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Thread: Pacific Mansions guns for record en bloc price

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    Default Pacific Mansions guns for record en bloc price

    Saw the news in 938live that Pacific Mansions in D9 is put up for enbloc for $2400 psf ppr!

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    Default Re: Pacific Mansions En Bloc!

    Record home sale prices causing unrealistic seller expectations

    By Daryl Loo, Channel NewsAsia | Posted: 18 June 2007 2027 hrs


    SINGAPORE: The booming property market has led to record-breaking transactions being made almost every week.

    While this may be seen as evidence of optimism in the property sector, some market-watchers say it may cause sellers to have unrealistic expectations for the value of their homes.

    Private home prices have been on a steep uphill climb with the high-end luxury sector leading the pack.

    And in recent weeks, several HDB units have hit record-breaking numbers.

    A five-room flat in Jalan Membina went for S$675,000, while a unit in Kim Tian Place fetched S$720,000, smashing all previous records set for HDB five-room flats.

    Tay Huey Ying, Director of Research, Colliers International, said: "The extreme increases in prices nowadays probably stem from some purchasers who may have already factored in en bloc premium or who have successfully sold their properties through collective sale and have reaped some windfall.

    "My advice to potential purchasers is to study recent transactions very carefully and possibly disregard some of these exceptional sales transactions as they may not reflect the current condition."

    Still, the property market continues on its heady ascent with news over the weekend that homeowners at The Ardmore stand to gain a whopping S$11 million each, following the en bloc sale of the property at over S$2,300 per square foot per plot ratio.

    [B]Pacific Mansion has also been put on the market, asking for an even higher price of S$2,400 per square foot per plot ratio.[/B]

    While some of these high prices could turn out to be the exception rather than the norm, market watchers say they may cause home-sellers to ask for unrealistic prices.

    Just three months ago, a 1,600 square foot unit at Cashew Heights changed hands for S$770,000. Now, a unit of the same size, that was put up for sale this month, is asking for nearly double of that amount.

    Eric Cheng, Senior Division Director, PropNex, said: "Due to the recent record prices that have been set, most owners are expecting to set new records for their own units.

    "It's the norm for homeowners to ask beyond the expected price because if they undersell their properties right now, it would be tough for them to get their hands on the next property. But if they overprice or if they are not realistic with their current price, they may not even conclude a deal."

    Private home prices rose 4.8 percent in the first three months of this year and are predicted to go up as much as 25 percent for the full year.


    - CNA/so

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    Default Re: Pacific Mansions En Bloc!

    siao leow... if it goes thru, really no turning back for prime property.

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    Default Pacific Mansions guns for record en bloc price

    June 19, 2007

    [SIZE="5"][B]Pacific Mansions guns for record en bloc price[/B][/SIZE]

    By Fiona Chan, Property Reporter


    [SIZE="1"]AIMING HIGH: The owners of the 290-unit, 45-year-old development in River Valley hope to fetch a combined $1.18 billion, or $2,400 psf ppr, in a collective sale. PHOTO: SAVILLS SINGAPORE[/SIZE]

    THE en bloc bonanza reaped by the record-setting The Ardmore on Sunday has prompted the owners of Pacific Mansions units to shoot for an even higher price.

    They hope to sell their 45-year-old development in River Valley Close for around $1.18 billion, or $2,400 per sq ft per plot ratio (psf ppr) - pocketing about $4 million each in the process.

    That price - if achieved - would top The Ardmore's record $2,338 psf ppr and make the estate the first to cross the $1 billion mark for a collective sale.

    Only Farrer Court in Farrer Road, with a $1.5 billion price tag, is asking for more.

    The Ardmore sale has 'given us greater confidence that what we're expecting is not unrealistic', said Mr Steven Ming, director of investment sales at Savills Singapore, which is marketing the site.

    He added that the estate has already received 'some interest from local and overseas developers'.

    But some market players were sceptical about such a high asking price yesterday.

    'It's quite a shock,' said one consultant. While Pacific Mansions is well located, The Ardmore's record price comes from its ultra-prime spot in one of Singapore's priciest residential enclaves.

    Pacific Mansions will escape a development charge because it is already built up to more than the official plot ratio. The 128,306 sq ft site now has a total floor area of 493,223 sq ft.

    A 36-storey project with 130 units of 3,800 sq ft each can be built on the site.

    Pacific Mansions has 290 units, and each owner will get $3.9 million to $4.2 million if the sale succeeds. This is more than double what each unit can fetch individually. According to caveats, a 1,356 sq ft unit was sold last month for $1.8 million, or $1,327 psf.

    Two other estates also went on sale yesterday.

    Dynasty Garden Court 1 in Sixth Avenue is asking for $72 million to $74 million, or $1,043 to $1,072 psf ppr.

    The 69,017 sq ft site is slated for landed housing, said Credo Real Estate, which is handling the sale. About 20 pairs of semi-detached homes can be built on the site and sold for about $3.5 million each.

    Chancery Ville in Chancery Lane is also going for a collective sale with its owners asking at least $28.5 million for the 26,463 sq ft estate. But marketing agent Newman & Goh said the expected price would be nearer $30 million.

    This would work out to about $1,100 psf ppr, including an estimated development charge of $330,000.

    The site can be redeveloped to build 10 units of strata bungalows or 12 units of strata semi-detached houses.


    [B]After big bucks[/B]

    # If the sale goes through, unit owners at the ageing development stand to pocket between $3.9 million and $4.2 million each.

    # The targeted sale price of about 2,400 psf ppr - if achieved - would top The Ardmore's record $2,338 psf ppr set just two days ago.

    # On the high expected price, Savills' Mr Ming says the sale of The Ardmore has 'given us even greater confidence that what we're expecting is not unrealistic'.

    # Pacific Mansions and Farrer Court in Farrer Road, which has a $1.5 billion price tag, are the only estates asking for over $1 billion in the total sale price.

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    Default Re: Pacific Mansions guns for record en bloc price

    Published June 19, 2007

    [SIZE="5"][B]Pacific Mansions put on the market for $1.18b[/B][/SIZE]

    [B]At $2,400 psf ppr, asking price tops transacted price of The Ardmore[/B]

    By ARTHUR SIM


    MORE billion-dollar property deals could be on the way if developers continue to see upside in the collective sales market.


    [SIZE="1"]Pacific Mansions: The asking price reflects a potential 130-unit 'super luxury' development with units of 3,800 sq ft each. With the breakeven cost estimated at $3,200 psf, the eventual launch price could be around $3,600 psf
    [/SIZE]
    With $1.5 billion already asked for Farrer Court in the Holland area, Pacific Mansions in River Valley is now on offer for $1.18 billion or about $2,400 per square foot per plot ratio (psf ppr).

    The 45-year old residential development is on a site of 128,306 sq ft. Savills, which is brokering the collective sale, says approval has been granted by the Urban Redevelopment Authority for a redevelopment up to a permissible gross floor area (GFA) of 493,223 sq ft.

    This exceeds the permissible plot ratio of 2.8 as indicated in the 2003 Master Plan. Therefore, no development charges are payable.

    At $2,400 psf ppr, Pacific Mansions will cost more than The Ardmore which was transacted at $2,338 psf ppr on Sunday.

    Savills Singapore director of investment sales Steven Ming says the price of Pacific Mansions reflects a potential 130-unit 'super luxury' development with units of 3,800 sq ft each.

    Based on a 130-unit luxury development with a breakeven cost of $3,200 psf, the eventual launch price could be around $3,600 psf, adds Mr Ming.

    Earlier this month, Soilbuild sold eight mid and upper-floor apartments at Leonie Parc View for $3,000-$3,400 psf, and Mr Ming believes the nearby River Valley area will benefit from this. 'River Valley is undervalued, given its proximity to Leonie Hill,' he said.

    Whether the Pacific Mansions site can support these prices will be known when the tender closes on July 26. Savills will also be marketing the site through its offices in Hong Kong, China, Japan, Europe and the UK.

    The owners of Pacific Mansions could each make $2,200 psf of strata area - an estimated premium of 140 per cent to the average current transaction price (since January) of about $900 psf.

    The tender for Farrer Court closes soon. It is being marketed by Credo Real Estate, whose managing director Karamjit Singh says a deal could be announced as early as next week.

    Meanwhile, Credo has said it is marketing a landed residential redevelopment site in Sixth Avenue with an indicative price of $72 million to $74 million.

    Called Dynasty Garden Court 1, the development comprises 18 units of walk-up apartments housed in two three-storey blocks. The land area is 69,017 sq ft.

    Mr Singh says that according to a study by an architect Credo commissioned, the developer could possibly configure 20 pairs of three-storey strata semi-detached houses on the site at an estimated selling price of $3.5 million each.

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