Green Lodge sold for $191.888 million

[reporter2]

http://www.businesstimes.com.sg/archive/thursday/specials/property/green-lodge-put-collective-sale

Published April 19, 2012

Green Lodge put up for collective sale

Indicative asking price for the freehold development is $195m, or about $846 psf ppr

By jasmine ng


[SINGAPORE] Green Lodge, a freehold development located at Toh Tuck Road, has been put up for collective sale. Based on past media reports, this is the third time that the condominium has been offered for a tender sale.

The previous two occasions were in 2009-2010 and 2011 but both times, its tender closed without attracting any firm bids.

The Green Lodge site is being marketed by DTZ. The property firm said in a press statement yesterday that the indicative asking price is $195 million, or about $846 per square foot per plot ratio (psf ppr), inclusive of a bonus 8.9 per cent balcony space for which no development charge is payable.

The sale is being conducted through a tender exercise that will close on May 15 at 3pm.

The freehold property sits on a land area of about 14,035.3 square metres (151,075 sq ft). According to the 2008 Master Plan, the site can be redeveloped into a five-storey condominium project at a gross plot ratio of 1.4.

Previous media reports said that owners of Green Lodge had initially wanted $135 million for the estate in its first 2009-2010 en bloc deal - an asking price of $683 psf ppr, including development charge.

That would give owners about $1.55 million to $1.58 million per unit, the estate's previous marketing agent Newman & Goh had said.

A consultant then had estimated that the units could be sold at $1,000-$1,100 psf, while Newman & Goh projected an average selling price of at least $1,250 psf.

In the second tender exercise conducted by DTZ in 2011, the asking price was raised to above $195 million, or about $866 psf ppr.

Assuming an average apartment size of 1,000 sq ft and a building efficiency of 90 per cent, the site can accommodate about 210 residential units, DTZ had said.

Green Lodge is located in a predominantly low-rise residential area surrounded by established landed housing estates including Toh Tuck Garden and Eng Kong Park. Pei Hwa Presbyterian Primary School is within one kilometre of the site.

The Beauty World MRT Station on the Downtown Line, expected to be operational in 2015, is located about 800 metres from the subject site.

[Leeds]

By Romesh Navaratnarajah (https://plus.google.com/100211889324198007685/about?hl=en#100211889324198007685/about?hl=en):
Green Lodge (pictured) at Toh Tuck Road has been sold for S$191.888 million, becoming the biggest en bloc sale so far this year, according to The Business Times.

Located off Jalan Jurong Kechil in Upper Bukit Timah, the property has a land area of 151,075 sq ft and could be developed into a five-storey condominium under the 2008 Master Plan. With a plot ratio of 1.4, the purchase price translates to S$907 psf ppr.

The unnamed buyer acquired the property for private investment, said Shaun Poh, Senior Director for Investment Advisory Services at DTZ, which brokered the deal.

The approved density of equivalent plot ratio 1.4896 (based on a slighter larger original land area) translates to a lower unit land price of S$833 psf ppr, which provides around 8.9 percent balcony space with no development charge (DC) payable.

But with the maximum 10 percent allowance for balcony space, a DC of S$827,000 would be payable, which means the unit land price increases to S$828 psf ppr. Taking this into account, the breakeven price for a new condo development would be around S$1,100 psf.

Currently, the property features 80 residential units between 1,679 and 2,056 sq ft.

Following the sale, owners will pocket around S$2.3 million to S$2.6 million each, 50 to 60 percent above the estimated price if the units were sold individually.

Poh stated that the Green Lodge deal is the “biggest freehold residential collective sale so far this year”, but is still subject to approval by the Strata Titles Board.

Meanwhile, the en bloc sales market is healthy with a number of transactions taking place recently with “developers expressing interest – even in the bigger sites”, he added.

[Regulators]

Offered owner $1 million some years back, owner asking $1.2 million back then, I didn't bite. Recently owners raised price to $1.6 million and I thought was ridiculous. Now after en bloc each owner getting $2.3-2.6 million :doh:


http://www.propertyguru.com.sg/property-management-news/2012/9/34159/green-lodge-sold-en-bloc-for-s-191-888m

[Rysk]

Offered owner $1 million some years back, owner asking $1.2 million back then, I didn't bite. Recently owners raised price to $1.6 million and I thought was ridiculous. Now after en bloc each owner getting $2.3-2.6 million :doh:


http://www.propertyguru.com.sg/property-management-news/2012/9/34159/green-lodge-sold-en-bloc-for-s-191-888m

In case you just bought over (last then 1-yr), will you kena the SSD 16% when is confirmed for enbloc?

[DC33_2008]

More multi-millionaires looking for home.

[ahsoh88]

If kena SS16%, how much is the actual S$ ?

[Regulators]

Assuming you bought two months ago at $1.5-1.6 million which was the owner's selling price then and en bloc price is $2.3 million, the gross profit is $700k -800k. Minus 16% SSD is still a cool profit of $332k to $442k. That is 2-3 months waiting, no need 2-3 years


In case you just bought over (last then 1-yr), will you kena the SSD 16% when is confirmed for enbloc?

[reporter2]

http://www.businesstimes.com.sg/specials/property/green-lodge-sold-191888-million-20120918

Published September 18, 2012

Green Lodge sold for $191.888 million

Agents observe an uptick in interest for residential collective sales sites

By Kalpana Rashiwala


IN the largest freehold residential collective sale so far this year, Green Lodge at Toh Tuck Road has been sold for $191.888 million.

DTZ brokered the sale but its senior director for investment advisory services, Shaun Poh, declined to reveal the buyer other than to say it is a private investor.

Some market watchers believe the buyer could comprise a consortium of investors while others suggest the buyer, or one of the buyers, could be a property player better known as a construction group and industrial property developer.

Green Lodge, located off Jalan Jurong Kechil in Upper Bukit Timah vicinity, has a land area of 151,075 sq ft. Under Master Plan 2008, the site can be developed into a five-storey condominium at 1.4 plot ratio (ratio of maximum gross floor area to land area).

The $191.888 million price for Green Lodge works out to $907 per square foot per plot ratio (psf ppr), based on the 1.4 plot ratio.

However, Green Lodge has an approved density of equivalent plot ratio 1.4896 (based on a slighter larger original land area) - translating to a lower unit land price of $833 psf ppr. This would allow about 8.9 per cent balcony space on which no development charge (DC) is payable to the state.

However, should the developer decide to tap the maximum 10 per cent balcony allowance, an estimated DC of $827,000 would be payable, resulting in an all-in unit land price at around $828 psf ppr.

Based on this, the breakeven cost for a new condo development would be around $1,100 psf.

Green Lodge has 80 residential units ranging from 1,679 sq ft to 2,056 sq ft. Their owners will receive sums ranging from $2.3 million to $2.6 million per unit - about 50 to 60 per cent higher than what they could have fetched if they had sold their units individually.

"This is the biggest freehold residential collective sale so far this year," notes Mr Poh. The deal is subject to approval from Strata Titles Board, he added.

Green Lodge is on elevated grounds in a quiet neighbourhood within 1 km of the popular Pei Hwa Presbyterian Primary School. It is also about 800 metres from the future Beauty World MRT Station on the Downtown Line.

Green Lodge is being sold following the third tender closing for the site on Aug 8. The earlier two tenders closed in December last year and in May this year.

Mr Poh said the recent spurt of collective sales, starting with Thomson View Condominium for $590 million, followed by Chateau Eliza at Mount Elizabeth ($92.2 million) and now Green Lodge will provide a positive push to residential collective sales. "We have started getting enquiries from developers expressing interest - even in the bigger sites."

Karamjit Singh, Jones Lang LaSalle's head of investments and residential, said the pick-up in buying interest from developers for collective sale sites started even before the Thomson MRT Line stations were announced in late August and the sale of Thomson View earlier this month.

"The uptick in interest could be due to certain developers pre-empting the effects of QE3 and stocking up land for new residential project launches next year," said Mr Singh.

Developers, however, remain interested mostly in the smaller and mid-sized plots, according to him.

On the supply side, Mr Singh said: "The sale of Thomson View has also resulted in renewed enquiries from owners of large en blocs that had failed in the past."