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View Full Version : Kemaman View sold en bloc for $45.5m



reporter2
24-06-12, 01:07
http://www.businesstimes.com.sg/archive/tuesday/specials/property/kemaman-view-sold-en-bloc-455m

Published June 19, 2012

Kemaman View sold en bloc for $45.5m

Unit owners to get about $1.5m each, or 30% more than if they sold separately

By lim wei sheng


FREEHOLD residential development Kemaman View has been sold to private developer Aylesbury Pte Ltd for $45.5 million, or some $935 per square foot per plot ratio (psf ppr).

The 17,388 sq ft site, located off Balestier Road, comprises 30 apartment units, each 1,324 sq ft in size. Located in District 12, the plot is zoned for Residential Use under Master Plan 2008, with a gross plot ratio of 2.8 and a maximum height of 36 stories subject to approval.

With the collective sale, each individual apartment unit owner will receive gross sale proceeds of about $1.5 million, a 30 per cent premium over the resale price if the unit were sold individually, according to marketing agent HSR.

The site was launched in the collective sales market in April, with an indicative asking price of $46-48 million.

"Land values in the City Fringe Balestier area of District 12 are fast catching up to the nearby Prime District 11 of Newton & Novena," noted Jeffrey Goh, head of investment sales for HSR.

Development charges for the plot are not expected to be payable, unless the developer obtains approval for an additional 10 per cent gross floor area (GFA) for balconies in addition to a potential GFA of 53,813 sq ft. In this scenario, development charges are estimated to amount to $2.8 million, resulting in a unit land price of $816 psf ppr.

HSR had earlier said that the development could yield 98 new apartment units of 600 sq ft each, with a target selling price between $1,400 and $1,600 psf. In the statement announcing the conclusion of the collective sale, HSR also mentioned its brokerage of a deal for a 21/2-storey freehold house at Linden Drive in the Raffles Park Vicinity for about $13.6 million.

reporter2
24-06-12, 01:30
http://www.straitstimes.com/Money/Story/STIStory_812480.html

Balestier residential site sold en bloc for $45.5m

Published on Jun 19, 2012

By Alvin Lim


KEMAMAN View, a freehold residential development off Balestier Road, has been sold in a collective sale for $45.5 million.

Private developer Aylesbury paid $935 per sq ft per plot ratio (psf ppr) for the 17,388 sq ft site.

Marketing agent HSR said each apartment unit will reap gross proceeds of about $1.517 million, or $1,146 psf per strata area. This is about 30 per cent more than if the units had been sold individually.

The Jalan Kemaman site currently consists of one apartment block with 30 units of 1,324 sq ft each. It has been zoned for residential use under the 2008 master plan with a gross plot ratio of 2.8 and a maximum height of 36 storeys subject to approval, with no expected development charge.

If the developer is successful in obtaining approval for the additional 10 per cent gross floor area for balconies in addition to a potential gross floor area of 53,813 sq ft, the unit land price could work out to about $816 psf ppr, inclusive of a development charge of $2.8 million for balconies.

The breakeven cost is estimated to be between $1,250 psf and $1,330 psf and a target selling price of $1,500 psf to $1,600 psf.

Mr Jeffrey Goh, head of investment sales at HSR, noted that demand among developers for collective sale sites priced under $200 million has been healthy.

He said: 'Currently, it's an uphill task to get a developer to buy a collective sale site valued above $250 million.

'Developers are currently more cautious with their investments, but a low interest rate environment and healthy demand from flat owners wanting to upgrade to condominiums have been uplifting,' he said.

'If they are below the $200 million mark and if the site is at a good location, with the right price... there should be no problem selling off the sites.'

Last month, Novena Ville, a freehold mixed-use development in District 11, was snapped up by Fragrance Group for $131.5 million, which is $1,839 psf ppr.

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phantom_opera
04-06-13, 14:30
new record for Kemaman Point

2013-05-23 #XX-XX 861 1,215psf 2006-12-20 495psf 619,920 2,346 15