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Thread: Spanish Village in third attempt at en bloc sale

  1. #1
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    Default Spanish Village in third attempt at en bloc sale

    [b]Spanish Village in third attempt at en bloc sale[/b]

    Mon, Feb 11, 2019


    SPANISH Village, a freehold condominium located along Farrer Road, is up for collective sale for the third time with no change to its guide price of S$882 million.

    This reflects a land rate of S$1,721 per sq ft per plot ratio (psf ppr) inclusive of a development charge of approximately S$10 million. But in light of the cooling measures introduced in July last year, the owners are said to be in the process of signing a supplementary agreement to lower the reserve price of their development to S$828 million.

    Its last unsuccessful attempt to sell en bloc was in October 2018.

    The collective sale committee had decided to launch the tender again as it is the "final chance" that it can have a shot at the market this time, according to marketing agent Edmund Tie & Company.

    Located in prime District 10, the 30,793.4 sq m site is situated 275 metres away from Farrer Road MRT station and a 10 minute drive away from Orchard Road and one-north. Built in the 1980s, it comprises 226 apartments.

    Under Master Plan 2014, the site is zoned for residential use with a gross plot ratio of 1.6.

    A pre-application feasibility study was carried out by an appointed traffic consultant and an in-principle approval of up to 703 units has been obtained from the Land Transport Authority on 6 September 2018.

    The tender exercise for the site will close on 11 March 2019 at 3pm.

  2. #2
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    Default Re: Spanish Village in third attempt at en bloc sale

    I think they will find it difficult to get a buyer for the site at this pricing of S$1,721 per sq ft for the land. Wilshire Residences next door bought their land at $1,536 PSF from the former Wilshire site, and that is already going to lead to a selling price in the region of $2,400 to $2,700 PSF. Granted, Spanish Village is nearer to Farrer Road MRT station than [URL="https://esingaporeproperty.sg/property/wilshire-residences-condo/"]Wilshire Residences[/URL], but still, a difference of $200 PSF from its neighbour will be hard to swallow. It would mean that Spanish Village will have to sell at close to $2,900 PSF after redevelopment, close to Orchard Road pricing like for 8 St Thomas. And especially harder in the current market, when developers are taking a much more cautious stance after the 5 July 2018 cooling measures, considering the extra ABSD they will have to pay.

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