reporter2
08-05-13, 17:15
http://www.straitstimes.com/archive/tuesday/premium/money/story/hougang-condo-collective-sale-20130507
Hougang condo up for collective sale
Published on May 07, 2013
THE Yi Mei Garden condominium in Hougang has been put up for collective sale at an asking price of $132 million to $135 million.
The freehold estate, at 111 Tampines Road and near Kovan MRT station, consists of 44 apartments and four penthouses over 14 storeys.
It was completed in 1984 and sits on a 78,030.4 sq ft plot.
The site can yield a gross floor area (GFA) of 163,863.8 sq ft and can be redeveloped into two separate towers, marketing agent ERA Realty said in a statement yesterday.
The asking price works out to $806 to $820 psf per plot ratio (ppr) inclusive of development charges.
This drops to $750 to $758 psf ppr after factoring in a 10 per cent bonus GFA.
There was only one resale at the project last year, according to caveats lodged with the Urban Redevelopment Authority. A 1,862 sq ft unit sold for $1.6 million or $859 psf last August.
There were three resales at prices between $709 and $733 psf in 2011.
Yi Mei Garden joins a relatively busy en-bloc market.
The freehold Versailles in Guillemard Road went on the market two weeks ago. Owners of the 55-unit block expect offers ranging from $105 million to $110 million, which translates to about $1,088 to $1,133 psf ppr.
Kismis Lodge, a pair of freehold walk-up apartments near Toh Tuck Road, was sold en bloc for $84.18 million to a consortium of private investors in late March.
Earlier that month, Ultra Mansion, a 13-storey freehold project near Novena MRT station, was sold en bloc for $149.13 million to a subsidiary of listed Hong Kong group Fantasia Holdings.
"Developers are still on the lookout for land that is reasonably priced, on the basis that the land value is below $200 million or so," said Jones Lang LaSalle head of investments and residential Karamjit Singh yesterday.
The Yi Mei Garden tender opens today and closes on June 6.
MELISSA TAN
Hougang condo up for collective sale
Published on May 07, 2013
THE Yi Mei Garden condominium in Hougang has been put up for collective sale at an asking price of $132 million to $135 million.
The freehold estate, at 111 Tampines Road and near Kovan MRT station, consists of 44 apartments and four penthouses over 14 storeys.
It was completed in 1984 and sits on a 78,030.4 sq ft plot.
The site can yield a gross floor area (GFA) of 163,863.8 sq ft and can be redeveloped into two separate towers, marketing agent ERA Realty said in a statement yesterday.
The asking price works out to $806 to $820 psf per plot ratio (ppr) inclusive of development charges.
This drops to $750 to $758 psf ppr after factoring in a 10 per cent bonus GFA.
There was only one resale at the project last year, according to caveats lodged with the Urban Redevelopment Authority. A 1,862 sq ft unit sold for $1.6 million or $859 psf last August.
There were three resales at prices between $709 and $733 psf in 2011.
Yi Mei Garden joins a relatively busy en-bloc market.
The freehold Versailles in Guillemard Road went on the market two weeks ago. Owners of the 55-unit block expect offers ranging from $105 million to $110 million, which translates to about $1,088 to $1,133 psf ppr.
Kismis Lodge, a pair of freehold walk-up apartments near Toh Tuck Road, was sold en bloc for $84.18 million to a consortium of private investors in late March.
Earlier that month, Ultra Mansion, a 13-storey freehold project near Novena MRT station, was sold en bloc for $149.13 million to a subsidiary of listed Hong Kong group Fantasia Holdings.
"Developers are still on the lookout for land that is reasonably priced, on the basis that the land value is below $200 million or so," said Jones Lang LaSalle head of investments and residential Karamjit Singh yesterday.
The Yi Mei Garden tender opens today and closes on June 6.
MELISSA TAN