Wheelock CEO David Lawrence told BT yesterday.

    Wheelock will roll out its 118-unit Ardmore II condo next door in October on the amalgamated Ardmore View and Habitat II site - instead of holding back the freehold project and enlarging it by further merging the site with Habitat One.

    'We've so many people waiting to buy Ardmore II, we're going ahead with launching it in October. The average price will be $2,250 psf for the apartments, all of which will be 2,018 sq ft units with four bedrooms,' Mr Lawrence said.

    Both Ardmore II and Ardmore III will be 36-storeys high.

    Mr Lawrence did not identify the properties next to Habitat One that he's keen to buy, but market watchers observe these would include Heritage Apartments, developed by the Fu family of listed Hotel Properties Ltd (HPL), and The Vantage. Wheelock is a substantial shareholder of HPL.

    Mr Lawrence also summed up the group's upcoming residential project launches - Ardmore II this year, followed by 338 apartments on Scotts Road in 2007, and two projects in 2008 - Ardmore III (on the Habitat and any adjoining sites Wheelock manages to buy) and Orchard View at Angullia Park.

    The last will be a 36-storey tower with 31 apartments - all around 2,600 sq ft each. It will most likely be launched as a completed project, given the limited number of units. As well, Wheelock hopes to time the project's launch around the completion of the landmark development that will come up on on the nearby Orchard Turn site.

    Wheelock's Scotts Road project - which will come up on the The Ascott Singapore/Scotts Shopping Centre site - will have 338 apartments comprising, one, two and three-bedroom units, built above a luxury retail centre.

    Wheelock yesterday announced that it had inked a deal with majority owners of Habitat One to buy their 54,980 sq ft freehold site in the prime Ardmore Park location for $180 million, confirming BT's story. Knight Frank brokered the deal.

    The price works out to a record $1,228 psf per plot ratio inclusive of a $9.1 million estimated development charge.

    Wheelock may buy a small adjoining strip of state land of about 5,388 sq ft - if the Singapore Land Authority is willing to sell it. Acquiring the state land will help lower the unit land price of the Habitat One acquisition by about 6 per cent to $1,155 psf ppr.

    Mr Lawrence says Wheelock's breakeven cost for a new luxury condo project on the site will be about $1,900 psf.

    'Ardmore Park is the best location in Singapore. It's just like buying at The Peak in Hong Kong or Mayfair in London. Markets go up and down, but these remain the best sites and, long term, you'll make money. We are very confident buying this site.'

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    Top Print Edition Stories
    Published July 17, 2006

    En bloc fever cools for developers
    Interest remains high in the prime districts but sites in suburban areas are left on shelf


    (SINGAPORE) Midway into the year, the en bloc fever seems to be benefiting home-owners in the prime districts the most, with developers showing most interest in sites in those areas.

    Plans afoot: City Developments intends to build luxury residences at its recently purchased Lucky Tower site (above) located at Grange Road

    Not doing as well are sites in other parts of Singapore, as well as those in the prime district with high asking prices. Overall, the en bloc fever, while strong on the part of sellers, is waning when it comes to developers.

    According to data provided by property consultancy CB Richard Ellis (CBRE), collective sale sites left behind in the first six months of this year outnumber those sites snatched up by developers. Only 31 sites, with a combined value of over $4 billion, were sold as of end-June, while another 39 sites launched this year with tenders closing by end-June are yet unsold.

    Home-owners in the prime District 9 and 10 are seeing the most interest. Of the 31 en bloc sites sold so far, 20 are in these two districts. By contrast, a lot of the sites left behind on the shelf are in suburban areas. The trend means that future buyers can expect a substantial increase in the number of apartments on offer in the prime districts in about two years' time.

    Right now, the 20 sites comprise about 1,100 units, but more than 2,000 units could be potentially developed.

    Apartments on these 20 sites are widely expected to cater to the high-end segment, and with property prices in the luxury market on the upswing, it is no wonder that developers are choosing to concentrate their resources on the prime districts.

    'Developers are looking at the high-end market as the market that will move,' said Foo Suan Peng, executive director of investment sales at Knight Frank. 'From their experience, the upgraders' segment of the market is still weak. Developers have confidence in the high-end market.'

    He points to the recent launches of The Sail @ Marina Bay and St Regis Residences as two upmarket projects that have seen good take-up rates.

    The demand for luxury properties is driven mainly by international investors, who are 'cash-rich and price-insensitive'. These investors are mainly interested in the prime districts, leading developers to snap up re-development sites there. But with supply of such prime sites increasing, the bargaining power is clearly with developers. For example, Silver Tower located on Cairnhill Road is still under negotiation.

    Observers say that some prime sites are still on the table as developers may be unwilling to pay the prices asked. 'Prices have been moving too much already and are in an area that is becoming too painful for developers,' said Mr Foo. 'They have to pause to see where the market is going.'

    However, this does not seem to have reduced sellers' appetite. Throughout July and August, at least another 14 sites will see their tenders close.

    Among them are several located in prime locations - such as Orange Grove Condo at the corner of Orange Grove and Stevens roads, whose owners are asking for $175 million, which works out to $1,143 psf; Ardmore Point, located in the prime Ardmore Park location, whose going price is $220 million, which translates to a unit land price of $1,432 psf; and Grange Tower near Orchard Road, which is going for $188 million, or $1,255 psf. The latter two prices, could set new benchmarks for the price of freehold residential land in Singapore.

    'I think that the en bloc fever will continue but the buyers will be more selective,' said City Developments group general manager Chia Ngiang Hong at the recent media launch of the property developer's latest high-end project.

    CityDev managing director Kwek Leng Joo agreed, and added that he expects developer interest to continue to be strong for the prime districts. 'Finally, it boils down to location, location, location,' said Mr Kwek. CityDev recently bought the Lucky Tower site in Grange Road for $383 million, or $1,134 psf, and intends to develop the site into a luxury residential development in two years.

    Some feel that for en-bloc sites outside the prime areas, a way to sell is to lower the asking prices.

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    May 2006

    Default Flamingo Valley up for en bloc sale

    Published July 25, 2006

    Flamingo Valley up for en bloc sale

    FLAMINGO Valley, a residential development in the Siglap area, has been put up for en-bloc sale. Separately, three smallish sites off Bukit Timah Road have also been put on the market.

    The three sites, with a combined area of 116,861 square feet, are Century Ville, Le Marque and Villa Margaux. The asking price is pegged at $695 per square foot per plot ratio (psf ppr), or $156.6 million.

    Marketing agent Newman and Goh said yesterday that the site, with a plot ratio of 2.1, has potential to be re-developed into a luxury project with 80 units of nearly 3,000 sq ft each. The tender closes on Aug 23.

    Flamingo Valley, which comprises 185 apartments, sits on a 335,161 sq ft site. Colliers International is handling the sale. The asking price is pegged at between $195 million and $198 million, or $417-423 psf ppr, including an estimated development charge of $820,000.

    The site can be re-developed into a five-storey condominium of about 300 apartments of 1,500 sq ft each. The tender closes on Aug 22.

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    Published July 27, 2006

    SingTel set to launch 71 Robinson Rd tender


    SINGAPORE Telecom is getting ready to launch a tender for 71 Robinson Road, which now houses Robinson Road Post Office and was formerly known as Crosby House, sources say.

    71 Robinson Road: Total land cost for the site could be about $110 million, analysts suggest, reflecting a unit land price of about $400 psf of potential gross floor area

    And although SingTel reportedly secured provisional permission last year to redevelop the property into a slightly over 50 storey project comprising more than 300 apartments, six levels of car parks and commercial use on street level, market watchers now think potential buyers could consider redeveloping the site into a full commercial project instead.

    The latter would enable a developer to ride on rising office rents amid tightening supply.

    Analysts suggest the total land cost for the site could be about $110 million, reflecting a unit land price of about $400 psf of potential gross floor area.

    These figures include the purchase cost payable to SingTel plus payments to the state for intensifying the use of the site and topping up the lease from the remaining 45 years to the original 99 years.

    The site is now zoned for commercial use with an 11.2 plot ratio under Master Plan 2003.

    URA's provisional permission for a residential scheme with commercial use on ground floor was based on the same plot ratio - but is subject to the site being rezoned from commercial use to residential with commercial use on the first storey.

    Based on an 11.2 plot ratio, a development can be built up to a gross floor area of 274,746 sq ft - reflecting a significant enhancement from the existing 99,383 sq ft.

    BT understands that SingTel has appointed a property consultant to handle the sale of the leasehold property.

    Sources tip the appointee to be Credo Real Estate, which handled the sale of SingTel's Old Holland Road and West Coast road sites. Credo declined to comment yesterday.

    71 Robinson Road has a land area of 24,531 sq ft. SingTel has been divesting non-core property to redeploy resources to its core telco business.

    In February, SingTel sold the freehold former telephone exchange at 859 Old Holland Road for $30 million or $513 psf of net land area to a company whose ultimate shareholders include Indonesia's Tjugito family, linked to the Eagle Indo Group.

    The new owner plans a cluster housing project.

    SingTel has also sold a leasehold site at West Coast Road to Frasers Centrepoint at a price that reflects an all-in land cost of about $220 psf per plot ratio inclusive of payments to state.

    Another property that SingTel divested this year is a prime leasehold site at Hillcrest Road, sold to MCL Land in May for $102.5 million. MCL plans a cluster housing development.

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    Default Thomson Road property put up for enbloc sale

    Published July 27, 2006

    Thomson Road property put up for enbloc sale
    Market watchers expect Derbyshire Mansions to fetch about $50m


    THE owners of Derbyshire Mansions in Thomson Road near United Square are teaming up for a collective sale for their 36,098 square foot freehold site.

    Derbyshire Mansions: The 36,098 sq ft freehold site could yield up to 74 units averaging 1,300 sq ft

    Market observers expect the site to fetch about $50 million or $496 per square foot of potential gross floor area including an estimated $160,000 development charge.

    The site is zoned for residential use with 2.8 plot ratio - the ratio of potential gross floor area to land area - and a 36-storey height limit.

    This could yield up to 74 units averaging 1,300 sq ft, says Jones Lang LaSalle, which is marketing the property through a tender that will close on Aug 24.

    Based on the $50 million price expectation, the proceeds for owners of the existing 33 units housed in a 12-storey block reflect a collective sale premium of about 60 per cent.

    Another property put on the market earlier this week is a Good Class Bungalow at Bin Tong Park being offered by its owner, The Asia Life Assurance Society.

    The vendor is part of the Asia General Holdings group, which recently sold Asia Insurance Building at Finlayson Green and Hotel Asia in Scotts Road to The Ascott Group, and White House Park Apartments in Stevens Road to Novelty Group.

    The asking price for the Bin Tong Park bungalow is said to be $11.8 million to $12.3 million.

    This works out to around $450 to $470 per square foot of land area.

    A single-storey detached house stands on the 26,254 sq ft freehold site.

    The tender for the property, which closes on Aug 21, is being handled by Credo Real Estate.

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