Results 1 to 2 of 2

Thread: Sophia Rd condo up for sale en bloc

  1. #1
    Join Date
    Oct 2011
    Posts
    10,829

    Default Sophia Rd condo up for sale en bloc

    http://www.straitstimes.com/archive/...-bloc-20150603

    Sophia Rd condo up for sale en bloc

    Published on Jun 3, 2015 2:23 AM


    THE upmarket Fairhaven condominium in Sophia Road has been launched for a collective sale with hopes of getting at least $45 million.

    As there are 15 units, this price means each unit will fetch about $2.8 million, around $1 million more than the prevailing market rates for units in the area that are not put up for collective sale.

    The $45 million figure works out to $1,169 per sq ft per plot ratio, based on the potential gross floor area after factoring in the 10 per cent bonus balcony, a statement said yesterday.

    The District 9 development has a land area of approximately 16,660 sq ft with a gross plot ratio of 2.1. A new development could be built with bonus balconies without incurring additional development charges, according to the Urban Redevelopment Authority. The site is near the Dhoby Ghaut interchange and MRT station and in the Central Area vicinity where no development land has gone on sale since 2013.

    "With its central location and many established educational institutions in the vicinity, the site is expected to be popular among owner-occupiers and investors," said Ms Yong Choon Fah, national director of Capital Markets at JLL, its sole marketing agent. The tender closes at 3pm on July 1.

    Meanwhile, real estate services firm CBRE has put up 11 contiguous units of commercial space in the Singapore Shopping Centre in Orchard Road for sale.

    The site of about 7,061 sq ft fetched rent of $7.20 per sq ft from the previous tenant, an insurer, said CBRE yesterday, adding that the property is ideal for education, retail and lifestyle-related businesses.

    CBRE also invited bids for two freehold adjoining shophouses in the Geylang Conservation Area. The shophouses occupy 2,900 sq ft and come with extension permits for buyers to carry out alterations and development works.

    While CBRE is the sole marketing agent for Orchard Road space, it is working with HRL Properties for Geylang sales.

  2. #2
    Join Date
    Oct 2011
    Posts
    10,829

    Default Sophia Road residential site up for collective sale

    http://www.businesstimes.com.sg/real...ollective-sale

    Sophia Road residential site up for collective sale

    This comes amid en bloc sale bids in Amber Park and Thong Sia Building in a generally quiet market

    By Lee Meixian

    [email protected]@LeeMeixianBT

    Jun 3, 2015


    FAIRHAVEN, a 15-unit residential development along Sophia Road, has been launched for collective sale by public tender, its sole marketing agent JLL said on Tuesday.

    This comes amid two other en bloc sales tenders. One of them is for the 200-unit freehold Amber Park condo at 14 and 16 Amber Gardens, which is being launched for public tender for the third time on June 7.

    There is also understood to be interest in a second en bloc sale attempt of the residential-cum-commercial Thong Sia Building opposite The Paragon. Its tender ended on May 20, but Karamjit Singh, JLL's head of residential investments, who is handling the deal, declined to furnish details.

    Asked for a sense of the current en bloc market climate, an analyst said: "En bloc sales are still very sectoral - depending on whether they are residential, or prime residential, or commercial.

    "In a market like this, collective sales will not flourish because owners have high expectations, but the market is not there to support it. Successful en bloc sales - even just getting the requisite 80 per cent approval from owners - will be few and far in between."

    The owners at Fairhaven are making their first attempt at a collective sale and are seeking offers of more than S$45 million. This translates to S$1,169 per square foot per plot ratio (psf ppr).

    This was set based on its potential gross floor area, factoring in the 10 per cent bonus balcony area which the developer can build without paying additional development charges, JLL said.

    The District 9 freehold development has a land area of about 16,660 sq ft, and was zoned "residential" with a gross plot ratio of 2.1 in the 2014 Master Plan.

    Yong Choon Fah, national director of capital markets at JLL, noted that the site sits in the central area, where the number of dwelling units to be built in a development is not subjected to a stipulated minimum size.

    She was referring to efforts by the Urban Redevelopment Authority (URA) since November 2012 to manage the proportion of "shoebox units" - those up to 50 sq m in size - by capping the number of homes in new developments, based on an average unit size of 70 sq m gross floor area. The cap arose from concern that, unchecked, shoebox units could form a disproportionately large portion of the housing stock in Singapore.

    The central area, which includes Raffles Place, Tanjong Pagar, Singapore River, Marina Bay, Orchard and Newton, as well as Beach Road, Ophir Road, Jalan Sultan, Syed Alwi Road, Tekka Lane and Outram Road - is exempted from the cap.

    Ms Yong said: "As a result, the supply of 'shoeboxes' has been significantly curtailed.

    "Potential buyers (of the Sophia site) can consider building small apartments of between 40 to 50 sq m or so to capitalise on its location and the curtailed supply of one-bedroom or small two-bedroom units."

    She added that no development sites have been available for sale in the vicinity since 2013. The last one was URA's Mount Sophia site (now Sophia Hills), which was hotly contested in 2013 with nine bids.

    The Sophia Road site is near St Margaret's Primary School, Anglo-Chinese (Junior) School, St Joseph's Institution (Junior), School of the Arts, Singapore Management University, Nanyang Academy of Fine Arts and LaSalle College of the Arts.

    It is also near Dhoby Ghaut Interchange and MRT station.

    The tender closes at 3pm on July 1, and that for Amber Park, on July 16.

    Amber Park has an area of 213,676 sq ft. It consists of twin 27-storey towers with 100 units each, and has a plot ratio of 2.8.

    The owners are looking at a price tag of S$744 million, or S$1,224.57 psf ppr.

    Its first collective sale attempt in early 2009, shortly after the onset of the global financial crisis, failed to attract any firm offer; the second bid in 2011 did not take off because it could not garner the 80 per cent consensus in terms of strata area.

    It is being marketed by Asia Premier Property Consultants.

Similar Threads

  1. Freehold 12-unit Casa Sophia sold en bloc for S$29m
    By reporter2 in forum En Bloc Achieved
    Replies: 0
    -: 14-01-20, 17:10
  2. Guillemard condo lowers its price for en bloc sale
    By reporter2 in forum En Bloc Discussion and News
    Replies: 4
    -: 16-09-13, 16:43
  3. Sophia Mansions offered for en bloc sale
    By dtrax in forum En Bloc Discussion and News
    Replies: 5
    -: 17-07-12, 18:56
  4. Buzz set to heighten at Mount Sophia Project launch and en bloc sales tender were bot
    By dtrax in forum Singapore Private Condominium Property Discussion and News
    Replies: 5
    -: 05-06-12, 21:25
  5. Watten Estate Condo up for en bloc sale
    By moneyspinner in forum En Bloc Discussion and News
    Replies: 1
    -: 27-06-07, 05:35

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •