Henry Park Apartments offered for collective sale

[reporter2]

http://www.straitstimes.com/Money/St...ry_729224.html

Henry Park Apartments offered for collective sale

Published on Nov 1, 2011

By Cheryl Lim


A PRIME mixed-use development of homes and shops in District 10 has been put up for collective sale, the latest in a recent spate of such offerings.

Henry Park Apartments, off Holland Road, has a crescent-shaped frontage facing Henry Park Primary School.

It is the first time the four-storey development has been put up for sale. More than 80 per cent of the owners have agreed to sell the property.

The 999-year leasehold mixed-use project has a land area of 99,800 sq ft. A nearby state-land lot of 1,395 sq ft can be bought with the site, subject to approval and survey by the authorities.

With a gross plot ratio of 1.4, the two sites can be combined into a future development with a gross floor area close to 140,000 sq ft.

Owners of Henry Park Apartments are expecting to get offers of $170 million to $180 million for the site, which contains 48 apartments and 16 shop units.

This translates to a land price of about $1,216 per sq ft per plot ratio (psf ppr) to $1,287 psf ppr. If the state-land parcel is included in the deal, the expected price would hover between $1,200 psf ppr and $1,275 psf ppr.

Shop owners could each receive between $3.1 million and $4.8 million from the sale, while apartment owners could each gain between $2.2 million and $2.9 million.

Credo Real Estate, the agent for the sale, said it is unlikely buyers would have to pay a development charge for the site.

Its deputy managing director, Mr Tan Hong Boon, said buyers could turn the site into a self-contained condominium project that blends amenities and dining options with the surrounding greenery.

'The successful purchaser could choose to configure the commercial component into multiple strata title shops and sell the units individually, or they could retain the entire stake for investment while controlling the tenant mix.'

A similar mixed-use project in West Coast, Hong Leong Garden Shopping Centre, was sold to an Oxley Holdings-led consortium for $171 million in September.

The tender for the Henry Park Apartments site ends on Dec 1.

Meanwhile, Laguna Park is taking another stab at the collective sale market after lowering its price. Owners of its units have revised their reserve price from the $1.33 billion set in May to $1.25 billion. The tender for this sale closes on Dec 6.

[Leeds]

December 9, 2011, 3.33 pm (Singapore time)

Henry Park enbloc site sold to Far East for S$175.89m

By YEO AIQI
Credo Real Estate (Singapore) Pte Ltd on Friday reported that en bloc site at Henry Park was sold to Far East Organization for S$175.89 million, making it the largest en bloc deal by value this year.
The development, located directly opposite Henry Park Primary School, comprises 48 apartments and 16 shop units. The 999-year leasehold site has a land area of about 99,880 square feet.
More than 80 per cent of the owners had signed a collective sale agreement to sell the property.
'The sale is subject to Strata Titles Board approval. If approved, this would be the largest collective sale deal (by value) out of some 47 known deals concluded this year, the average of which has been a mere $60 million,' said Tan Hong Boon, deputy managing director of Credo Real Estate.
The successful purchaser of the development could configure the commercial component into multiple strata title shops and sell the units individually, or retain the entire stake for investment while controlling the tenant mix.
'With the sale, each apartment owner stands to receive gross sales proceeds of between $2.323 million and $2.879 million and each shop owner, between $3.23 million and $4.709 million,' Mr Tan added.

[avo7007]

So the new ABSD applies?

[hyenergix]

I would be surprised if ABSD doesn't apply here.