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View Full Version : Roxy-Pacific buys 37 Kovan Centre units



mr funny
23-06-09, 12:00
http://www.businesstimes.com.sg/sub/companies/story/0,4574,338481-1245527940,00.html?

Published June 20, 2009

Roxy-Pacific buys 37 Kovan Centre units

By KALPANA RASHIWALA


ROXY-PACIFIC has bought 37 freehold strata retail units at Kovan Centre at Yio Chu Kang Road for $22.2 million, or about $540 per sq ft from Ho Bee.

http://www.businesstimes.com.sg/mnt/media/image/launched/2009-06-20/BT_IMAGES_KRKOVAN20-NE1.jpg
COLLECTIVE SALE CANDIDATE?
Market watchers say one scenario for Roxy-Pacific could be to team up with the owners of apartments on the third and fourth levels of the development for a collective sale

The units are on the first and second levels of the four-storey commercial and residential development, which also has a 69-lot basement carpark.

Ho Bee bought the asset from First Capital Corporation (now GuocoLand) in 1999 for $18.8 million. Colliers International brokered the latest sale to Roxy-Pacific through a private treaty deal.

The space involved has a total strata area of 41,129 sq ft. It represents about a 90 per cent share value in the entire development and 64 per cent of its floor area.

Roxy-Pacific said it intends to improve the asset's current rental income, with the possibility of selling it at an appropriate time.

Market watchers say one scenario for Roxy could be to team up with the owners of the apartments on the third and fourth levels of the development to do a collective sale.

The Kovan Centre is on a site zoned for residential and commercial use with a 3.0 plot ratio - the ratio of maximum potential gross floor area to land area - under Master Plan 2008.

Roxy-Pacific said it expects to complete the purchase in the third quarter of this year.

DuffyDuck
22-12-09, 02:13
Recently show this transactions :



You're looking at this estate (Nov-09 sold):
Type
Estate
District
City (km)
SQI
Age (yrs)
Area Sqft
Avg PSF
Median Price
Orga- nizer
PRIVATE Apartment
KOVAN CENTRE
19
6.07
6.02
17
1572
$817
$1,284k Nov-09
Add
Graph shows:
Median PriceAvg PSF (Price per Square Foot)


Recent Official Transactions
Total Results: 14
Sort by:
Contract DatePriceAreaPSFAddress
Tenure
PSF
Area Sqft
Price
Contract Date
9 Yio Chu Kang Road #03-01
Freehold
$786
1701
$1337k
06 Nov 09
9 Yio Chu Kang Road #03-02
Freehold
$820
1561
$1280k
06 Nov 09
9 Yio Chu Kang Road #03-03
Freehold
$845
1475
$1245k
06 Nov 09
9 Yio Chu Kang Road #03-04
Freehold
$796
1658
$1319k
06 Nov 09
9 Yio Chu Kang Road #03-06
Freehold
$845
1475
$1245k
06 Nov 09
9 Yio Chu Kang Road #03-07
Freehold
$839
1787
$1500k
06 Nov 09
9 Yio Chu Kang Road #04-03
Freehold
$845
1475
$1245k
06 Nov 09
9 Yio Chu Kang Road #04-02
Freehold
$826
1550
$1280k
06 Nov 09
9 Yio Chu Kang Road #04-04
Freehold
$794
1668
$1325k
06 Nov 09
9 Yio Chu Kang Road #04-05
Freehold
$820
1561
$1280k
06 Nov 09
9 Yio Chu Kang Road #04-06
Freehold
$845
1475
$1245k
06 Nov 09
9 Yio Chu Kang Road #04-07
Freehold
$775
1776
$1376k
06 Nov 09
9 Yio Chu Kang Road #03-05
Freehold
$818
1572
$1284k
06 Nov 09
9 Yio Chu Kang Road #04-01
Freehold
$789
1690
$1333k
06 Nov 09
1

Official Transactions till 18 Dec 09
Sources



All the residental unit at this project were sold on the same day with an average price of S$820/sqft.......

Did Roxy-Pacific buy all these units?

Is this property going for an En Bloc Soon ?


Any comment from experts here ?



:)

Property_Owner
22-12-09, 10:38
this is called collective sales.

samsara
22-12-09, 11:11
Cut and paste what I posted in another thread about Kovan Centre:

"Recently there was a collective sale of the residential units in the neighbouring Kovan Centre (also a mixed-use development). This was made possible because of several interesting factors that are difficult to replicate in other projects:

a. the buyer Roxy-Pacific had just bought over the entire commercial space from Ho Bee who had owned all the units - it thus made sense for Roxy-Pacific to also acquire the residential units to have total and complete ownership of the building and the FH land that it sits on
b. Roxy-Pacific was looking to replenish its nearly depleted land bank (it has since acquired several pieces of land for development)
c. All the commercial units were owned by a single entity (compared to individual commercial unit owners in other projects which will complicate the collective sale process)
d. physical location of Kovan Centre is more attractive as it sits distinctly apart from other buildings (compared to most other mixed-use developments which are positioned in a terrace-like fashion amongst other buildings)
e. property market was going through a bullish phase (it's weakening now as evidenced by the reduced number of uncompleted properties sales last month and this month)
f. few other developers are interested/experienced in redeveloping a mixed-use development i.e. very small pool of would-be developer-buyers left in the market

In view of the above, it would be technically more difficult to pull off an en-bloc successfully of any other mixed-use development in the vicinity. Would-be buyers of residential units in mixed-use developments such as Highland Centre need to factor this into the price that they would pay to avoid overpaying on the hyped-up promise of en-bloc potential.

Just my two cents view."


Recently show this transactions :



You're looking at this estate (Nov-09 sold):
Type
Estate
District
City (km)
SQI
Age (yrs)
Area Sqft
Avg PSF
Median Price
Orga- nizer
PRIVATE Apartment
KOVAN CENTRE
19
6.07
6.02
17
1572
$817
$1,284k Nov-09
Add
Graph shows:
Median PriceAvg PSF (Price per Square Foot)


Recent Official Transactions
Total Results: 14
Sort by:
Contract DatePriceAreaPSFAddress
Tenure
PSF
Area Sqft
Price
Contract Date
9 Yio Chu Kang Road #03-01
Freehold
$786
1701
$1337k
06 Nov 09
9 Yio Chu Kang Road #03-02
Freehold
$820
1561
$1280k
06 Nov 09
9 Yio Chu Kang Road #03-03
Freehold
$845
1475
$1245k
06 Nov 09
9 Yio Chu Kang Road #03-04
Freehold
$796
1658
$1319k
06 Nov 09
9 Yio Chu Kang Road #03-06
Freehold
$845
1475
$1245k
06 Nov 09
9 Yio Chu Kang Road #03-07
Freehold
$839
1787
$1500k
06 Nov 09
9 Yio Chu Kang Road #04-03
Freehold
$845
1475
$1245k
06 Nov 09
9 Yio Chu Kang Road #04-02
Freehold
$826
1550
$1280k
06 Nov 09
9 Yio Chu Kang Road #04-04
Freehold
$794
1668
$1325k
06 Nov 09
9 Yio Chu Kang Road #04-05
Freehold
$820
1561
$1280k
06 Nov 09
9 Yio Chu Kang Road #04-06
Freehold
$845
1475
$1245k
06 Nov 09
9 Yio Chu Kang Road #04-07
Freehold
$775
1776
$1376k
06 Nov 09
9 Yio Chu Kang Road #03-05
Freehold
$818
1572
$1284k
06 Nov 09
9 Yio Chu Kang Road #04-01
Freehold
$789
1690
$1333k
06 Nov 09
1

Official Transactions till 18 Dec 09
Sources



All the residental unit at this project were sold on the same day with an average price of S$820/sqft.......

Did Roxy-Pacific buy all these units?

Is this property going for an En Bloc Soon ?


Any comment from experts here ?



:)

DuffyDuck
19-02-10, 17:38
Taken From Today's 19th Feb 2010 , Morning Chinese Newspaper



http://farm3.static.flickr.com/2706/4369479355_639bce72e0_b.jpg