SingXpress wins Balestier site with $21m bid

[mr funny]

http://www.businesstimes.com.sg/sub/...01540,00.html?

Published November 26, 2010

SingXpress wins Balestier site with $21m bid

By JAMIE LEE


SINGXPRESS has successfully tendered for a $21 million property project at Balestier Road through a subsidiary, it said yesterday.

The company, which recently shed its travel-related businesses to focus on property investment, said it plans to redevelop an existing block of 16 flats at 235 Balestier Road, known as Waldorf Mansions.

The site has a permissible total gross floor area for construction of 31,875 sq ft for residential use.

SingXpress intends to redevelop it into about 50 apartments.

The initial funding of $7 million will come through equity and shareholders' loans.

SingXpress will pay 90 per cent of that amount, in proportion to its stake in its subsidiary that won the bid. The balance of the funding may come through shareholders' loans, it said.

No date has been set for the completion of the development, but SingXpress said it did not expect the acquisition to have a significant effect on the group's earnings for the current financial year.

The company said it failed in a second tender, but did not give details.

SingXpress said this month that its Catalist sponsor Phillip Securities had resigned because the brokerage has not been able to fill the position for head of its corporate finance department.

The last day of its sponsorship is Feb 11.

Phillip Securities has also resigned as sponsor for Asiamedics, citing the same reason.

When contacted, a spokesman for the brokerage would only say that it is working with the companies to find new sponsors.

[azeoprop]

Wow....finally Waldorf mansions is enbloc-ed. Remembered last time waldorf mansions, balestier towers and ruby plaza were supposed to enbloc together as 1 plot, but failed.

Now left balestier towers for the transformation to be complete.

[badzman]

so fast en bloc thought completed only in 1991

[azeoprop]

Saw the building covered up with scaffolding today. Looks like demolition is about to start.

[azeoprop]

http://singxpressland.com/sales.html

SingXpress Mansions breathes city living. Located at 235 Balestier Road, the old Waldorf Mansions was completed in 1991 as an 11-floor apartment building. This residential property is soon to be redeveloped into a modern 20-storey, 50 freehold-apartment edifice nestled within the vicinity of convenience, pleasure, and necessities. As it is in close proximity to 2 major expressways – PIE and CTE – with neighbouring amenities like shopping centres, supermarkets, food and entertainment establishments, as well as prestigious schools such as Hong Wen School, St Joseph's Institution (junior) and Bendemeer Secondary School, SingXpress Mansions brings people to optimum city living and beyond.

[mcmlxxvi]

http://singxpressland.com/sales.html

SingXpress Mansions breathes city living. Located at 235 Balestier Road, the old Waldorf Mansions was completed in 1991 as an 11-floor apartment building. This residential property is soon to be redeveloped into a modern 20-storey, 50 freehold-apartment edifice nestled within the vicinity of convenience, pleasure, and necessities. As it is in close proximity to 2 major expressways – PIE and CTE – with neighbouring amenities like shopping centres, supermarkets, food and entertainment establishments, as well as prestigious schools such as Hong Wen School, St Joseph's Institution (junior) and Bendemeer Secondary School, SingXpress Mansions brings people to optimum city living and beyond.

Omg what an awful name!!

[ecimbew]

http://singxpressland.com/sales.html

SingXpress Mansions breathes city living. Located at 235 Balestier Road, the old Waldorf Mansions was completed in 1991 as an 11-floor apartment building. This residential property is soon to be redeveloped into a modern 20-storey, 50 freehold-apartment edifice nestled within the vicinity of convenience, pleasure, and necessities. As it is in close proximity to 2 major expressways – PIE and CTE – with neighbouring amenities like shopping centres, supermarkets, food and entertainment establishments, as well as prestigious schools such as Hong Wen School, St Joseph's Institution (junior) and Bendemeer Secondary School, SingXpress Mansions brings people to optimum city living and beyond.

Waldorf Mansions put up for en bloc sale
By Ephraim Seow | Posted: 31 May 2010 2244 hrs

SINGAPORE: Waldorf Mansions, a freehold property in the Balestier area, has been put up for collective sale with an asking price of at least S$22.5 million.

The residential development site has an area of 11,384 sq ft.

The building, which was built in the 1990s, has 11 storeys with 16 apartments.

Under the 2008 Master Plan, the site is zoned for residential development with a gross plot ratio of up to 2.8 and has an allowable height of 36 storeys.

When the gross plot ratio is maximised, the total Gross Floor Area allowed is 31,875 sq ft.

Credo Real Estate, the marketing agent for the site, says the potential buyer may redevelop the site to accommodate a high-rise residential development with some 50 units of 600 square feet in size each.

It says that at the owners' asking price of S$22.5 million, this equates to S$709 per square feet per plot.

This is inclusive of a nominal development charge estimated to be S$104,000.

It also says the developer may expect to break even at about S$1,100 per square feet.

Executive director of Credo Real Estate Yong Choon Fah notes that as the existing 16 apartments come in five different types, each owner is expected to receive between S$840,000 and
S$2.6 million.

She also says this is 54 per cent higher than what the owners would have received if they had sold their units individually instead of through an en bloc sale.

The tender for Waldorf Mansions closes on June 29 at 2.30pm.

- CNA/ir

[hyenergix]

So the selling psf is around $1400 for 2 bedders. Hmm...it seems that new launch prices are not coming down yet.

I feel that Balestier is congested with traffic, budget hotels and apartments/condos. Besides, the psf is quite high for 1 bedder MM - around $1,700 psf for some condos e.g. Okio. Why would anyone pay such prices?

[wilander]

Area is cramped, congested, mishmash of semi-new and rundown, & messy. Perhaps reason why the HK developer likes it.

Viridian from global union is also not selling. good luck to them.

[azeoprop]

Update 6th Dec 2011.

[kane]

Azeoprop, you bought something here as well??

[azeoprop]

Just kaypo only...

[kane]

Just kaypo only...

I thought you went on a shopping rampage.