reporter2
21-11-11, 17:53
http://www.businesstimes.com.sg/sub/latest/story/0,4574,465464-1321559940,00.html?
November 16, 2011, 4.28 pm (Singapore time)
Coronation Grove re-tendered with lower asking price
By ANGELA TAN
Coronation Grove, located at Coronation Road, off Bukit Timah Road, has just been re-launched for tender with the owners lowering their asking price.
'After the last unsuccessful tender exercise called for in March 2011, the owners have agreed to lower their price expectations so that it is more reflective of the current market,. says Yong Choon Fah, Executive Director of Credo Real Estate, who is handling the collective sale exercise.
Earlier the owners were hoping to achieve between $86 million to $90 million, which reflected a land rate of $1,387 to $1,451 psf.
Now, the owners are prepared to consider offers above $81 million, which translates to $1,306 psf over the land area, Ms Yong said.
Based on URA's prevailing guidelines for strata landed developments, a potential buyer can build as many as 26 to 28 strata semi-detached houses or approximately 11 or 12 detached houses, subject to approval.
At $81 million for the land, the developer may expect to breakeven at around $4.5 million per strata semi-detached house and hope to sell for an average of $5.3 million to $5.4 million per unit..
Coronation Grove currently comprises 24 units of walk-up apartments housed in two 4-storey blocks. It enjoys a land area of some 62,011 sq ft and was built in the 1980s.
The tender closes at 2.30pm on Tuesday, 13 December 2011.
November 16, 2011, 4.28 pm (Singapore time)
Coronation Grove re-tendered with lower asking price
By ANGELA TAN
Coronation Grove, located at Coronation Road, off Bukit Timah Road, has just been re-launched for tender with the owners lowering their asking price.
'After the last unsuccessful tender exercise called for in March 2011, the owners have agreed to lower their price expectations so that it is more reflective of the current market,. says Yong Choon Fah, Executive Director of Credo Real Estate, who is handling the collective sale exercise.
Earlier the owners were hoping to achieve between $86 million to $90 million, which reflected a land rate of $1,387 to $1,451 psf.
Now, the owners are prepared to consider offers above $81 million, which translates to $1,306 psf over the land area, Ms Yong said.
Based on URA's prevailing guidelines for strata landed developments, a potential buyer can build as many as 26 to 28 strata semi-detached houses or approximately 11 or 12 detached houses, subject to approval.
At $81 million for the land, the developer may expect to breakeven at around $4.5 million per strata semi-detached house and hope to sell for an average of $5.3 million to $5.4 million per unit..
Coronation Grove currently comprises 24 units of walk-up apartments housed in two 4-storey blocks. It enjoys a land area of some 62,011 sq ft and was built in the 1980s.
The tender closes at 2.30pm on Tuesday, 13 December 2011.