http://www.straitstimes.com/Money/St...ry_776004.html

Seletar Garden sold en bloc for $96.2m

Published on Mar 10, 2012

By Gan Yu Jia


SELETAR Garden, a freehold mixed development of walk-up flats and shops, has been sold en bloc for $96.2 million - well above expectations.

The price translates to $890 per sq ft per plot ratio (psf ppr), assuming a mix of 25 per cent commercial and 75 per cent residential units.

The owners had asked for $80 million to $85 million, or $712 psf ppr to $751 psf ppr. The buyer is a consortium led by Oxley Holdings.

The deal, said by industry watchers to be the 'first reported successful collective sale in 2012' out of the eight sale sites whose tenders closed this year, was concluded after a competitive five-cornered contest.

Each apartment owner is expected to receive gross sales proceeds of between $2 million and $2.3 million, while the range is between $5 million and $5.4 million for shop owners.

Ms Yong Choon Fah, executive director of property consultant firm Credo Real Estate, which handled the sale, suggested that the area's proximity to the upcoming Seletar Aerospace Park was a major attraction.

'We believe there will be great demand for a new development on this site from people working in the aviation industry who want to live near their workplace,' she said.

Ms Yong added: 'Given Seletar Garden's sizable land area and mixed-use zoning, the developer has great flexibility to design a unique condominium development, with a modern and exciting commercial cluster.'