View Full Version : Pearlbank Apartments up for enbloc sale
http://www.businesstimes.com.sg/sub/latest/story/0,4574,434269,00.html?
April 11, 2011, 3.43 pm (Singapore time)
Pearlbank Apartments up for enbloc sale
By ANGELA TAN
Pearlbank Apartments, a 37-storey, 99 years leasehold development elevated on Pearl's Hill, has been offered for sale by sole marketing agent Knight Frank.
The development, which sits on a 7,653 sq m site, is expected to fetch at least S$750 million, Knight Frank said.
This translates to a land price of $1,495 psf ppr which includes lease top up of approximately $167.2 million and based on the potential gross floor area of 56,998.837 sq m.
The tender will close on 25 May 2011 at 3.00pm.
Finally up in the market, ...$750mil, will be interesting to see if there are any takers for this enbloc, given that Tulip Gardens ($650mil) closed with no buyers..for quite similar quantum range
Ever stayed there for half a year or so... The community is rather close knit and people know one another. There is even 'resident agents' machiam your friendly nehbourhood agent providing service with a smile... ..
Don't forget the resident KTV hostresses too.
Don't forget the resident KTV hostresses too.
If kena enbloc, then no more such convenience for them....
such an iconic building for so long. hopefully, the next developer if it does go through can do that building some justice by developing a similar iconic building.
hmmm... Chances slim... :(
this one sounds difficult as alr fully built up to the max of the GFA
http://www.businesstimes.com.sg/sub/suite/story/0,4574,434413,00.html?
Published April 12, 2011
Pearlbank up for sale with $750m tag
Asking price adds up to $1,495 psf ppr including $167.2m to top up lease
By UMA SHANKARI
(SINGAPORE) Pearlbank Apartments, a 99-year leasehold development on Pearl's Hill near Chinatown, has been launched for collective sale with a $750 million price tag.
http://www.businesstimes.com.sg/mnt/media/image/launched/2011-04-12/BT_IMAGES_UMSALE12.jpg
Pearlbank Apartments: Around 500-520 new homes can be built on the 82,379 sq ft elevated site
This is the third time that the 37-storey development has been put up for en-bloc sale.
The site was last marketed in 2008 with the same price tag, but there were no takers then.
The asking price translates to a land price of $1,495 per square foot per plot ratio (psf ppr), including an estimated charge of $167.2 million to top up the lease to 99 years. There is no development charge payable for the site.
Built in the 1970s, Pearlbank Apartments has a potential gross floor area of about 613,530 sq ft. The project currently comprises 280 residential apartments and eight commercial units.
The successful developer can build around 500-520 new homes on the site, assuming an average unit size of about 1,200 sq ft, said Nicholas Wong, head of investment at Knight Frank. Knight Frank is marketing the development.
The site has a land area of about 82,379 sq ft. Under the 2008 Master Plan, the land is zoned for residential use with a 7.2 plot ratio.
'With its elevation on Pearl's Hill, the site offers fantastic day and night unblocked 360 degree views of the city skyline even for the lower level units. It is a hidden gem in the city, offering developers an opportunity to reshape the skyline,' Mr Wong said.
The site is also next to the Outram Park MRT station, he added.
If the asking price is met, owners of the 280 apartments will walk away with between $1.8 million and $4.9 million per unit, while owners of the eight commercial units will get between $1.2 million and $6.9 million per unit.
The tender for the site will close at 3pm on May 25.
Pearlbank Apartments is one of the largest collective sales sites to be marketed so far this year. The tender for the $1.7 billion collective sale of Pine Grove - the largest en-bloc site to be put up for sale in Singapore - is due to close on April 19.
Will be surprised if anyone buys... Atnthisnprice the development must sell about 2200 psf, plus it's LH
It's quite unlikely but can try if they are MM units. That makes the development next to Outram mrt station cheap.
Will be surprised if anyone buys... Atnthisnprice the development must sell about 2200 psf, plus it's LH
Wild Falcon
14-04-11, 10:57
The lease topup of $167 million out of the estimated proceeds of $1.7bn appears cheap (<10%) when significant lease term (37 years - more than 1/3) has run down. I think someone (maybe opposition?) should scrutinize how SLA values the land - undervaluation and undercollection from greedy enbloc beneficiaries and developers. After all, it's tax payer's money. If govt collects more for lease topup from developers based on actual transacted enbloc price (best indication of market value), more goes into Singapore's reserves.
devilplate
14-04-11, 11:03
The lease topup of $167 million out of the estimated proceeds of $1.7bn appears cheap (<10%) when significant lease term (37 years - more than 1/3) has run down. I think someone (maybe opposition?) should scrutinize how SLA values the land - undervaluation and undercollection from greedy enbloc beneficiaries and developers. After all, it's tax payer's money. If govt collects more for lease topup from developers based on actual transacted enbloc price (best indication of market value), more goes into Singapore's reserves.
if its a empty plot of land...how much u tink it can fetch?
btw, price tag is 750mil...not 1.7bn
devilplate
14-04-11, 11:08
167mil to top up lease....so approximately the value of the land will be 500mil (fresh 99yr lease)
den 750mil price tag...seems alrite bah
Its 750m for the land (to owners) and 167.2m to top up lease (govt).
Total land cost is 917.2m to the developer.
Divided by GFA 613,530 sf gives the 1,495 ppr that the newspaper reported.
Have to launch at 2,000 psf just to make some profit.
167mil to top up lease....so approximately the value of the land will be 500mil (fresh 99yr lease)
den 750mil price tag...seems alrite bah
devilplate
14-04-11, 11:30
Its 750m for the land (to owners) and 167.2m to top up lease (govt).
Total land cost is 917.2m to the developer.
Divided by GFA 613,530 sf gives the 1,495 ppr that the newspaper reported.
Have to launch at 2,000 psf just to make some profit.
ya i noe...
wat i m trying to say the 167mil is not little compared to 750mil px tag
devilplate
14-04-11, 11:36
smallest unit in pearlbank isit 13xxsqft?
cud possibly fetch 1kpsf in open market now....1.3mil+-
if enbloc successful, 1.8mil....hmm
Its 750m for the land (to owners) and 167.2m to top up lease (govt).
Total land cost is 917.2m to the developer.
Divided by GFA 613,530 sf gives the 1,495 ppr that the newspaper reported.
Have to launch at 2,000 psf just to make some profit.
Build 500 mm on the plot sure sell even at 2000psf....
At 613k GFA, can build 100 MM units ...and sell >2k psf.
How the market want to ease up like that?
MM distorts the psf market...best is to hold on to your investment and wait till MM demand stabilizes, through over supply. Unless MM is here to stay...
Build 500 mm on the plot sure sell even at 2000psf....
People may bite as it is on high ground with good feng shui.
Build 500 mm on the plot sure sell even at 2000psf....
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