Tai Keng Court goes en bloc

[Leeds]

Tai Keng Court up for collective sale

By CARINE LEE
Tai Keng Court, a freehold residential and commercial redevelopment site, was on Monday put up for collective sale by tender.
Over 80 per cent of the owners at the 56 strata apartments and 23 commercial units located in two 3/4 storey walk up blocks, have consented to the sale.
Located along Jalan Lokam and Upper Paya Lebar, the freehold site measures 103,798 sq ft and carries a gross plot ratio of 1.4 with an allowable building height of up to five storeys.
An adjoining state land of 463.4 sqm could potentially be amalgamated yielding a potential gross floor area of up to 152,301 sq ft for the combined site, subject to the relevant authorities' approval.
Jones Lang LaSelle said some 121 residential units of average size of 950 sq ft and 30 commercial units of average size of 700 sq ft could potentially be built on site.
The indicative price is in the region of $130 million, which translates to $903 per sqft per plot ratio, subject to the tender process. Approximately $1.33 million is payable for development charge.
The tender will close at 3pm on March, 21, 2012.

[Leeds]

Business Times - 14 Feb 2012
Tai Keng Court put up for collective sale
Adjoining state land of 4,988 sq ft could potentially be amalgamated: JLL
By MINDY TAN
A STEADY stream of collective sales has hit the market since the beginning of this year, with Tai Keng Court, a freehold residential and commercial development on Jalan Lokam, being the latest.
Consisting of 56 strata apartments and 23 commercial units located in two blocks, the freehold site has an area of 103,798 sq ft, and is zoned 'commercial and residential' with a gross plot ratio of 1.4.
It has an allowable building height of up to five stories.
An adjoining state land of some 4,988 sq ft could potentially be amalgamated, yielding a potential gross floor area (GFA) of up to 152,301 sq ft for the combined site, subject to the relevant authorities' approval, said marketing agent Jones Lang LaSalle.
Some 121 residential units with an average size of 950 sq ft and 30 commercial units of an average 700 sq ft could potentially be built on the site, it added.
The indicative price for the development is $130 million; approximately $1.325 million is payable for the development charge.
Based on a GFA of 145,317 sq ft, this translates to some $903 per square foot per plot ratio (psf ppr).
'The site is conveniently located within an established residential area. The commercial component enables the successful bidder to incorporate retail amenities as well as food and beverage outlets in the new development,' said Quek Soh Hoon, national director and head of commercial, investments at Jones Lang LaSalle.
'Such integrated developments are well received as evident in recent launches such as The Hillier, Watertown @ Punggol and Bedok Residences,' she added.
The site is located near Bartley MRT station, Serangoon MRT and interchange station, NEX Mega Mall and Kovan Heartland Mall.
In addition, schools such as Paya Lebar Methodist Girls' School, Maris Stella High School, St Gabriel's Secondary School, Cedar Primary and Cedar Girls Secondary schools, Stamford American International School and Australian International School are located nearby.
The tender exercise for Tai Keng Court closes on March 21.
Since January, a flurry of collective sales has hit the market.
Residential development Royalville, on Bukit Timah Road, and Ming Arcade, a commercial development off Orchard Road, were put up for collective sale for a second time in January this year, with a reduced asking price.
Jade Towers, located along Lew Lian Vale, too, was launched on the en bloc market. The tenders for these three sites will close this week.
Asia Gardens, an 84- unit condominium development on Everton Road, was launched with an indicative pricing of between $302.6 million and $307.7 million, which translates to about $1,500 to $1,525 psf ppr. The tender for Asia Garden closes on Feb 29.
Meanwhile, two freehold residential sites in Balestier were put up for collective sale by tender earlier this month. The indicative price for both plots translates to $940 psf ppr, based on an indicative pricing of $68 million and $81 million, respectively.
The tenders for the sites close on March 1.
The day after the Balestier sites were put up for collective sale, Crystal Tower, located off Bukit Timah Road, was re-launched for en bloc sale, together with Seletar Garden, which consists of 30 units along Cactus Road.
Crystal Tower, a 28- unit, 11-storey residential development, was offered for about $150 million, which translates to $1,458 psf ppr. When it was first tendered in July last year, the indicative price was $155 million, or $1,600 psf ppr.
Seletar Garden was offered for $80 million to $85 million, which translates to $712 to $751 psf ppr.
The tender exercises for the two projects close on Feb 27 and March 7, respectively.

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.

[ysyap]

Its about time... the building is so old already... and the carpark is so so huge...

[hyenergix]

Its about time... the building is so old already... and the carpark is so so huge...

Location cannot make it...

[stl67]

Location cannot make it...

the location is not bad leh.... so near to KPE and PIE, CTE.....from there to suntec using KPE only about 10 km.... I know because I nearly got a place in Jalan Lokam next to my good friend..

but if you refer to the asking price, i think a bit on the high side..

[ysyap]

Location cannot make it...

Location is history already... remember many people complained about Minton location but its about sold out le... people complained ATT cannot make it but take up was v strong. Then people say WT so far why so exp but people still rushed in to buy... location is only an excuse for distraction so the others can rush in to buy...

[hyenergix]

Location is history already... remember many people complained about Minton location but its about sold out le... people complained ATT cannot make it but take up was v strong. Then people say WT so far why so exp but people still rushed in to buy... location is only an excuse for distraction so the others can rush in to buy...

I think of tenants n future buyers...

[ysyap]

I think of tenants n future buyers...

I suspect this location favors own stay more than investment...

[chiaberry]

Don't diss this location. I grew up in that neighbourhood. My family home is in that neighbourhood. Long long before all this KPE/MRT was available. Now apparently it is very convenient due to being close to the KPE. But even in the past, I could go anywhere by bus as a teenager easily(Katong/Meyer area for music lessons, town for shopping, Orchard/Bukit Timah for school/JC).

[ysyap]

Don't diss this location. I grew up in that neighbourhood. My family home is in that neighbourhood. Long long before all this KPE/MRT was available. Now apparently it is very convenient due to being close to the KPE. But even in the past, I could go anywhere by bus as a teenager easily(Katong/Meyer area for music lessons, town for shopping, Orchard/Bukit Timah for school/JC).

Yup yup... I also stayed there for many years... My parents' house is still there... Lol!

[chiaberry]

Yup yup... I also stayed there for many years... My parents' house is still there... Lol!

haha maybe we met before! My parents house not in Tai Keng gardens but in Thrift Drive. But I think I would be older than you.

[fclim]

Location cannot make it...

What's so bad about the location?

[howgozit]

Will the fighter jets in the nearby paya lebar airbase be problem?

[gn108]

Perhaps we need to compare location to the indicative ppr - think like a developer would.
I reckon asking is too high for this moderate location in this lukewarm time.

What's so bad about the location?

[stl67]

Perhaps we need to compare location to the indicative ppr - think like a developer would.
I reckon asking is too high for this moderate location in this lukewarm time.

With plot ratio of only 1.4, i think it is a bit high.. not sure what is the efficiency usage (the current land usage)..

[fclim]

Perhaps we need to compare location to the indicative ppr - think like a developer would.
I reckon asking is too high for this moderate location in this lukewarm time.

The Greenwich average transacted price $1,400 psf wor. Tat one 99 yrs somemore. Good location anot? 90% sold okay!

[ysyap]

haha maybe we met before! My parents house not in Tai Keng gardens but in Thrift Drive. But I think I would be older than you.

Yup... I always drive out to main road, I'll pass Thrift Drive and wonder why is this place called thrift drive... lol! Yup... I used to jog there a lot so maybe met before.... LoL!

[chiaberry]

Yup... I always drive out to main road, I'll pass Thrift Drive and wonder why is this place called thrift drive... lol! Yup... I used to jog there a lot so maybe met before.... LoL!

LOL! I used to take walks to Tai Keng and practised my driving around there when I was learning. We rented a terrace in Tai Keng gardens when our house was being renovated.

The old shophouses are still there on Thrift Drive (where the old provision shop and laundry shop used to be). Wonder who they belong to and whether they will be redeveloped any time.

[ysyap]

The coffeeshop there had changed hands so many times until now I lost touch what is there already coz not staying there...

[hyenergix]

What's so bad about the location?

No MRT and amenities nearby (within 10 min walk). Traffic is very congested now, and buses are subjected to traffic jams. It will only get worse. Better stay near to MRT stations.

[ysyap]

No MRT and amenities nearby (within 10 min walk). Traffic is very congested now, and buses are subjected to traffic jams. It will only get worse. Better stay near to MRT stations.

It makes sense for investment units to be near MRT but for own stay and for those who drive, whether poor traffic or good traffic conditions, it makes sense to stay near major expressways...

[hyenergix]

It makes sense for investment units to be near MRT but for own stay and for those who drive, whether poor traffic or good traffic conditions, it makes sense to stay near major expressways...

If e price is below $900 psf n FH, i dun mind.

[fclim]

No MRT and amenities nearby (within 10 min walk). Traffic is very congested now, and buses are subjected to traffic jams. It will only get worse. Better stay near to MRT stations.

No amenities? This is commercial/residential. There will be 30 shops located just below the units! Likely to be eateries and convenience stores.

Can you explain why Greenwich V/The Greenwich can be 90% sold at average of $1,400 psf even though got no MRT and 99 LH?

Wah, your sense of good location means 90% of Singapore cmi. Yea, WT is much much better than Great World City.

btw, I am not vested nor I intend to.

[fclim]

If e price is below $900 psf n FH, i dun mind.

Ok. Wait long long.

[hyenergix]

Ok. Wait long long.

Yeah, I can wait Hopefully buyers find value in what they r paying for. Most impt is to suit budget n lifestyle.

[fclim]

Yeah, I can wait Hopefully buyers find value in what they r paying for. Most impt is to suit budget n lifestyle.

Agree, sure. But, many have been waiting too since 2009.

The MRT factor is such a dominant consideration today that developers seem to be taking advantage. For example, Bartley Residences is pricing at $1,200 psf out of NOTHING, but the fact that it is next to MRT. 1 km away, Minton going for $800+ psf. That's $400+ psf difference. For a 1,200 sq ft unit, it translates to $500K difference in quantum.

Will people bite? Unfortunately, in today's context, yes.

[mcmlxxvi]

Agree, sure. But, many have been waiting too since 2009.

The MRT factor is such a dominant consideration today that developers seem to be taking advantage. For example, Bartley Residences is pricing at $1,200 psf out of NOTHING, but the fact that it is next to MRT. 1 km away, Minton going for $800+ psf. That's $400+ psf difference. For a 1,200 sq ft unit, it translates to $500K difference in quantum.

Will people bite? Unfortunately, in today's context, yes.

General impressionable public not as wise nor far-sighted (literally) as you to look beyond 500m radius from where they are standing. What do you expect from them the people who will complain if made to walk more than 500m to mrt to get to work.

[mcmlxxvi]

No amenities? This is commercial/residential. There will be 30 shops located just below the units! Likely to be eateries and convenience stores.

Can you explain why Greenwich V/The Greenwich can be 90% sold at average of $1,400 psf even though got no MRT and 99 LH?

Wah, your sense of good location means 90% of Singapore cmi. Yea, WT is much much better than Great World City.

btw, I am not vested nor I intend to.

My recent visit to this exact Green Witch project quoted exact 1400psf although they built in EVERYTHING and i do mean almost EVERYTHING even the murphy bed according to the china boy agent which i seriously doubt. But fixtures like loft, glass side panes, high book shelf like storage all provided. But i was still so shocked by the pricing for that ulu location which agent conceded only have rental potential from the aerospace hub and nothing much else around. I even left giving them peace of mind that they are the ones causing these CMs when they say they are not affected by the CMs. Its really the Wicked Witch of the West... Oh i should say East.

[hyenergix]

Agree, sure. But, many have been waiting too since 2009.

The MRT factor is such a dominant consideration today that developers seem to be taking advantage. For example, Bartley Residences is pricing at $1,200 psf out of NOTHING, but the fact that it is next to MRT. 1 km away, Minton going for $800+ psf. That's $400+ psf difference. For a 1,200 sq ft unit, it translates to $500K difference in quantum.

Will people bite? Unfortunately, in today's context, yes.

Yes, I also dun like to walk > 500m under the sun or rain. I tot Bartley Residences is quoted $1300 psf here. Crazy prices, but developer can hold because there are less and less sites beside MRT.

Future land prices beside MRT confirm will go higher, in tandem with COE and taxi fares. Our economy is still quite okay. Many people thought after CMs prices are lower and are looking to buy. But they are wrong about new launches - they are going higher in terms of psf. CMs won't target developers directly. Cash cows like developers won't be slaughtered.

[DC33_2008]

Furthermore, this is 99LH and not even 999LH.

Yes, I also dun like to walk > 500m under the sun or rain. I tot Bartley Residences is quoted $1300 psf here. Crazy prices, but developer can hold because there are less and less sites beside MRT.

Future land prices beside MRT confirm will go higher, in tandem with COE and taxi fares. Our economy is still quite okay. Many people thought after CMs prices are lower and are looking to buy. But they are wrong about new launches - they are going higher in terms of psf. CMs won't target developers directly. Cash cows like developers won't be slaughtered.