Parkway View comes up for collective sale

[Leeds]

Business Times - 22 Sep 2011
Parkway View comes up for collective sale


Site has indicative price of $81m or $1,496 psf ppr


(SINGAPORE) Parkway View, a freehold residential redevelopment site located along Marine Parade Road, has been put up for collective sale by tender with an indicative price of $81 million or about $1,496 per square foot per plot ratio (psf ppr).


Marketing agent Jones Lang LaSalle (JLL) said in a press statement yesterday that the redevelopment site has an area of 25,787 sq ft. It is zoned for 'residential' use with a gross plot ratio of up to 2.1, and has a maximum height limit of 24 storeys.
JLL said the potential gross floor area (GFA) of up to 59,568 sq ft, inclusive of a 10 per cent bonus GFA for balcony space, could potentially yield some 125 apartment units with an average size of 450 sq ft each. No development charge is payable on the subject site.


The $81 million indicative price works out to $1,360 psf ppr, if the 10 per cent bonus gross floor area allowed for balcony space is included.
Parkway View is currently a 15-storey development with 26 units ranging from 129 sq m to 332 sq m each. The site is opposite Parkway Parade and Marine Parade Centre, and is in close proximity to the upcoming 112 Katong.
Renowned schools such as Tao Nan Primary School, Ngee Ann Primary School, CHIJ Katong Primary, CHIJ Katong Convent, St Patrick's School, Victoria School and Victoria Junior College are located nearby.
The redevelopment site is also well-served by major arterial roads, and is linked to other parts of the island via the East Coast Park Expressway.
It is within 15 minutes' drive to Changi Airport and the Central Business District.


Stella Hoh, JLL's national director and head of investments, says the site offers the potential buyer an opportunity to acquire a bite-sized freehold land in a prime residential location, and should generate strong response.


The tender will close at 3pm on Oct 27.



Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

[devilplate]

sky high px....:scared-1:

D15 become more ex den D10? tat tulip garden so far no buyer rite? lol

[marktkt22]

Wait for feo, they should be keen to tighten their grip on marine parade

[blackjack21trader]

sky high px....:scared-1:

D15 become more ex den D10? tat tulip garden so far no buyer rite? lol

like i hinted to u guys in May 2011, D15 is the target area of the Chinese buyers and developers. The situation now is this:

very obvious weaker developers got no choice but to go for places like Seng Kang or Pungool now to avoid the enbloc competition. This will make lands in D15 very precious machiam like diamonds like that. Just look at how the Chinese buy up the gold and made it sky rocket like nobody business. I am sure the developer would want to capitalise on the fear factor in the market now.

Now, if you own any property in D15, my humble advice is this:

1) If a developer ever dares to approach your D15 for enbloc, you should not settle for a 20% over asking price but rather 60% or more over his asking price.

Now, you can give him the following reasons:
1) You need to find a replacement property
2) Prices in D15 are moving up very rapidly due to Chinese buyers ( this will hint to him you are not a sleeping log )

Or, you can bargain for
1) 1-to-1 exchange in his new project PLUS some cash bonus

Take note that you should never insult the developer nor be offensive towards him. Just bargain nicely, otherwise you run the risk of being condemned and MARKED by the whole group like what is happening to some old projects now- which will never be enbloced ever until maybe when the developers' grandchildren took over the business or the whole building collapsed .

REMEMBER - BE POLITE.. this is a small circle and the last thing u want is kana marked.


GOOD LUCK !

[gn108]

Interesting points - so who 'kena marked'?


like i hinted to u guys in May 2011, D15 is the target area of the Chinese buyers and developers. The situation now is this:

very obvious weaker developers got no choice but to go for places like Seng Kang or Pungool now to avoid the enbloc competition. This will make lands in D15 very precious machiam like diamonds like that. Just look at how the Chinese buy up the gold and made it sky rocket like nobody business. I am sure the developer would want to capitalise on the fear factor in the market now.

Now, if you own any property in D15, my humble advice is this:

1) If a developer ever dares to approach your D15 for enbloc, you should not settle for a 20% over asking price but rather 60% or more over his asking price.

Now, you can give him the following reasons:
1) You need to find a replacement property
2) Prices in D15 are moving up very rapidly due to Chinese buyers ( this will hint to him you are not a sleeping log )

Or, you can bargain for
1) 1-to-1 exchange in his new project PLUS some cash bonus

Take note that you should never insult the developer nor be offensive towards him. Just bargain nicely, otherwise you run the risk of being condemned and MARKED by the whole group like what is happening to some old projects now- which will never be enbloced ever until maybe when the developers' grandchildren took over the business or the whole building collapsed .

REMEMBER - BE POLITE.. this is a small circle and the last thing u want is kana marked.


GOOD LUCK !

[blackjack21trader]

I cannot tell you. But one nice way for your sales comitte to bargain is something like this:

"Mr developer, we are very sincere sellers and we are very fearful of the market now. But we are not investors but rather true blue home owners and we will definately sell if you can meet our price. I hope you can help us stay in this nice neighborhood again" Smile smile..

and Not:

"jshaihysiohohd9y&*^*^*^*%%, no way ok... you can forget about coming here again..!!!"

[blackjack21trader]

Always remember... NO BUILDINGS in the World can stand tall for more than 30 years without serious upgrading and high costs. Many are infested with alien bugs in the pipes, in the roofs, ceilings...etc etc

This is a chance for you to upgrade to a betterest life :)

[Laguna]

BB21 : can I engage u for my enbloc...the commission is very huge....the property is in D15...best view

[land118]

I cannot tell you. But one nice way for your sales comitte to bargain is something like this:

"Mr developer, we are very sincere sellers and we are very fearful of the market now. But we are not investors but rather true blue home owners and we will definately sell if you can meet our price. I hope you can help us stay in this nice neighborhood again" Smile smile..

and Not:

"jshaihysiohohd9y&*^*^*^*%%, no way ok... you can forget about coming here again..!!!" Bro BJ21, wow, u sound like the HK actor in your profile photo. Very smooth & sleek talker, can be en-bloc consultant...!:D

[devilplate]

Always remember... NO BUILDINGS in the World can stand tall for more than 30 years without serious upgrading and high costs. Many are infested with alien bugs in the pipes, in the roofs, ceilings...etc etc

This is a chance for you to upgrade to a betterest life :)

U must have told the above to enbloc sellers when u r buying over their land!:hell-hath-no-fury:

[gn108]

India in Meyer Road vicinity and China in Amber Road vicinity.
Like mini-United Nations in the tiny red dot.

[blackjack21trader]

Bro BJ21, wow, u sound like the HK actor in your profile photo. Very smooth & sleek talker, can be en-bloc consultant...!:D


chio ka peng la.. LOL... the brothers here like to tease me..:doh:

[land118]

chio ka peng la.. LOL... the brothers here like to tease me..:doh: Many bros envy u ma, your life in the fast lane ma..:D

[Leeds]

Unfortunately, the en bloc laws here require the sale committee to go for public tender with a reserve price. If the reserve price is met, and there is only one serious bid, the SC will have to sell with not much bargaining power.

Unless, the estate has obtained 100% support, the sale will have to go through a tender process.

And unless the market is real hot like year 2007/2008 where SC could set reserve price at 50% above valuation, there is not much bargaining in the current market once the reserve price is met.