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View Full Version : Katong, Bt Timah housing sites up for sale



reporter2
06-09-13, 15:30
http://www.businesstimes.com.sg/specials/property/katong-bt-timah-housing-sites-sale-20130905

Published September 05, 2013

Katong, Bt Timah housing sites up for sale

Asking prices are $63m and $32m respectively; the latter is in GCB area

By jasmine ng [email protected]

http://www.businesstimes.com.sg/sites/businesstimes.com.sg/files/imagecache/image_300x200/BT_20130905_JNSALE5JKRJ_741888.jpg
Unlocking potential: The Katong site at 12 Amber Road can accommodate up to 80 high-rise apartments, depending on size and design. - PHOTO: JONES LANG LASALLE

TWO residential sites - a freehold redevelopment plot in Katong and a two-storey bungalow in Bukit Timah - are up for sale.

The Katong site at 12 Amber Road is occupied by several old, vacant houses. Measuring 22,800 square feet, it is zoned for residential development, and has an allowable gross plot ratio of 2.8.

Marketing agent Jones Lang LaSalle (JLL) said that the property's sole private owner is expecting offers in excess of $63 million, which works out to a land rate of some $1,300 per square foot per plot ratio.

The site can accommodate up to 80 high-rise apartments, depending on the design and sizes of the proposed units.

JLL national director of investments Yong Choon Fah said: "A redevelopment project of this scale could appeal to smaller or mid-sized developers, given that the total land investment quantum (including development charges) is estimated to be around $100 million."

She added that the purchaser could consider also buying a pair of semi-detached houses adjoining the site for redevelopment with the subject site. The total land area there is 5,617 sq ft.

Interested buyers are to submit their offers by 2.30 pm on Oct 2.

Meanwhile, the Bukit Timah site, up for private treaty sale, is in a good-class bungalow area. It is a corner plot at 19A Yarwood Avenue, off Dunearn Road. It is the latest property in the area to go on the market in recent months, at an indicative price of $32 million.

The 999-year tenure site, zoned for residential use, is of a regular shape and measures 19,037 sq ft.

Its built-in area of some 11,000 sq ft includes a living hall, a dining room, seven bedrooms, a guest lounge, TV area, a gym room and two staircases. The property also comes with a swimming pool, koi ponds and lush garden plots.

The site sits on elevated ground and is designed with separate wings catering to multi-tier families, said Sammi Lim, associate director of investment properties at CBRE, the sole marketing agent for the property.

Nearby amenities include Bukit Timah Plaza, Beauty World Centre and the Green Fairways golf course. The property is also within a short distance of the King Albert Park MRT station on the Downtown Line that is due for completion in 2015.

reporter2
06-09-13, 16:01
http://www.straitstimes.com/archive/thursday/premium/money/story/residential-site-katong-put-sale-20130905

Residential site in Katong put up for sale

Published on Sep 05, 2013

By Cheryl Ong


A RESIDENTIAL site in the Katong area, near Parkway Parade shopping centre, has been put up for sale, with an asking price of at least $63 million.

The freehold property, which includes two bungalows and two semi-detached houses, is being sold by a single seller.

That means it is not a collective sale and does not need approval from the Strata Titles Board.

The buyer may commence marketing or developing the site once the sale is successfully concluded.

The asking price translates to $1,300 per sq ft (psf) per plot ratio (ppr) for the 22,800 sq ft site, including a potential development charge.

Sole marketing agent Jones Lang LaSalle (JLL) said a development with a gross floor area (GFA) of up to 63,800 sq ft can be built there. This roughly translates into as many as 80 apartments.

"Some of the units could also potentially enjoy partial sea- views," said JLL's national director of investments Yong Choon Fah.

If the developer builds an additional 10 per cent of GFA of private enclosed spaces to the project, the plot's selling price would translate to $1,238 psf ppr.

A development charge of about $20 million will also be incurred if the site is redeveloped up to its allowable gross plot ratio of 2.8.

Development charges reflect recent land and property values, and are payable for enhancing the use of some sites or if a higher building can be erected after a change in the plot ratio.

JLL said the manageable selling price of the site would attract smaller and mid-sized developers, "given the total land investment quantum, including development charges, is estimated to be in the region of $100 million or so".

The plot for sale is also near the Chinese Swimming Club. Potential buyers may submit their offers by 2.30pm on Oct 2.

[email protected]