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Thread: Guess when and which project was the first en bloc in Singapore?

  1. #1
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    Default Guess when and which project was the first en bloc in Singapore?

    UNITED Overseas Land and Low Keng Huat are planning to redevelop their Eng Cheong Tower site into a project with a mix of condominium and small office, home office (SoHo) units.

    The collective sale - the first for a 99-year leasehold property - was approved by the Strata Titles Board on Thursday.

    'We're planning a chic, inner-city development that will capitalise on views of the river and have seamless underground access to Kallang Riverside Park,' said UOL group general manager Liam Wee Sin. 'The project will be substantially for sale.'

    Eng Cheong Tower was sold through a tender exercise. The top bid of $47.5 million by UOL and Low Keng Huat works out to a land price of about $240 per square foot of potential gross floor area, inclusive of development charges (DC) and a premium to top up the site's lease to 99 years.

    What facilitated the collective sale of the first 99-year leasehold property in Singapore was an unprecedented decision by the Singapore Land Authority to grant in-principle approval to top up the lease of the site from the remaining 65 years to the original 99 years.

    In the past, SLA had processed requests for lease upgrading only on formal application, which requires more detailed submissions and takes a longer time.

    The in-principle lease upgrade nod from SLA was for a residential development with retail and commercial use on the lower storeys, subject to conditions.

    Prior to the launch of Eng Cheong Tower's tender, outline planning permission had also been obtained from the Urban Redevelopment Authority for a new 24-storey commercial and residential development with a 6.36 plot ratio (the ratio of allowed gross floor area to land area) to be built on the 40,377 sq ft site.

    Assuming an all-in land cost of about $240 psf per plot ratio, market watchers estimate that the breakeven cost for a new condo/SoHo project on the site could come in below $500 psf for the UOL and Low Keng Huat tie-up.

    The strategy adopted for the collective sale of Eng Cheong Tower is seen by property market watchers as setting a precedent for more such sales of strata titled properties with dwindling leases. This should facilitate redevelopment of ageing leasehold buildings and help fight urban blight.

    [url]https://www.squarefoot.com.sg/market-watch/enbloc-market?t=[/url]

  2. #2
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    Default Re: Guess when and which project was the first en bloc in Singapore?

    Quote Originally Posted by Arcachon View Post
    UNITED Overseas Land and Low Keng Huat are planning to redevelop their Eng Cheong Tower site into a project with a mix of condominium and small office, home office (SoHo) units.

    The collective sale - the first for a 99-year leasehold property - was approved by the Strata Titles Board on Thursday.

    'We're planning a chic, inner-city development that will capitalise on views of the river and have seamless underground access to Kallang Riverside Park,' said UOL group general manager Liam Wee Sin. 'The project will be substantially for sale.'

    Eng Cheong Tower was sold through a tender exercise. The top bid of $47.5 million by UOL and Low Keng Huat works out to a land price of about $240 per square foot of potential gross floor area, inclusive of development charges (DC) and a premium to top up the site's lease to 99 years.

    What facilitated the collective sale of the first 99-year leasehold property in Singapore was an unprecedented decision by the Singapore Land Authority to grant in-principle approval to top up the lease of the site from the remaining 65 years to the original 99 years.

    In the past, SLA had processed requests for lease upgrading only on formal application, which requires more detailed submissions and takes a longer time.

    The in-principle lease upgrade nod from SLA was for a residential development with retail and commercial use on the lower storeys, subject to conditions.

    Prior to the launch of Eng Cheong Tower's tender, outline planning permission had also been obtained from the Urban Redevelopment Authority for a new 24-storey commercial and residential development with a 6.36 plot ratio (the ratio of allowed gross floor area to land area) to be built on the 40,377 sq ft site.

    Assuming an all-in land cost of about $240 psf per plot ratio, market watchers estimate that the breakeven cost for a new condo/SoHo project on the site could come in below $500 psf for the UOL and Low Keng Huat tie-up.

    The strategy adopted for the collective sale of Eng Cheong Tower is seen by property market watchers as setting a precedent for more such sales of strata titled properties with dwindling leases. This should facilitate redevelopment of ageing leasehold buildings and help fight urban blight.

    [url]https://www.squarefoot.com.sg/market-watch/enbloc-market?t=[/url]
    Hi Bro Arcachon


    i remember is in the east.. cant remember the name of the development.

  3. #3
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    Default Re: Guess when and which project was the first en bloc in Singapore?

    Quote Originally Posted by Werther View Post
    Hi Bro Arcachon


    i remember is in the east.. cant remember the name of the development.
    he's referring to the first 99 year leasehold obtaining lease top up en bloc. there were many freehold en blocs before this.

  4. #4
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    Default Re: Guess when and which project was the first en bloc in Singapore?

    Quote Originally Posted by bargain hunter View Post
    he's referring to the first 99 year leasehold obtaining lease top up en bloc. there were many freehold en blocs before this.
    Surprise no one clicks the squarefoot link.

    [url]https://scontent.fsin3-1.fna.fbcdn.net/v/t1.0-9/56578172_10215515416491465_7245914315763482624_o.jpg?_nc_cat=103&_nc_ht=scontent.fsin3-1.fna&oh=f124e37c729234cda30af58f9c2e2408&oe=5D366955[/url]

  5. #5
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    Default Re: Guess when and which project was the first en bloc in Singapore?

    Quote Originally Posted by Arcachon View Post
    Surprise no one clicks the squarefoot link.

    [url]https://scontent.fsin3-1.fna.fbcdn.net/v/t1.0-9/56578172_10215515416491465_7245914315763482624_o.jpg?_nc_cat=103&_nc_ht=scontent.fsin3-1.fna&oh=f124e37c729234cda30af58f9c2e2408&oe=5D366955[/url]
    i did what. that's why replied bro werther. lol.

  6. #6
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    Default Re: Guess when and which project was the first en bloc in Singapore?

    Quote Originally Posted by Arcachon View Post
    Surprise no one clicks the squarefoot link.

    [url]https://scontent.fsin3-1.fna.fbcdn.net/v/t1.0-9/56578172_10215515416491465_7245914315763482624_o.jpg?_nc_cat=103&_nc_ht=scontent.fsin3-1.fna&oh=f124e37c729234cda30af58f9c2e2408&oe=5D366955[/url]
    Sorry bro, my bad.

    I alway blur blur... haha.

    I dont think city mansion was first too. do you have other link to check which was the first enbloc ?

    Thank you.

  7. #7
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    Default Re: Guess when and which project was the first en bloc in Singapore?

    Quote Originally Posted by Werther View Post
    Sorry bro, my bad.

    I alway blur blur... haha.

    I dont think city mansion was first too. do you have other link to check which was the first enbloc ?

    Thank you.
    [url]https://www.squarefoot.com.sg/market-watch/enbloc-market?t=[/url]

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