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Thread: Freehold Kismis flats sold en bloc for $84m

  1. #1
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    Default Kismis Lodge

    SINGAPORE : Kismis Lodge, a freehold residential development located at Lorong Kismis in Upper Bukit Timah, was successfully sold to Newfort Alliance (Cairnhill) Pte Ltd for S$84.8 million.

    The sale price translates to S$1,198 per square foot, or a gross sale price of about S$1.3 million each unit.

    Brokered by property consultants Jones Lang LaSalle, this is the third en bloc sale deal completed this year.

    "The ample living space within a landed property appeals to multi-generational families," said Yong Choon Fah, National Director of Investments at Jones Lang LaSalle.

    "Despite the few rounds of property cooling measures, the demand for landed developments are expected to be fairly strong because the target market for landed developments are mainly Singaporean families," Ms. Yong added.

    Built in the 1970s, Kismis Lodge comprises 64 units of walk-up apartments housed in two 4-storey blocks.

    - CNA/ch

  2. #2
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    Default

    Wah, what will be the launch price be like?

  3. #3
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    Default

    $1.3m per unit not a lot leh... guess some owners are glad to be rid of a run down apartment at a decent / good price (bearing in mind their original cost).

    Quote Originally Posted by CondoInterested
    Wah, what will be the launch price be like?

  4. #4

    Default

    wat did I say about enbloc as new investment strategy 2 months ago ?

    http://forums.condosingapore.com/sho...8&postcount=61

    Now you believe I GOT THIRD EYE LIAO BO?

  5. #5

    Default

    You wanna know more from me ? Say I handsome la, maybe I will consider.

  6. #6
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    Default

    Hi Leo Cheng,

    You are so handsome, but why do you always hide your words of wisdom in the 疯言疯语 ?

    Have a nice day.

  7. #7
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    Default

    Quote Originally Posted by Mary Lee
    Hi Leo Cheng,

    You are so handsome, but why do you always hide your words of wisdom in the 疯言疯语 ?

    Have a nice day.
    Dear pretty sister, i have no choice-this world is full of evil. I have to act blur.

    anyway, thanks for ur kind words

  8. #8
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    Default

    Quote Originally Posted by blackjack21trader
    Dear pretty sister, i have no choice-this world is full of evil. I have to act blur.

    anyway, thanks for ur kind words
    BTW, would anyone in this forum protect me if I share the Information in all its glorious naked form?

    I dun think so la.

  9. #9
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    Oct 2012
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    Default

    Quote Originally Posted by blackjack21trader
    BTW, would anyone in this forum protect me if I share the Information in all its glorious naked form?

    I dun think so la.
    Hi brother,

    Don't worry. Keep your style if you like. It's just that I don't fully understand the deep meaning of your words sometimes. I am a beginner. It's my own problem, not yours.

  10. #10
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    Default Deception and Confusion

    “Sigh no more, ladies, sigh no more,
    Men were deceivers ever,
    One foot in sea and one on shore,
    To one thing constant never.”
    ― William Shakespeare, Much Ado About Nothing

  11. #11
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    Default Freehold Kismis flats sold en bloc for $84m

    http://www.businesstimes.com.sg/arch...c-84m-20130326

    Published March 26, 2013

    Freehold Kismis flats sold en bloc for $84m

    By Felda Chay


    KISMIS Lodge, a development comprising a pair of freehold, walk-up apartments near Toh Tuck Road, has been sold through a collective sale to a consortium of private investors.

    Newfort Alliance (Cairnhill) paid $84.18 million, slightly under the $90 million the mixed landed site was expected to fetch when it was put up for sale earlier this year.

    The sale price works out to $1,198 per square foot (psf) over land area. Kismis Lodge, built in the '70s, has a land area of 70,283 sq ft, and is zoned for a three-storey mixed landed development under the 2008 Master Plan. No development charge is payable.

    The deal is the third collective sale this year.

    The buyer, Newfort Alliance (Cairnhill), is linked to Newfort Realty, which late last year purchased the freehold Chateau Eliza on Mount Elizabeth through a collective sale for $92.2 million. Talk in the market is that Newfort Realty's owners include the Tan family, who control the Fortune Group.

    For Kismis Lodge's owners, the deal is a success, given that the development failed to find buyers when it was first put up for sale last year; back then, the owners asked for between $90 million and $95 million, or $1,281 to $1,352 psf.

    Newfort's purchase nets the owners a gross sale price of approximately $1.32 million each, said Jones Lang LaSalle, which brokered the deal.

    There are 64 units in the two blocks, each four storeys high.

    Based on the prevailing guidelines for strata landed developments drawn up by the Urban Redevelopment Authority (URA), Newfort could possibly build up to 43 terrace houses or 32 semi-detached houses, subject to approval, said Yong Choon Fah, the national director of investments at Jones Lang LaSalle.

    She said: "In recent years, there have been few landed housing projects launched in Upper Bukit Timah. Despite the few rounds of property cooling measures, the demand for landed developments are expected to be fairly strong because the target market for landed developments are mainly Singaporean families.

    "The ample living space within a landed property also appeals to multi-generational families."

  12. #12
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    Default Kismis Lodge sold en bloc for $84.2m

    http://www.straitstimes.com/archive/...-842m-20130326

    Kismis Lodge sold en bloc for $84.2m

    Published on Mar 26, 2013

    By Rachel Scully


    KISMIS Lodge, a freehold residential development set among the landed housing estates of Upper Bukit Timah, has been sold en bloc for $84.18 million.

    The owners will get about $1.315 million each in the collective sale to Newfort Alliance (Cairnhill). Newfort is made up of a group of local investors interested in real estate development.

    This is their second purchase after buying residential estate Chateau Eliza, at Mount Elizabeth, for $92.2 million last September.

    The Kismis Lodge development comprises 64 units of walk-up apartments housed in two four-storey blocks, built in the 1970s.

    The collective sale was brokered by property consultants Jones Lang LaSalle (JLL).

    In a statement, Ms Yong Choon Fah, national director of investments at JLL, said: "More than 80 per cent of the owners have consented in writing to Newfort's offer of $84.18 million, which translates to $1,198 psf...

    "Kismis Lodge is zoned for three-storey mixed landed development under the 2008 Master Plan. No development charge is payable."

    She added that the sale is subject to Strata Titles Board approval, and could be the largest mixed landed site sold collectively this year.

    Based on the current guidelines by the Urban Redevelopment Authority, Newfort could build as many as 43 terraced houses or 32 semi-detached houses, subject to approval.

    Kismis Lodge off Toh Tuck Road sits on 70,283 sq ft of land.

    JLL also said: "Despite the few rounds of property cooling measures, the demand for landed developments is expected to be fairly strong because the target market is mainly Singaporean families.

    "The ample living space within a landed property also appeals to multi-generation families."

    It was reported in January that the owners were expecting a $90 million sale, which translates to $1.4 million per household.

    Ms Yong said that each strata terrace at the newly developed site could fetch as much as $3.5 million to $4 million.

    This sale marks the third successful collective sale deal done this year.

    [email protected]

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