Top Global unit clinches Braddell Park for $85m

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Published June 21, 2011

Top Global unit clinches Braddell Park for $85m

Brookvale Park, off Sunset Way, up for en bloc sale at $550m

By NICHOLAS YEO


IT may be the school holiday season but activity continues in the collective sales market. A unit of Top Global Limited, listed on the Singapore Exchange, has clinched Braddell Park for $85 million or $665 per square foot per plot ratio.

In the Sunset Way location, Brookvale Park has been put up for en bloc sale with an asking price of $550 million or $950 psf ppr.

Braddell Park is a 45-unit apartment at Jalan Lateh, off Braddell Road and Upper Serangoon Road.

Under the 2008 Master Plan, the site is zoned for residential use with a plot ratio of 1.4 and an allowable height of up to five storeys. The sale was brokered by Credo Real Estate.

The site is freehold and has a land area of 91,360 square feet.

Singapore Land Authority has granted an in-principle approval for the sale of an adjoining piece of state land measuring some 6,540 sq ft, thereby allowing the purchaser to enlarge the site to about 97,900 sq ft and build up to a gross floor area (GFA) of 137,060 sq ft - sufficient for a new condo project with about 130 apartments averaging 1,000 sq ft, depending on layout and configuration, Credo said in a news release on Monday.

If the developer chooses to purchase the adjoining state land parcel, its effective land rate of the amalgamated site may be lowered to around $639 psf ppr.

'The locality has seen major transformations with NEX mall at Serangoon Central and the completion of the MRT interchange between the North-East Line and the Circle Line,' said Tan Hong Boon, deputy managing director of Credo.

'Coincidentally, the Woodleigh MRT station, which is some 350 metres away from the site, commenced operations today after being closed in 2003.'

Top Global is controlled by Sukmawati Widjaja, who has a 30 per cent stake in the consortium that is developing a retail/theatre, hotel and residential project on the landmark Capitol site.

The sale is subject to the approval of the Strata Titles Board, if necessary.

Brookvale Park, off Sunset Way, has been put up for collective sale with an asking price of $550 million or $950 psf ppr, inclusive of an estimated development charge (DC) of $16.77 million.

The 373,000 sq ft, 999-year leasehold residential site is zoned for residential use with a gross plot ratio of 1.6 and a maximum height of 12 storeys under Master Plan 2008.

If the successful developer fully utilises the 10 per cent bonus balcony allowance, the unit land price works out to a lower $892 psf ppr (including an estimated DC of $35.4 million), said CB Richard Ellis, which is marketing Brookvale Park's collective sale.

'At this price, the potential developer can expect to break even at below $1,400 psf,' said Charles Hoon, director of investment properties, CB Richard Ellis.

'New residential launches in nearby Bukit Timah Road such as Floridian and Jardin have recently transacted at a median price of $1,700 to $1,800 psf. The Trizon, situated nearby at Ridgewood Close, off Mt Sinai Drive, recently transacted between $1,500 and $1,800.'

The site enjoys easy access to the downtown Central Business District (CBD) and the Marina Bay Sands integrated resort via the Alexandra Expressway (AYE). The Orchard Road shopping belt is also easily accessible via Holland Road.

'Developers can take advantage of the site's unique hilly characteristics to incorporate balconies into their design scheme,' said Mr Hoon.

'We expect strong local and foreign interest, in particular, parties who are considering a 'freehold equivalent' site in prime District 21.

'Brookvale Park is likely to be the only condominium site available in this locality.'

CB Richard Ellis is the sole and exclusive marketing agent for this tender exercise, which closes on July 28 at 3pm.