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Thread: Lippo, CLSA sell out of Holland Collection

  1. #1
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    Default Lippo, CLSA sell out of Holland Collection

    Straits Trading said to be paying over $50m or close to $1,600 psf for the last 14 units

    A JOINT venture between Lippo Group and CLSA Capital Partners has sold the remaining 14 units in the 26-unit freehold development The Holland Collection at slightly over $50 million, BT understands.
    The deal is said to price the units, which include two, three and four-bedroom apartments, at nearly $1,600 per square foot on average. Straits Trading has been tipped as the buyer. The group developed the Gallop Gables and Gallop Green condos nearby.
    The five-storey Holland Collection, which is near the Singapore Botanic Gardens, is expected to be completed later this year. Analysts reckon Straits Trading is likely to hold the 14 units as a long-term investment, for rental income.
    Colliers International is understood to have brokered the sale. When Lippo and CLSA first released the project at Holland Road around April last year, the average price was indicated at about $2,000 psf.
    The luxury development is being built on the site of the former Aura Park, which Lippo bought in a collective sale deal in June 2007 for $1,280 psf of potential gross floor area - a high for the location. CLSA Capital Partners took a 50 per cent stake in the project a few months later.
    Despite the developers selling the remaining units at much lower prices under the bulk deal than the project's initial pricing, industry players reckon that Lippo and CLSA may break even or make a small profit. 'The saleable area is relatively high as the development is low rise, which means there's lot of garden areas which are included in the saleable area,' said a market watcher.
    The Holland Collection has 19 variations in layout, size and space configurations. Apartment sizes range from 1,281 sq ft to 3,606 sq ft, according to earlier media reports.
    Analysts say that bulk sales of apartments in new developments have slowed because of the Jan 13 property cooling measures. The loan-to-value limit on housing loans for non-individual buyers has been slashed to 50 per cent.
    In addition, punitive seller's stamp duty rates have been put in place. Those who buy a private residential property from Jan 14 and sell it within four years have to pay a seller's stamp duty of 16, 12, 8 and 4 per cent if they sell it in the first, second, third and fourth years respectively of purchase. As a result, the potential buying pool in this market segment has narrowed to cash-rich, long-term investors.
    'Developers wishing to sell unsold units in projects may have to give more attractive discounts to such bulk buyers, because their numbers are now more limited,' said an industry observer.

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    so who say high end developers got holding power??? from 2k psf down to 1600psf......hahaha

    developer bot the site at 1280psf....they sold 1600psf merely breakeven....haha...so much so for the holding power

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    we all know who said.

    highest psf for gallop green sold so far was 1750psf. so straits trading itchy? sell at 17xx older development to buy new one at 1600psf?

    but i feel gallop green is a much better project even if its older.


    Quote Originally Posted by devilplate
    so who say high end developers got holding power??? from 2k psf down to 1600psf......hahaha

    developer bot the site at 1280psf....they sold 1600psf merely breakeven....haha...so much so for the holding power

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    i really pity these 2 buyers who jus bot recently....

    53 Holland Road #02-02
    Freehold
    $2032
    1841
    $3741k
    05 Jan 11
    53 Holland Road #02-11
    Freehold
    $2005
    1841
    $3691k
    05 Jan 11


    super played out by developer....how can they simply give 400psf discount(20%) jus like dat to tat so called bulk purchaser

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    Quote Originally Posted by bargain hunter
    we all know who said.

    highest psf for gallop green sold so far was 1750psf. so straits trading itchy? sell at 17xx older development to buy new one at 1600psf?

    but i feel gallop green is a much better project even if its older.
    cud be cashflow equation....i really duno man

    in terms of location...their gallop definitely much better

    gallop green is clustered housing....so i tink psf 1750psf is quite high compared to holland collection which they bot for 1600psf

    pptyguru shows they r selling for 18xxpsf....all put guide price...
    Last edited by devilplate; 15-03-11 at 11:18.

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    note that they bot BEFORE the cooling measures. so its just too bad for them.


    Quote Originally Posted by devilplate
    i really pity these 2 buyers who jus bot recently....

    53 Holland Road #02-02
    Freehold
    $2032
    1841
    $3741k
    05 Jan 11
    53 Holland Road #02-11
    Freehold
    $2005
    1841
    $3691k
    05 Jan 11


    super played out by developer....how can they simply give 400psf discount(20%) jus like dat to tat so called bulk purchaser

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    Quote Originally Posted by bargain hunter
    note that they bot BEFORE the cooling measures. so its just too bad for them.
    how about those that bought glydebourne? those are cooked too.

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    Quote Originally Posted by devilplate
    so who say high end developers got holding power???
    bro dun get too excited . it's Lippo. some more a JV

  9. #9
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    HKSE down 1000 points and Nikkei future down 14%.

    a recession is coming back. mark my words, the cooling measures will be rescinded in 10 days.

  10. #10
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    Quote Originally Posted by stalingrad
    ...mark my words, the cooling measures will be rescinded in 10 days.
    u know I started to like you these days ... ha ha ha

  11. #11
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    its time for toilet paper to shine

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    Still doesn't change the fact the developers have no confidence to wait anymore. They are prepared to anger the early buyers, drop 20% (this is significant) to clear stocks. They don't even make much margin from this project. I'm never bullish on this locality.

    Quote Originally Posted by amk
    bro dun get too excited . it's Lippo. some more a JV

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    this project was launched after its neighbour, the one by Bt Sembawang, did well at 1800. I would say a fair price for them should have been 1800 anyway. Doing 2k is to capitalize on market sentiment then.

  14. #14
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    no leh, the neighbour, verdue, was launched almost 1 year before them, around mid 09, soon after the market bottomed. ave price was more like around 1600psf then!



    Quote Originally Posted by amk
    this project was launched after its neighbour, the one by Bt Sembawang, did well at 1800. I would say a fair price for them should have been 1800 anyway. Doing 2k is to capitalize on market sentiment then.

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    Oops u r right, 1600 is the magic number, similar to waterfall gardens

    In fact bt sembawang launched at the wrong time and started with 1400 only.

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    yup. but at that time, they were running into cash flow concerns and had to to something to assure investors and debtors so had to just "firesale" its verdure lor. dun think they had much of a choice then. all the higher end like cairnhill and paterson, they couldn't sell at that time, so that was the best choice. hmm...yeah, average price seems more like 1500psf hor...1400 to 1600 then.


    Quote Originally Posted by amk
    Oops u r right, 1600 is the magic number, similar to waterfall gardens

    In fact bt sembawang launched at the wrong time and started with 1400 only.

  17. #17
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    Prices are cooling down with world uncertainties....


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