St Patrick's Garden En Bloc..

[tkc2263]

The tender for SPG lapsed last Friday 29/07/11.

Anyone has news whether it receives any offers.

I have no vested interests, but curious to know because this is the last FH walk-up aparments along this stretch of Marine Parade Road.

[Leeds]

I remember the asking price was $888 psf ppr. Assuming that the reserved price is $800 psf ppr, it would mean that the breakeven price for developers is about $1200-$1300 psf. Developer will need to sell at least $1400 to make some profit. With Uber 388 selling at average $1380 psf, there is a slight chance to find a buyer. However, given the cautious mood right now, I am not sure if developers are willing to bit.

:tsk-tsk::scared-2:

[marktkt22]

In this mkt , and location, feo probably the likely one .
Small player cant take that kind of price

[clemdale]

Does this mean that prices around St Patricks have all risen already? for example, Grand Duchess, Tierra Vue etc? A few years ago it was around $1000psf. With the future Telok Kurau station (as many have predicted) just opposite MP road, what do u guys think of the location and the prices?


In this mkt , and location, feo probably the likely one .
Small player cant take that kind of price

[marktkt22]

Funny, feo didnt. Buy...i t near future mrt

[Leeds]

Relaunch of St Patrick’s Garden and Crystal Tower
http://www.colliers.com/sysimg/closebtn.gif (http://forums.condosingapore.com/)

2011-10-10
Seah Li Ching
Singapore
International property consultant, Colliers International will be re-launching for en bloc sale by tender two freehold residential sites – St Patrick’s Garden and Crystal Tower.
International property consultant, Colliers International will be re-launching for en bloc sale by tender two freehold residential sites – St Patrick’s Garden which is located at 70-120 St Patrick’s Road and Crystal Tower which is located at 41-45 Ewe Boon Road.

St Patrick’s Garden: to be re-launched on October 11, 2011
A 98-unit property, St Patrick’s Garden is a part- three/part-four walk-up residential development that sits on a 137,559 freehold land parcel. The site is regular in shape with dual road frontages.

Under the 2008 Master Plan, it is zoned for “Residential” use with an allowable gross plot ratio of 1.4. According to the Urban Redevelopment Authority (URA), no development charge is payable, up to a plot ratio of 1.54, which takes into consideration an additional 10-per-cent balcony space.

Crystal Tower: to be re-launched on October 18, 2011
A 28-unit property, Crystal Tower is an 11-storey residential development that sits on an elevated 60,482 sq ft freehold site.The site can be re-developed into a five-storey residential development comprising some 176 units of 1,200 sq ft each.

Under the 2008 Master Plan, it is zoned for “Residential” use with an allowable gross plot ratio of 1.6. A development charge of approximately S$5.2 million is payable up to the plot ratio of 1.76, which takes into consideration an additional 10-per-cent balcony space.

The site can be re-developed into a 12-storey residential development comprising 81 units of 1,200 sq ft each, subject to approval from relevant authorities.


Ms Tang Wei Leng, Executive Director of Investment Services at Colliers International, says, “Freehold sites that are in strategic locations – especially if they are realistically priced – are still highly sought after by developers.

We remain optimistic of the sale for the two subject sites – given that St Patrick’s Garden is the last remaining sizeable freehold plot of land nestled in a quiet residential enclave located off East Coast Road, while Crystal Tower is a freehold site strategically perched on a hill and located off Bukit Timah Road, a vicinity which has always been a prominent residential location in Singapore.”

The tender for St Patrick’s Gardens closes on November 1, 2011 at 12.00 pm, while the tender for Crystal Tower closes on November 14, 2011 at 12.00 pm

[Leeds]

Freehold St Patrick's Gardens goes en bloc for $172m

By Esther Teo

ST PATRICK'S Gardens estate off East Coast Road has been sold for $172
million - the second-biggest collective sale this year but still below what
the owners had initially counted on.

The price UOL Group paid for the freehold condominium on site works out to
$812 per sq ft (psf) per plot ratio (ppr), inclusive of a 10 per cent
balcony allocation.

When it was launched for sale in June, the block had an indicative price of
$188 million, or $888 psf ppr, including the additional balcony space.

It failed to get a buyer and owners relaunched the 98-unit development in
October without an indicative price.

The Straits Times understands that the $172 million sale price was slightly
below the reserve price and that marketing agent Colliers International had
to collect the 80 per cent support for the sale again.

The owners of the flats, whose sizes range from 89 sq m to 146 sq m, are
expected to receive between $1.53 million and $2.06 million in gross
proceeds.

The 137,561 sq ft site has an allowable gross plot ratio of 1.4 and can be
redeveloped to five storeys accommodating 176 units of 1,200 sq ft each,
Colliers had earlier said.

Ms Tang Wei Leng, Colliers' executive director for investment services, also
said the project does not fall under recently announced rules by the Finance
Ministry that require developers to complete and sell all the units in a
residential development within five years or pay an additional stamp duty of
10 per cent.

Land bought on or before Dec 7 with the option exercised on or before Dec 28
are not subject to these rules. The option to purchase St Patrick's Gardens
was issued before Dec 7 and already exercised, Ms Tang noted.

UOL said the deal will be financed by internal resources and bank
borrowings.

The sale comes after a cluster of shops and homes at Henry Park Apartments
went for $176 million earlier this month.

The amount is also slightly more than that for the collective sale of Hong
Leong Garden Shopping Centre, which sold for $171 million in September.

[phantom_opera]

Is this deal sealed b4 cm5 or after cm5? UOL share price surging for past few days lol

[toiletsiao]

Is this deal sealed b4 cm5 or after cm5? UOL share price surging for past few days lol

before CM5 no stamp duty involved...

"the option to purchase St Patrick's Gardens
was issued before Dec 7 and already exercised, Ms Tang noted."

[devilplate]

before CM5 no stamp duty involved...

"the option to purchase St Patrick's Gardens
was issued before Dec 7 and already exercised, Ms Tang noted."
sellers SIBEI HENG

caught the last boat

[phantom_opera]

800psf ... construction 300psf ... sell at 1.3-1.4kpf still undercutting The Sound/Seawind

But ho, if cm5 known earlier, UOL probably just bid 600psf lol

[gn108]

Agree - owners of EB properties must be very strategic in marketing their piece of priceless land....

Either sell early in the cycle - if you can re-enter a better/bigger EB property or the latest - if you down-grading or achieve alpha returns thro' market timing.

St Pat's Gardeners are Champs! And so are Henry Parkers! Champions all...


sellers SIBEI HENG

caught the last boat

[toiletsiao]

sellers SIBEI HENG

caught the last boat

yesh... that is what i called a bailout package