http://www.businesstimes.com.sg/sub/...87140,00.html?
Published November 15, 2011
Three sites in Upper Thomson, Lavender, Mt Elizabeth for sale
By MINDY TAN
THREE sites are being launched for sale by public tender today.
The first, Thomson View Condominium, has a total land area of 540,314 sq ft, and is zoned for residential use, with a gross plot ratio of 2.1, and a maximum height of up to 24 storeys.
It is being launched with an indicative asking price of $595 million to $635 million. This price range works out to a unit land price of about $694 to $732 psf ppr, inclusive of lease upgrading premium, differential premium, and assuming the developer taps the 10 per cent balcony allowance.
Marketing agent HSR could not provide the unit land price excluding the balcony allowance.
Located along Upper Thomson Road, Thomson View Condominium, which has 65 years left on its lease, currently comprises 200 residential apartments (between 1,313 sq ft and 2,023 sq ft), 54 townhouses (3,824 sq ft) and one shop lot (1,862 sq ft).
According to HSR, a future luxury development can yield about 1,012 units of apartments averaging 1,100 sq ft per unit and 33 strata landed houses averaging 2,500 sq ft. A new development is expected to fetch a minimum of $1,350 psf to $1,600 psf.
The tender closes on Jan 12 at 3pm.
In a separate launch, two adjoining freehold prime sites (165 and 167 Tyrwhitt Road) located off Lavender Street, with a total land area of 24,265 sq ft, are being jointly marketed by Colliers International and Knight Frank at an indicative pricing of $36 million to $40 million. This translates to a land price of $500 to $550 psf ppr.
The site, which is zoned 'residential', with 'commercial' at first storey, has a plot ratio of three, and has the potential to be turned into a six-storey commercial-cum-residential development with gross floor area of 72,795 sq ft.
'Looking at recent brisk sales of residential projects outside central region and comparable sales of apartments at the nearby Tyrwhitt 139 done at around $1,400 psf, the subject site is likely to have a good level of demand from developers who are looking for smallish sites,' said Mary Sai, executive director (commercial resale), Knight Frank.
The tender will close on Dec 8 at 3pm.
Chateau Eliza, a freehold residential redevelopment site along Mount Elizabeth was also launched for sale yesterday, with a guide price of $111 million to $115 million. This translates to a land price of $2,099 psf ppr to $2,174 psf ppr based on the proposed gross floor area of 52,887 sq ft that a new development could build on the site. No development charge is payable.
According to marketing agent Knight Frank, breakeven cost is expected to be around $2,700 psf to $2,800 psf.
Chateau Eliza has a land area of approximately 17,997 sq ft, and currently comprises 37 residential apartments, with unit sizes ranging from approximately 829 sq ft to some 3,337 sq ft. The tender will close on Dec 15 at 3pm.
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