Balmoral Condo sold for S$141m

Balmoral Condominium on Balmoral Road has been sold for S$141 million in a collective sale.
The sale price represents a unit land rate of S$1,546 per square foot per plot ratio, the highest in four years.
Suzie Mok, director of investment sales at Savills Singapore, which brokered the deal, said: “The property has excellent potential, given its exclusivity and choice location in the prime District 10 area.
“The new apartments will have captivating views of Goodwood Hill and the black and white conservation bungalows.”
She added: “The land price of S$1,546 psf per plot ratio is a record land rate since the collective sale of Westwood Apartments at S$2,525 psf per plot ratio in 2007.”
No development charge is payable.
The buyer is Feature (Balmoral), a consortium consisting of the Tong Eng Group, Clarus Corporation and Yuan Ching Development.
The District 10 freehold residential site has a land area of about 57,000 square feet.
According to the URA Master Plan 2008, the site is zoned as “Residential” with a plot ratio of 1.6 and can yield a maximum permissible gross floor area of 91,208 square feet.
The existing development comprises 45 apartments.
Each owner can potentially receive between S$2.85 million and S$3.26 million depending on the apartment size, averaging S$2,000 per square foot on strata area.
According to Savills, this is higher than the S$1,500 to S$1,600 per square foot price if the apartments are sold individually in the secondary market.
Savills believes the transaction will give a boost to the high-end residential segment as current prices are still below the peak levels seen in 2007.
The redevelopment site can potentially accommodate approximately 80 apartments averaging 1,100 to 1,200 square feet, subject to a 12-storey height restriction.
The breakeven price for the new development is estimated at between S$2,200 and S$2,300 per square foot.
The sale is subject to Strata Titles Board approval.
Balmoral Condominium is Savills’ third collective sale for the year, following Newton View at S$147.6 million and Amber Towers at S$161.6 million in March and April respectively.
Source : Channel NewsAsia – 22 Jun 2011

small bitable enbloc sale still very popular

expecting luxury MMs:scared-5:

http://www.straitstimes.com/Money/St...ry_682826.html

Jun 23, 2011

Balmoral Condo sold en bloc, Tulip Gdn cuts asking price


THE owners of Balmoral Condominium in Balmoral Road stand to receive about $3 million per unit now that their estate has been sold en bloc.

The 45-unit freehold development was sold for $141 million to a consortium comprising the Tong Eng Group, Clarus Corporation and Yuan Ching Development, marketing agent Savills Singapore said yesterday. Yuan Ching is a wholly owned subsidiary of Singapore-listed Tiong Seng Holdings.

The price works out to $1,546 per square foot per plot ratio (psf ppr), said Savills' director of investment sales Suzie Mok. 'This transaction should give a boost to the high-end residential segment as current prices are still below the peak levels seen in 2007,' she added.

Each owner of the District 10 condo is set to reap between $2.85 million and $3.26 million, depending on unit size.

The site has a land area of 57,005 sq ft and a maximum gross floor area of 91,208 sq ft. It can be redeveloped into 80 apartments averaging 1,100 to 1,200 sq ft, Savills said.

The property firm estimates the break-even price for the new development to be about $2,200 to $2,300 psf.

Meanwhile, the owners of another freehold condo in District 10 are relaunching their estate for collective sale at a lower price.

They are hoping to get $600 million for Tulip Garden along Farrer Road, down from their previous price-tag of $650 million.

The owners have noted that over the last 18 months, smaller projects of below $200 million in value have been more successful in going en bloc than larger ones, said Credo Real Estate, which is marketing the 164-unit development.

At $600 million, the 316,708 sq ft site would cost $1,153 psf ppr. This compares with $1,250 psf ppr for a $650 million asking price.

http://www.todayonline.com/Business/EDC110623-0000322/Balmoral-Condo-sold-for-S$141m

Balmoral Condo sold for S$141m

by Ryan Huang Wenwu

04:47 AM Jun 23, 2011


SINGAPORE - The Balmoral Condominium in Balmoral Road has changed hands in a collective sale for S$141 million.

The sale price represents a unit land rate of S$1,546 psf per plot ratio, the highest rate in four years.

"The property has excellent potential given its exclusivity and choice location in the prime District 10 area. The new apartments will have captivating views of Goodwood Hill and the black and white conservation bungalows," says Ms Suzie Mok, director of investment sales at Savills Singapore, which brokered the deal.

She adds: "The land price of S$1,546 psf per plot ratio is a record land rate since the collective sale of Westwood Apartments at S$2,525 psf per plot ratio in 2007."

No development charge is payable. The buyer is Feature (Balmoral), a consortium consisting of the Tong Eng Group, Clarus Corporation and Yuan Ching Development.

The freehold residential site has a land area of 57,005 sq ft. According to the Redevelopment Authority Master Plan 2008, the site is zoned as residential with a plot ratio of 1.6 and can yield a maximum permissible gross floor area of 91,208 sq ft.

The existing development comprises 45 apartments.

Each owner can potentially receive between S$2.85 million and S$3.26 million depending on the apartment size averaging S$2,000 psf on strata area.

According to Savills, this is higher than the S$1,500 to S$1,600 psf, if the apartments are to be sold individually in the secondary market.

It believes the transaction will give a boost to the high-end residential segment as current prices are still below the peak levels seen in 2007.

The redevelopment site can potentially accommodate approximately 80 apartments averaging 1,100 to 1,200 sq ft subject to a 12-storey height restriction.

The break-even price for the new development is estimated between S$2,200 and S$2,300 psf.

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