6 units up for bulk sale at 8 Nassim Hill

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http://www.businesstimes.com.sg/arch...-hill-20130415

Published April 15, 2013

6 units up for bulk sale at 8 Nassim Hill

Developer gets feelers from prospective buyers for units kept as investment property

By jasmine ng


SIX freehold residences at 8 Nassim Hill have been put on the market for bulk sale with a price tag of $58 million to $59 million.

The condominium project, which boasts 16 luxury triplex apartments with private rooftop pools and gardens, was officially up for sale in early 2010. So far, only 10 units have been sold.

It is developed by Tennessee, a joint venture project between Shing Kwan and BBR Holdings.

Marketing agent of the development Savills said the six unsold units are made up of three penthouses and two townhouses - sized between 3,218 and 4,338 square feet each - as well as a corner townhouse of 5,759 sq ft.

"The developer had planned to keep the units as an investment property for recurring rental income. However, in recent weeks, they have received unsolicited interests to acquire the units," said Steven Ming, Savills' deputy managing director and head of investment sales.

The six apartments have an average guide price of between $2,400 and $2,450 per square foot (psf), or between $58 million and $59 million for all the units.

The average sale price of the 10 units sold was about $3,060 psf, with the highest at $3,316 psf. The last sale done in April 2012 worked out to about $2,719 psf.

Savills estimates there are about 320 units of freehold non-landed residence currently with a Nassim address that are not wholly held by a single landlord for lease only.

It does not expect more new schemes in the Nassim area for the "foreseeable future", save for the 65 units that may come from two future developments.

"We do not think that any supply growth of physical residential units in the prime areas can match up to a potential uplift in demand that can be underpinned by population growth over the medium to long term," said Mr Ming.

The development is located near Botanic Gardens and Orchard Road. It is also near the upcoming Napier and Orchard Boulevard MRT stations.

The sale by expressions of interest will close on May 8 at 4 pm.

[reporter2]

http://www.straitstimes.com/archive/...-sale-20130415

Six more posh Nassim Hill homes up for sale

All in one lot, they are expected to be sold for a total of up to $59m

Published on Apr 15, 2013

By Esther Teo Property Correspondent


AFTER last week's buzz over a lavish Nassim Road bungalow on a vast plot with a price tag of up to $300 million, the swanky neighbourhood is in the news again.

Another six posh homes in the Nassim Hill district are up for sale - all in one lot - with a total guide price of up to $59 million.

Developed by Shing Kwan and BBR Holdings, the freehold project, called 8 Nassim Hill, is offering its remaining six unsold units for $58 million to $59 million - or between $2,400 per sq ft (psf) and $2,500 psf.

The portfolio, up for bulk sale through an expression of interest, comprises three penthouses and two townhouses, of between 3,218 sq ft and 4,338 sq ft, as well as a 5,759 sq ft corner townhouse. Each of the six homes comes with a private swimming pool.

Savills deputy managing director and head of investment sales Steven Ming said the developer had planned to keep the units as an investment property for recurring rental income. However, in recent weeks, they have had unsolicited expressions of interest to acquire the units.

"We are formally mandated to make the units available for sale to interested bulk purchasers and, at the right price, the developer will sell the property," he added.

Savills is the sole marketing agent for the sale.

In the past 15 months, the average price of all freehold non-landed residential units in this area was $3,046 psf with the highest price of $4,290 psf lodged for the sale of a 2,852 sq ft unit at Sage on Nassim, said the firm.

It estimates there are only about 400 freehold non-landed homes currently with a Nassim address. Other than another 65 units that may come from two future developments, Savills does not expect more freehold non-landed projects in the area in the near future.

"We believe that this is the right time to be investing in the high-end residential market," said Mr Ming. "We do not think that any supply growth of physical residential units in the prime areas can match up to a potential uplift in demand that can be underpinned by population growth over the medium to long term."

This listing comes on the back of a good-class bungalow in Nassim Road, owned by Wing Tai Holdings chairman Cheng Wai Keung, being put up for sale. Mr Cheng is asking for up to $300 million for his 85,000 sq ft plot in a tender launched last week.

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