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Thread: Iconic buildings among four properties headed for collective sale

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    Default CBD 'gem' Riverwalk, two residential sites up for sale

    Published June 26, 2007

    CBD 'gem' Riverwalk, two residential sites up for sale

    The residential sites are on Leonie Hill Rd and Upper East Coast Rd

    By UMA SHANKARI


    A PRIME commercial site and two residential sites have been put up for sale, the property firms marketing the sites said yesterday.


    Expected prices: Market watchers say The Riverwalk, which has 181 commercial units and 118 apartments, could fetch about $700 million. Knight Frank expects the 74-unit Rivershire to fetch about $348 million



    The Riverwalk, a commercial site in the heart of the central business district (CBD), is up for collective sale by expressions of interest, and market watchers estimate that the property could fetch about $700 million.

    The price works out to about $1,900 per square foot per plot ratio (psf ppr), inclusive of the cost of topping up the lease on the site from its present 72 years to 99 years (estimated at $69 million-$70 million) as well as a development charge (DC) of about $1.2 million.

    The 82,300-sq-ft site has a maximum plot ratio of 4.9 - giving it a maximum gross floor area of about 403,400 sq ft.

    Right now, The Riverwalk consists of 181 commercial units and 118 apartments. Jones Lang LaSalle (JLL), which is marketing the site, said owners with a total 60-70 per cent of share value have agreed to the collective sale.

    Under the rules, the property cannot be sold unless at least 80 per cent of owners agree to collective sale.

    'Coupled with the soaring property market and shortage in office space, The Riverwalk is definitely a rare gem in the CBD,' said Lui Seng Fatt, regional director at JLL.

    The expression of interest exercise will close at 3pm on July 26.

    The 74-unit Rivershire on Leonie Hill Road is also up for sale - for the second time. Property firm Knight Frank expects that the property will fetch about $348 million, or $2,200 psf ppr. There is no DC payable.

    The 56,400-sq-ft site was previously put on the market through an expression of interest exercise in April, where it was expected to fetch about $237 million - a land value of $1,500 psf ppr. But the asking price was not met. In addition, Knight Frank did not have the required 80 per cent owner consent then, the firm said.

    This time around, with the continued upturn in the property market and the 80 per cent-owner consent to the sale secured, Knight Frank is confident of getting the asking price.

    Rivershire has a 2.8 plot ratio and a height control of 36 storeys. The successful developer would be able to build an estimated 88 units averaging 1,800 sq ft each.

    'The strong take-up rates for high-end condominiums in the vicinity such as The Trillium, Tribeca and St Thomas Suites should increase the site's attractiveness to developers,' said Knight Frank. The tender will close at 3pm on July 24.

    And a bit further away from the centre of town, Rich East Garden, a 40-unit development at Upper East Coast Road, has also been released for sale by tender.

    The indicative price for the site is $92 million-$95 million, which translates to a land rate of about $630-$650 psf ppr, including an estimated DC of $330,000.

    The site has a land area of close to 105,000 sq ft and a 1.4 plot ratio, giving it a gross floor area of 147,000 sq ft. 'The site may be configured into approximately 83 apartment units with an average size of 1,200 sq ft, depending on layout and configuration,' said Karamjit Singh, managing director of Credo Real Estate, which is marketing the property. The tender closes at 2.30pm on July 31.

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    Default Iconic buildings among four properties headed for collective sale

    June 26, 2007

    Iconic buildings among four properties headed for collective sale

    By Joyce Teo, Property Correspondent


    TWO iconic buildings - The Riverwalk next to Boat Quay and Pearl Bank Apartments in Outram - could be torn down soon if their collective sales go through.

    Elsewhere, two other residential developments - in Leonie Hill and Upper East Coast - were also put up for sale by tender yesterday.

    However, it is the pair of eye-catching landmarks that have attracted the most interest.

    Jones Lang LaSalle yesterday put The Riverwalk, a mixed development in the central business district, up for sale through an expression-of-interest exercise that will close on July 26.

    The property, which houses businesses such as Home Club, has 181 commercial units ranging from 54 sq ft to 20,161 sq ft, plus 118 apartments ranging from 818 sq ft to 3,821 sq ft.

    Jones Lang LaSalle said it is zoned for commercial use and can be redeveloped into a building with a gross floor area of up to 403,351 sq ft.

    Its regional director and head of investments, Mr Lui Seng Fatt, said developers could build shops, offices or small office, home office units. Apartments cannot be built for now, as the Government has temporarily halted the conversion of commercial space to flats in the central region until the end of 2009.

    Owners of The Riverwalk want $700 million, up from the $500 million they asked for earlier. Developers will also have to pay a development charge and a premium to top up the lease, which could add up to about $70 million.

    The price, including the extra charges, could work out to $1,900 to $2,000 per sq ft (psf) of potential gross floor area, said market experts.

    The 280-unit Pearl Bank Apartments, completed in 1976, could be put up for sale soon for more than $500 million, said market watchers.

    While some owners are keen on a sale, some architects hope the building will be preserved.

    One had reportedly said that it should be kept because it represents the emergence of modern architecture in Singapore.

    The value of Pearl Bank has risen greatly recently, with a 1,323 sq ft two-bedroom unit sold last month at a record $1.07 million, said an ERA agent who brokered the deal.

    The property has an allowable plot ratio of 7.2 based on the 2003 masterplan, though some owners are hoping for a higher plot ratio to be approved, market sources said. Pearl Bank has two-storey maisonettes, penthouses and shops.

    And the 74-unit Rivershire at Leonie Hill Road has been put up for sale by tender at a revised price of $348 million or $2,200 psf of potential gross floor area. There is no development charge payable on the freehold site.

    Its previous asking price was about $237 million and the tender closes on July 24.

    At Upper East Coast Road, Credo Real Estate has put the 40-unit Rich East Garden up for sale, with an indicative price of $92 million to $95 million.

    This translates to $630 psf to $650 psf of potential gross floor area, including development charges. The tender closes on July 31.

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    Default Re: Iconic buildings among four properties headed for collective sale

    June 26, 2007

    Pearl Bank Apartments


    # The 280-unit development in Outram, which was completed in 1976, could be put up for sale soon for more than $500 million, say observers.

    # While some owners are on a sale, some architects hope the building will be preserved, with one reportedly saying that it should be kept because it represents the emergence of modern architecture here.

    # A 1,323 sq ft two-bedroom unit was sold last month for a record $1.07 million, as the value of homes shot up.

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    Default Re: Iconic buildings among four properties headed for collective sale

    June 26, 2007

    The Riverwalk


    # The mixed development, next to Boat Quay along the Singapore River, is on the market through an expression-of-interest exercise that will close on July 26.

    # It is zoned for commercial use and can be redeveloped into a building with a gross floor area of up to 403,351 sq ft. The developer could build shops, offices or small office, home office units.

    # The Riverwalk's owners - 181 commercial units and 118 apartments - are seeking a price of $700 million, up from the $500 million they asked for earlier.

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