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01-05-12, 22:57
http://www.businesstimes.com.sg/archive/tuesday/specials/property/two-collective-sales-hit-market
Published April 24, 2012
Two collective sales hit the market
Thomson View up for sale at $580m; Kemaman View is asking $46-48m
By Mindy Tan
COLLECTIVE sales continue to flood the market, in the form of Thomson View Condominium and Kemaman View, following the launches of Harbour View Gardens at Pasir Panjang Road and Green Lodge at Toh Tuck Road last week.
The 99-year leasehold Thomson View Condo, which is located along Upper Thomson Road, is on the market at $580 million. Including a $107 million premium to enhance the property's use and a $90 million premium to top up the lease, which has 62 years left, this translates to $685 per square foot per plot ratio (psf ppr).
Inclusive of the additional 10 per cent gross floor area (GFA) for balcony area - for which the site may incur a development charge payable to authorities amounting to about $46 million - the unit land price is $659 psf ppr, said marketing agent HSR.
The project, which comprises 200 flats, 54 townhouses and a shop unit, has a land area of 540,314 sq ft. Under Master Plan 2008, it is zoned for residential use, with a gross plot ratio (GPR) of 2.1. Based on the asking price, owners can expect about $1.59 million (for a two-bedroom unit), $2.27 million for a three-bedroom unit, and $3.54 million (for a townhouse).
The project was previously marketed in November last year at between $595 million and $635 million, which translates to between $694 and $732 psf ppr. The price included a $130 million premium to top up the lease, and a $158 million premium to enhance the property's use.
Said head of investment sales Jeffrey Goh: "Both the reduced price of $580 million for Thomson View and also the lower development charge rates should make the site far more attractive for developers to activate their interest."
The site can be redeveloped to yield more than 1,152 units, with sizes ranging from 450 sq ft (for one-bedroom units), 700 sq ft (for two-bedroom units) and 895 sq ft to 1,076 sq ft (for three and four-bedroom units), said HSR.
It added: "Developers should have no issue selling between $1,400 psf to $1,600 psf as our site is surrounded by private properties."
Separately, Kemaman View, a freehold residential development located at Jalan Kemaman, off Balestier Road, is put up for collective sale, with an indicative price range of between $46 million and $48 million. This translates to between $945 and $986 psf ppr. No development charge is expected to be payable.
Factoring in the allowable 10 per cent GFA for balcony space in addition to the potential GFA of 53,813 sq ft, the indicative guide price translates to $825 to $859 psf ppr, inclusive of an estimated development charge of $2.8 million.
Kemaman View has a land size of 17,388 sq ft, and under Master Plan 2008 is zoned for residential use, with a GPR of 2.8. It comprises 30 units (1,324 sq ft). Owners can expect between $1.53 million and $1.6 million.
HSR said a new high-rise development can yield about 98 new apartment units averaging 600 sq ft each, with an expected break-even price of about $1,266 psf and a target selling price of between $1,400 and $1,600 psf.
The tender for Thomson View Condo and Kemaman View closes on May 22 and May 23, respectively.
Published April 24, 2012
Two collective sales hit the market
Thomson View up for sale at $580m; Kemaman View is asking $46-48m
By Mindy Tan
COLLECTIVE sales continue to flood the market, in the form of Thomson View Condominium and Kemaman View, following the launches of Harbour View Gardens at Pasir Panjang Road and Green Lodge at Toh Tuck Road last week.
The 99-year leasehold Thomson View Condo, which is located along Upper Thomson Road, is on the market at $580 million. Including a $107 million premium to enhance the property's use and a $90 million premium to top up the lease, which has 62 years left, this translates to $685 per square foot per plot ratio (psf ppr).
Inclusive of the additional 10 per cent gross floor area (GFA) for balcony area - for which the site may incur a development charge payable to authorities amounting to about $46 million - the unit land price is $659 psf ppr, said marketing agent HSR.
The project, which comprises 200 flats, 54 townhouses and a shop unit, has a land area of 540,314 sq ft. Under Master Plan 2008, it is zoned for residential use, with a gross plot ratio (GPR) of 2.1. Based on the asking price, owners can expect about $1.59 million (for a two-bedroom unit), $2.27 million for a three-bedroom unit, and $3.54 million (for a townhouse).
The project was previously marketed in November last year at between $595 million and $635 million, which translates to between $694 and $732 psf ppr. The price included a $130 million premium to top up the lease, and a $158 million premium to enhance the property's use.
Said head of investment sales Jeffrey Goh: "Both the reduced price of $580 million for Thomson View and also the lower development charge rates should make the site far more attractive for developers to activate their interest."
The site can be redeveloped to yield more than 1,152 units, with sizes ranging from 450 sq ft (for one-bedroom units), 700 sq ft (for two-bedroom units) and 895 sq ft to 1,076 sq ft (for three and four-bedroom units), said HSR.
It added: "Developers should have no issue selling between $1,400 psf to $1,600 psf as our site is surrounded by private properties."
Separately, Kemaman View, a freehold residential development located at Jalan Kemaman, off Balestier Road, is put up for collective sale, with an indicative price range of between $46 million and $48 million. This translates to between $945 and $986 psf ppr. No development charge is expected to be payable.
Factoring in the allowable 10 per cent GFA for balcony space in addition to the potential GFA of 53,813 sq ft, the indicative guide price translates to $825 to $859 psf ppr, inclusive of an estimated development charge of $2.8 million.
Kemaman View has a land size of 17,388 sq ft, and under Master Plan 2008 is zoned for residential use, with a GPR of 2.8. It comprises 30 units (1,324 sq ft). Owners can expect between $1.53 million and $1.6 million.
HSR said a new high-rise development can yield about 98 new apartment units averaging 600 sq ft each, with an expected break-even price of about $1,266 psf and a target selling price of between $1,400 and $1,600 psf.
The tender for Thomson View Condo and Kemaman View closes on May 22 and May 23, respectively.