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Thread: Claymore Road site expected to sell for $2,815 psf ppr

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    Default Claymore Road site expected to sell for $2,815 psf ppr

    Published July 10, 2007

    [SIZE="5"][B]Claymore Road site expected to sell for $2,815 psf ppr[/B][/SIZE]


    A NEW record price for residential land is being sought, of $2,815 psf of potential gross floor area. This is the price wanted for 11 Claymore Road, a 17,974 sq ft freehold site with an old bungalow on it but which can be redeveloped into a luxury boutique apartment project with about 20 units averaging 2,400 sq ft.


    [SIZE="1"]11 Claymore Road: The site has an old bungalow on it but can be redeveloped into a luxury boutique apartment project with about 20 units[/SIZE]

    The site has a 2.8 plot ratio (ratio of maximum potential gross floor area to land area).

    'We expect to receive offers in the region of $115 million, reflecting a land rate in the region of $2,815 psf per plot ratio (psf ppr), inclusive of an estimated development charge of about $26.67 million,' reckons Credo Real Estate managing director Karamjit Singh, whose firm is marketing the property.

    The $2,815 psf ppr unit land price expected for 11 Claymore Road is 20 per cent higher than the $2,338 psf ppr fetched a few weeks ago for The Ardmore, which is just behind the site.

    'We wouldn't be surprised if a tycoon or a group of high net worth individuals came along to purchase the land to build something totally unique and exclusive for their own occupation. On this basis, they may even choose to build only 10 'sky-villas' of close to 5,000 sq ft each,' Mr Singh reckons. The site is owned by a local investment company controlled by a family named Kok.

    Based on the $2,815 psf ppr unit land price expected, the break-even cost for a new apartment development on the site would be around $3,700 psf. The first batch of units at The Marq On Paterson Hill was recently sold for an average price of $4,100 psf.

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    Default Re: Claymore Road site expected to sell for $2,815 psf ppr

    July 10, 2007

    [SIZE="5"][B]Investment firm wants to sell Orchard bungalow site for $115m[/B][/SIZE]

    By Joyce Teo, Property Correspondent


    [SIZE="1"]HEFTY PRICE TAG: The nearly 18,000 sq ft property, which now houses the Pat's Schoolhouse childcare centre, sits along Claymore Road. It is close to Hong Leong's Tate Residences condominium, which is currently being built. -- PHOTO: CREDO REAL ESTATE[/SIZE]

    A BUNGALOW site owned by a family-owned investment firm near Orchard Road has gone on sale for an astonishing $115 million.

    At that price for the property of nearly 18,000 sq ft, the buyer's break-even cost would be about $3,700 per sq ft (psf) with the selling price possibly at around $4,500 psf.

    Those levels are currently only attained by a handful of luxury projects in Singapore.

    The bungalow site behind Orchard Towers now houses the Pat's Schoolhouse childcare centre, and sits along Claymore Road between two similar bungalow sites.

    These sites are the last remaining ones with the potential for redevelopment along that stretch.

    The bungalow site up for sale is close to Hong Leong Holdings' Tate Residences condominium, which is currently being built.

    The plot is small, compared with more conventional condominium sites.

    Still, it can accommodate 20 luxury flats of about 2,400 sq ft each, according to sales agent Credo Real Estate.

    In its favour, however, are the psf prices that have been achieved for nearby sites.

    The bungalow site is near The Ardmore, which developer SC Global bought en bloc for a record price of $2,338 psf of potential gross floor area in mid-June.

    The Ardmore sits on 42,565 sq ft of land, allowing SC Global to develop another luxury project.

    A record price was also set last month when a unit at The Marq on Paterson Hill sold for $5,100 psf.

    Such prices have led Credo to expect offers of around $115 million for the Claymore Road site.

    This reflects a land rate of about $2,815 psf of potential gross floor area and includes an estimated $26.7 million in development charge, Credo managing director Karamjit Singh said.

    He added that wealthy individuals may team up to buy the land for their own use. 'They may even choose to build only 10 sky-villas of close to 5,000 sq ft each.

    'A redevelopment offering at Claymore Road is very rare,' he said.

    The tender closes on Aug 2.

    In a separate real estate move, Colliers International is selling the 18-storey Keck Seng Tower for $250 million.

    This works out to $2,144 psf, based on an existing net lettable area of 116,586 sq ft.

    The Cecil Street building - built in 1984 - has a 99-year lease on a site that allows a 30-storey block.

    A buyer could redevelop it to the maximum gross floor area allowed of 198,000 sq ft.

    Its existing gross floor area is 173,535 sq ft, and it has a 98 per cent occupancy rate.

    Collier International managing director Dennis Yeo said the last transacted rent in Keck Seng Tower was around $6 psf, with the asking rent now at $6.50 psf.

    The tender closes on Aug 8.

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