mr funny
30-06-11, 01:09
http://www.businesstimes.com.sg/sub/news/story/0,4574,445044-1309291140,00.html?
Published June 28, 2011
Bt Timah, East Coast sites up for en bloc sale
Sites are being marketed by Credo, Colliers respectively
TWO en bloc sites - one each in District 10 and the East Coast area - have been put up for sale by tender.
Royalville, a large prime freehold site located along Bukit Timah Road, is being marketed by collective sale specialist, Credo Real Estate, while the East Coast site - St Patrick's Garden - is being put up for sale by Colliers International.
The indicative asking price for the sprawling 174,176 sq ft Royalville site is in the region of $370 million to $400 million.
This reflects an equivalent land rate of $1,383 to $1,495 psf per plot ratio with an estimated development charge of about $1.06 million should the developer build an additional 10 per cent gross plot ratio (GPR) for balconies.
Credo said in its press statement yesterday that based on this price, the breakeven cost for the new project is estimated at $1,900 psf of potential saleable area.
Under the 2008 Master Plan, the Royalville site is zoned for residential development with GPR pegged at 1.4, and an allowable building height of up to five storeys.
Total gross floor area is estimated at 268,234 sq ft, including 10 per cent bonus for balconies.
Credo said that the project may be redeveloped into 255 apartments with an average size of 1,000 sq ft, depending on design, layout and configuration.
The development currently comprises 93 residential units and 11 shops fronting Bukit Timah Road. More than 80 per cent of the owners (by share value and strata floor area) have signed the collective sale agreement to sell the property.
The tender for Royalville closes at 2.30pm on Thursday, July 28, 2011.
St Patrick's Garden sits on a 137,559 sq ft freehold site, which is regular in shape with dual road frontages.
Indicative asking price for the site, which currently houses 98 units, is about $188 million, or $888 per sq ft per plot ratio, including the additional 10 per cent allowed for balcony space.
Colliers said that development charges may not be payable due to the site's high historical base. A development baseline enquiry has been submitted to the Urban Redevelopment Authority to ascertain this.
Based on the indicative price of $188 million, the breakeven price for St Patrick's Garden will be about $1,440 per sq ft.
St Patrick's Garden is zoned for residential use with an allowable gross plot ratio of 1.4.
The site can be re-developed into a five-storey residential development accommodating some 176 units of 1,200 sq ft each.
The current owners are expected to receive between $1.55 million and $2.1 million, depending on the size of their unit.
The tender will close on July 28, 2011.
Published June 28, 2011
Bt Timah, East Coast sites up for en bloc sale
Sites are being marketed by Credo, Colliers respectively
TWO en bloc sites - one each in District 10 and the East Coast area - have been put up for sale by tender.
Royalville, a large prime freehold site located along Bukit Timah Road, is being marketed by collective sale specialist, Credo Real Estate, while the East Coast site - St Patrick's Garden - is being put up for sale by Colliers International.
The indicative asking price for the sprawling 174,176 sq ft Royalville site is in the region of $370 million to $400 million.
This reflects an equivalent land rate of $1,383 to $1,495 psf per plot ratio with an estimated development charge of about $1.06 million should the developer build an additional 10 per cent gross plot ratio (GPR) for balconies.
Credo said in its press statement yesterday that based on this price, the breakeven cost for the new project is estimated at $1,900 psf of potential saleable area.
Under the 2008 Master Plan, the Royalville site is zoned for residential development with GPR pegged at 1.4, and an allowable building height of up to five storeys.
Total gross floor area is estimated at 268,234 sq ft, including 10 per cent bonus for balconies.
Credo said that the project may be redeveloped into 255 apartments with an average size of 1,000 sq ft, depending on design, layout and configuration.
The development currently comprises 93 residential units and 11 shops fronting Bukit Timah Road. More than 80 per cent of the owners (by share value and strata floor area) have signed the collective sale agreement to sell the property.
The tender for Royalville closes at 2.30pm on Thursday, July 28, 2011.
St Patrick's Garden sits on a 137,559 sq ft freehold site, which is regular in shape with dual road frontages.
Indicative asking price for the site, which currently houses 98 units, is about $188 million, or $888 per sq ft per plot ratio, including the additional 10 per cent allowed for balcony space.
Colliers said that development charges may not be payable due to the site's high historical base. A development baseline enquiry has been submitted to the Urban Redevelopment Authority to ascertain this.
Based on the indicative price of $188 million, the breakeven price for St Patrick's Garden will be about $1,440 per sq ft.
St Patrick's Garden is zoned for residential use with an allowable gross plot ratio of 1.4.
The site can be re-developed into a five-storey residential development accommodating some 176 units of 1,200 sq ft each.
The current owners are expected to receive between $1.55 million and $2.1 million, depending on the size of their unit.
The tender will close on July 28, 2011.