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Thread: Prime properties up for sale by tender

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    Default Prime properties up for sale by tender

    http://www.businesstimes.com.sg/sub/...35140,00.html?

    Published May 19, 2011

    Two redevelopment sites up for sale

    Consortium that bought 70 Shenton Way is selling the site while Elizabeth Tower is the latest collective sale

    By KALPANA RASHIWALA


    TWO redevelopment sites have been put on the market - Elizabeth Tower and 70 Shenton Way.


    70 Shenton Way: The office block has approval for redevelopment into a 60:40 commercial-residential project

    A five-member consortium which includes Roxy-Pacific Holdings which bought 70 Shenton Way for $148 million in April last year is now seeking to sell the office block, which has approval for redevelopment into a 60:40 commercial-residential project, at a price said to be around $270 million.

    This price works out to $1,583 per square foot per plot ratio (psf ppr) including an estimated $56.72 million for topping up the site's lease to 99 years from the balance term of 58 years and an estimated $6.93 million development charge (DC).

    This calculation is based on the new development retaining 70 Shenton Way's existing gross floor area of 210,729 sq ft.

    This is the maximum GFA allowed for the redevelopment under provisional permission granted by Urban Redevelopment Authority (URA) on Aug 31 last year and extended till Aug 31, 2011.

    However, property consultancy group DTZ, which is marketing 70 Shenton Way's sale through a tender exercise, said that the unit land price could potentially be lowered to $1,534 psf ppr if the successful developer is allowed to tap the maximum 10 per cent bonus gross floor area for balconies for the residential component of the proposed development.

    This would entail a higher DC of $11.2 million but a lower lease upgrade premium of $54.9 million (based on the lower unit land price).

    Such a scheme would take the potential GFA to 219,158 sq ft inclusive of the 8,429 sq ft bonus balcony allowance.

    URA's provisional permission is for a 32-storey project on the 19,736 sq ft site which will include shops on the ground floor.

    The proposed project will have mechanical carparking in basement 1, as well as conventional car park lots in a podium carpark on levels two to five.

    Above that will be offices, while 135 apartments will be spread across the 24th to 32nd levels. There will be three sky terrace levels - on the sixth, 14th and 23rd floors.

    Singapore Land Authority has granted in-principle approval for topping up the site's lease to 99 years, although the amount payable for this has not been made known yet.

    Besides Roxy-Pacific, the other members of the consortium which owns 70 Shenton Way are Fission Group, Macly Capital, Pinnacle Assets and architect Chee Hsian Sing. All five hold equal stakes.

    The tender for 70 Shenton Way will close on June 23.

    Roxy-Pacific executive chairman and CEO Teo Hong Lim told BT that while the consortium had originally planned to redevelop the site itself, it has now decided to try and sell the site through a formal tender process after receiving unsolicited enquiries from property agents keen on finding buyers for the site.

    'This will also give us an opportunity to ride on the increase in office capital values over the past year,' he added.

    'If the consortium does not get the kind of price we have in mind, we can still proceed to redevelop the property itself,' he added.

    Separately, the majority owners of the freehold Elizabeth Tower at Mount Elizabeth off Orchard Road have put their homes up for collective sale with an asking price of $630 million.

    The site is zoned for residential use with 2.8 plot ratio and 36-storey maximum height under Master Plan 2008. URA has verified the project's existing GFA reflects an equivalent gross plot ratio of 4.6474.

    Based on this, the $630 million price tags works out to $2,496 psf ppr (with no DC payable).

    However, the unit land price could potentially be lowered to $2,323 psf ppr assuming the successful developer is allowed to tap the maximum 10 per cent bonus balcony allowance, which would entail an estimated DC of $15 million being payable, according to Credo Real Estate, which is marketing the site.

    On both calculations, the breakeven cost for a new project would cross the $3,000 psf mark, say analysts. The tender for Elizabeth Tower closes on June 22.

    The $630 million price tag for Elizabeth Towers is lower than the $673 million asking price during the previous collective sale attempt for the property in late 2007.

    The last successful large-scale collective sale site sold in District 9 was Westwood Apartments, which transacted at $453 million or $2,525 psf ppr in 2007.

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    Default Two land sites at Orchard, Tanjong Pagar up for sale

    http://www.straitstimes.com/Money/St...ry_670070.html

    May 19, 2011

    Two land sites at Orchard, Tanjong Pagar up for sale


    TWO centrally located land sites were offered for sale to developers yesterday - one for commercial and retail use, the other for inner-city homes.

    Elizabeth Tower - a condo near Mount Elizabeth Hospital in the Orchard area - is a collective sale tender with an asking price of $630 million.

    More than 80 per cent of owners have consented to the sale tender as required by law, marketing agent Credo Real Estate said yesterday.

    The total gross floor area upon redevelopment of the 80-unit development is 277,682 sq ft, which includes an extra 10 per cent balcony gross floor area. Under the Master Plan 2008, 36-storey developments are permitted on the site.

    Credo said the new development could boast 132 apartments with an average size of 2,000 sq ft, depending on the layout and configuration.

    The $630 million asking price works out to $2,397 per sq ft per plot ratio (psf ppr), said Credo's managing director, Mr Karamjit Singh.

    If the buyer purchases the additional 10 per cent space permitted for balconies, the cost works out to $2,323 psf ppr, he added.

    At that price, a developer may expect to break even at about $3,000 psf to $3,100 psf, he said.

    The last successful large collective sale in the area was Westwood Apartments, which sold for $435 million or $2,525 psf ppr in 2007.

    The second property put up for sale yesterday was 70 Shenton Way, in the Tanjong Pagar district, at an indicative price of $270 million or $1,500 psf ppr.

    The site currently boasts a commercial development, Marina House, comprising a four-storey podium and a 17-storey office tower with a gross floor area of about 210,729 sq ft.

    Marketing agent DTZ said yesterday that the site has obtained provisional permission from the Urban Redevelopment Authority for the construction of a 32-storey mixed commercial and retail development.

    In-principle approval from the Singapore Land Authority has also been obtained for a top-up of the lease to 99 years. The lease has 61 years left.

    The tender for Elizabeth Tower closes on June22, while that for 70 Shenton Way will close a day later, on June 23.

    HARSHA JETHNANI

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    http://www.todayonline.com/Business/...sale-by-tender

    Prime properties up for sale by tender

    by Jo-Ann Huang Limin

    04:47 AM May 19, 2011


    SINGAPORE - An ultra-prime residential site in the Orchard Road area and a Shenton Way commercial property were put up for sale by tender yesterday.

    Separately, units at an industrial property zoned for light industrial use were also launched for sale.

    Elizabeth Tower, a residential property off Orchard Road, is up for collective sale with an asking price of S$630 million.

    Considered one of the two dozen ultra-prime residential sites in the area, the development has a land area of more than 54,000 sq ft, with 80 units sized at 2,000 sq ft to above 3,100 sq ft.

    Its marketing agent, Credo Real Estate, said Elizabeth Tower would be ideal for a new super-luxurious high-rise condominium.

    Credo said residents stand to receive between S$6.3 million and S$9.7 million, with penthouse owners pocketing at least S$14.2 million from the sale.

    Elizabeth Tower can be redeveloped into a 132-unit apartment building with an average size of 2,000 sq ft per unit.

    The tender for Elizabeth Tower will close in the afternoon on the June 22.

    Meanwhile, a Shenton Way commercial property belonging to Roxy-Pacific Holdings has also been put up for sale by tender. 70 Shenton Way is located about a three-minute walk from Tanjong Pagar MRT Station, said its sole marketing agent DTZ.

    The property comprises a four-storey podium and a 17-storey office tower with an existing gross floor area of 210,729 sq ft. It sits on a land area of 19,737 sq ft.

    DTZ added that the property could be redeveloped into a 32-storey "commercial and residential" project at a plot ratio of 10.677.

    The tender for the property closes on June 23.

    The new North Spring BizHub, located on Yishun Industrial Street 1, has also been launched.

    North Spring BizHub is a seven-storey light and general industrial development with direct vehicular access to every level, which can accommodate 40-ft-long containers.

    The industrial property was developed by Soilbuild Group Holdings.

    The 60-year leasehold North Spring BizHub comprises a total of 454 units sized at 1,507 sq ft to 36,511 sq ft. Most units have a column-free layout, with a floor-to-ceiling height of 7m.

    Units have a loading capacity of 12.5 kilonewton per sq m to 20 kilonewton per sq m.

    Colliers International, the marketing agent for North Spring BizHub, said the property is suited for businesses from clean, light and general industries such as research and development, printing and publishing, engineering, warehousing and manufacturing.

    Prices for North Spring Biz Hub start at S$478,000 or about S$311 per sq ft.

    The temporary occupation permit for the property is expected in 2013.

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    The tender for Elizabeth tower closes today, and that for 70 Shenton way tomorrow.
    Shall be interesting to see if they can attract any buyers

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    Any one knows the results of these two enbloc deals?

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    Any news about these two sites?

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    Is the enbloc done deal at Elizabeth Tower?

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    No deal done yet

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