Freehold Kismis flats sold en bloc for $84m
http://www.businesstimes.com.sg/arch...c-84m-20130326
Published March 26, 2013
Freehold Kismis flats sold en bloc for $84m
By Felda Chay
KISMIS Lodge, a development comprising a pair of freehold, walk-up apartments near Toh Tuck Road, has been sold through a collective sale to a consortium of private investors.
Newfort Alliance (Cairnhill) paid $84.18 million, slightly under the $90 million the mixed landed site was expected to fetch when it was put up for sale earlier this year.
The sale price works out to $1,198 per square foot (psf) over land area. Kismis Lodge, built in the '70s, has a land area of 70,283 sq ft, and is zoned for a three-storey mixed landed development under the 2008 Master Plan. No development charge is payable.
The deal is the third collective sale this year.
The buyer, Newfort Alliance (Cairnhill), is linked to Newfort Realty, which late last year purchased the freehold Chateau Eliza on Mount Elizabeth through a collective sale for $92.2 million. Talk in the market is that Newfort Realty's owners include the Tan family, who control the Fortune Group.
For Kismis Lodge's owners, the deal is a success, given that the development failed to find buyers when it was first put up for sale last year; back then, the owners asked for between $90 million and $95 million, or $1,281 to $1,352 psf.
Newfort's purchase nets the owners a gross sale price of approximately $1.32 million each, said Jones Lang LaSalle, which brokered the deal.
There are 64 units in the two blocks, each four storeys high.
Based on the prevailing guidelines for strata landed developments drawn up by the Urban Redevelopment Authority (URA), Newfort could possibly build up to 43 terrace houses or 32 semi-detached houses, subject to approval, said Yong Choon Fah, the national director of investments at Jones Lang LaSalle.
She said: "In recent years, there have been few landed housing projects launched in Upper Bukit Timah. Despite the few rounds of property cooling measures, the demand for landed developments are expected to be fairly strong because the target market for landed developments are mainly Singaporean families.
"The ample living space within a landed property also appeals to multi-generational families."
Kismis Lodge sold en bloc for $84.2m
http://www.straitstimes.com/archive/...-842m-20130326
Kismis Lodge sold en bloc for $84.2m
Published on Mar 26, 2013
By Rachel Scully
KISMIS Lodge, a freehold residential development set among the landed housing estates of Upper Bukit Timah, has been sold en bloc for $84.18 million.
The owners will get about $1.315 million each in the collective sale to Newfort Alliance (Cairnhill). Newfort is made up of a group of local investors interested in real estate development.
This is their second purchase after buying residential estate Chateau Eliza, at Mount Elizabeth, for $92.2 million last September.
The Kismis Lodge development comprises 64 units of walk-up apartments housed in two four-storey blocks, built in the 1970s.
The collective sale was brokered by property consultants Jones Lang LaSalle (JLL).
In a statement, Ms Yong Choon Fah, national director of investments at JLL, said: "More than 80 per cent of the owners have consented in writing to Newfort's offer of $84.18 million, which translates to $1,198 psf...
"Kismis Lodge is zoned for three-storey mixed landed development under the 2008 Master Plan. No development charge is payable."
She added that the sale is subject to Strata Titles Board approval, and could be the largest mixed landed site sold collectively this year.
Based on the current guidelines by the Urban Redevelopment Authority, Newfort could build as many as 43 terraced houses or 32 semi-detached houses, subject to approval.
Kismis Lodge off Toh Tuck Road sits on 70,283 sq ft of land.
JLL also said: "Despite the few rounds of property cooling measures, the demand for landed developments is expected to be fairly strong because the target market is mainly Singaporean families.
"The ample living space within a landed property also appeals to multi-generation families."
It was reported in January that the owners were expecting a $90 million sale, which translates to $1.4 million per household.
Ms Yong said that each strata terrace at the newly developed site could fetch as much as $3.5 million to $4 million.
This sale marks the third successful collective sale deal done this year.
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