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Thread: General 'en-bloc' News; Bids & Tenders

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    Singapore
    Published May 26, 2006


    HIGH-END PROPERTIES
    Owners of Nassim Park invite expression of interest
    $410m asking price for prime freehold site works out to $1,218 psf ppr


    By KALPANA RASHIWALA


    JUST after news broke of City Developments emerging as the highest bidder for the 169,188 sq ft Lucky Tower in Grange Road, and with some market watchers wondering how many more substantial, prime collective sale sites would be rolled out, the owners of the freehold Nassim Park have offered their 245,135 sq ft freehold site through an expression-of-interest exercise.



    Nassim Park: The 245,135 sq ft site, with a four-storey height restriction, can accommodate about 160 apartments


    Marketing agent Savills Singapore says the $410 million asking price for Nassim Park, which was developed by City Developments and completed only 14 years ago, works out to $1,218 psf of potential gross floor area inclusive of an estimated $8 million development charge.

    This matches the record unit land price earlier this year for Eng Lok Mansion next to Gleneagles Hospital.

    While the Eng Lok site has a higher 10-storey redevelopment limit compared with just four storeys for Nassim Park, and while Eng Lok's buyers paid top dollar with a view of redeveloping the site into upmarket medical suites, Nassim Park's more exclusive location stands it in good stead to fetch the same price as Eng Lok, says Savills Singapore managing director Michael Ng.

    In fact, he expects Nassim Park's price to surpass Eng Lok's. 'Freehold sites in prime districts are always in demand, but this particular site is the creme de la creme of all the sites currently available in the market. It is the only large condo site left in Nassim Road.'

    Nassim Park is zoned for residential use with a 1.4 plot ratio and four-storey height restriction. It can be redeveloped into a project of about 160 apartments ranging in size from about 1,900 sq ft to 2,200 sq ft.

    Nassim Park, built in 1992, has 104 strata-titled apartments and townhouses.

    If the owners obtain their asking price, they will receive at least double what their units would fetch if sold on an individual basis. CityDev does not own any units in the development.

    Expressions of interest for Nassim Park close on June 21.

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    Freehold site in Chatsworth GCB area up for en bloc sale
    Price tag of $80.5m to $83.5m expected

    By KALPANA RASHIWALA

    A 69,189 sq ft freehold site in the Chatsworth Good Class Bungalow (GCB) area has come on the market with an expected price tag of $80.5 million to $83.5 million.

    Nos 2 to 50 Bishopswalk: The site may be developed into low-density housing with a maximum 1.4 plot ratio
    At present, 25 townhouses stand on the site - at Nos 2 to 50 Bishopswalk - and their owners have decided to band together for a collective sale.

    Although the site is within the Chatsworth GCB area, it may be developed into low-density housing with a maximum 1.4 plot ratio - the ratio of potential gross floor area to land area - under Master Plan 2003. Observers suggest this is in keeping with the existing development on the site.

    DTZ Debenham Tie Leung, which is marketing the property, says the site can be redeveloped into a low-rise condo with about 43 units averaging about 2,000 sq ft. Alternatively, developers may consider developing 16 strata bungalows.

    An estimated development charge (DC) of $8.45 million is payable for either redevelopment scheme. The $80.5 million to $83.5 million being sought by the owners works out to a unit land price of about $920 to $950 psf of potential gross floor area inclusive of DC.

    The breakeven cost for a luxury low-rise condo could be about $1,400 psf, and if the developer opts for the alternative of 16 strata bungalows, the breakeven cost would work out to about $6.5 million per bungalow.

    DTZ is marketing the site through an expression of interest that closes on June 14. Developers may make an all-cash offer or offer replacement units in a new development to the sellers, or come up with a combination offer.

    Based on their asking prices, owners of the existing 25 townhouses stand to walk away with $3.2 million to $3.3 million per unit, representing a premium of about 50 per cent on the current value of their townhouses if sold separately.

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    44,663 sq ft freehold site at Paterson Road/Lengkok Angsa

    2 more sites put on sale despite turmoil on bourses
    One is an en bloc offer at $110.6m, the other a hotel plot from URA

    By KALPANA RASHIWALA

    EVEN as some market watchers wonder if developers' appetite for land will be hit by the stockmarket rout, new sites continue to be rolled out.

    The latest offerings include a 44,663 sq ft freehold site at Paterson Road/Lengkok Angsa being offered by collective sale, and a 99-year hotel site along Unity Street/Clemenceau Avenue on the government's reserve list offered by the Urban Redevelopment Authority.

    The Lengkok Angsa site, currently occupied by 14 houses, has an asking price of $110.6 million or about $1,184 per square foot (psf) of potential gross floor area including an estimated $421,000 development charge.

    This matches the unit land price that Hotel Properties paid for last month's collective sale of Beverly Mai at Tomlinson Road.

    In the case of the latest Lengkok Angsa site, if the developer succeeds in applying to buy a part of the road separating the houses, this is expected to lower the developer's all-in unit land price to about $1,100 psf per plot ratio (psf ppr) inclusive of payment to the state.


    "However, moments like these give everybody a time to take a breather and take stock. Lately, the prices that developers have been paying for land does not leave them with much of a profit margin. It's based on future price increases.'

    - a seasoned property consultant on the impact that the stock market rout could have on developers' landbanking decisions




    Still, this is nearly 70 per cent higher than the $650 psf ppr all-in unit land price that Bukit Sembawang paid for the next door site of 32 houses in July last year.

    This reflects the escalation in prime land values over the past 12 months as developers snapped up sites in response to strong demand for luxury homes led by foreign demand.

    Whether new benchmarks in land prices will keep on being set remains to be seen.

    The stockmarket slide is expected to be used by some developers as an excuse to offer lower land prices, some industry observers suggest.

    'This is part of the posturing process. But it's still early days. So far, nobody has panicked,' said a seasoned property consultant.

    'However, moments like these give everybody a time to take a breather and take stock. Lately, the prices that developers have been paying for land does not leave them with much of a profit margin. It's based on future price increases.'

    Notwithstanding this, if developers bite at the latest Lengkok Angsa site and the owners of the 14 houses on the site receive their asking price of $110.6 million, they will reap a collective sale premium of more than 100 per cent.

    The site is zoned for residential use with a 2.1 plot ratio (ratio of potential gross floor area to land area).

    There is a 24-storey maximum height.

    The second site on offer is a 42,503 sq ft hotel plot at Unity Street and Clemenceau Avenue, with a 2.8 plot ratio.

    This translates to a maximum gross floor area of 119,006 sq ft.

    By some calculations, a hotel development on the site can yield about 190 rooms.

    The maximum height for the new development is four storeys fronting the Singapore River, with a higher limit of 10 storeys away from the river.

    A hotel consultant said that the site could attract new players into the market given the shortage of hotel development sites.

    However, she said that it would be difficult to forecast how much potential bidders would be prepared to pay, as this depends on how they deal with the restrictions like the four-storey height limit next to the river.

    Another drawback is the site's configuration.

    There is just a small frontage on the Singapore River, and most of the site faces either a busy stretch of Clemenceau Avenue or Unity Street, say market observers.

    This is the second of three hotel sites on the government reserve list for the first half of 2006 that have been made available for application by developers.

    The first, at Sinaran Drive in the Novena medical hub, was made available last month.

    The final plot, in the traditional budget hotel/backpacker haunt of Bencoolen Street, will be offered next month.

    Being reserve list sites, they will be released for tender only upon successful application by developers undertaking to bid minimum prices acceptable to the government.

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    Property
    Published May 30, 2006


    Residential collective sales from June 2005


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    Default Collective sales hit $3.5b in just 5 months

    Top Print Edition Stories
    Published May 30, 2006


    Collective sales hit $3.5b in just 5 months
    Opinions differ on whether developers will keep buying at current prices


    By KALPANA RASHIWALA



    (SINGAPORE) Including yesterday's Lucky Tower deal, 26 collective sales have been transacted for a total of about $3.5 billion so far this year, surpassing the $2 billion for the whole of last year, although that was for 36 sites, the latest figures from CB Richard Ellis show.




    What is more interesting is the broad spectrum of buyers in the current wave of en bloc deals that kicked in last year.

    From property giants like Far East Organization and City Developments to mid-size players like Ho Bee, relatively new entrants like Aspial and construction and property groups like Chip Eng Seng, Sim Lian and Hoi Hup, just about every player in town seems to have netted at least one prime district site - or more. Even Hotel Properties, which had not made a major purchase since the Asian financial crisis of 1997, was lured recently by Beverly Mai at Cuscaden Road.

    Can property agents continue to whet the appetite of developers as they keep rolling out prime district collective-sale sites at current prices?

    'After you've eaten something you're less hungry and tend to be more choosy about what you're going to eat next,' is how DTZ Debenham Tie Leung director Tang Wei Leng puts it.

    Agreeing with this, a fellow property consultant notes that the number of bids for recent en bloc tenders has fallen compared with, say, six months ago.

    However, taking a more positive view, CB Richard Ellis executive director Jeremy Lake says the broad spectrum of buyers for collective-sale sites - with buying not just confined to just a few players - suggests that if some drop out and decide to take a break for the time being, others can replace them.

    But the jury is out on where luxury land prices are headed. Some industry players reckon they have plateaued, while others believe they can head further north because developers need to keep replenishing their landbanks with prime district sites on the back of strong purchases of luxury homes driven by foreigners.

    Says a developer who has been buying prime en bloc sites: 'I think prices have levelled off. If prices were to come down, a lot of prime Orchard Road sites would not be available in the market as the prices would not be enough to entice owners to sell.

    'But by the same token, over the past three months, everyone has bought at least one piece of choice land. When you're full and look at the dessert menu, it doesn't look so interesting. So that will provide a stalemate in land prices, I think.'

    However, others beg to differ. 'St Regis Residences will be the litmus test for luxury residential prices. And that will provide the base for further increases in high-end residential land values,' suggests Knight Frank executive director Foo Suan Peng. Sources say Hong Leong Group has begun to sell the luxury housing project at Tomlinson/ Cuscaden roads at average prices of about $2,500-2,600 psf, although some choice units have achieved much higher prices.

    Even taking into account the project's unique factors, the pricing reflects values above the current market, Mr Foo notes.

    Luxury home prices in Singapore still lag those in major cities and are attractive to foreign buyers. 'Increasingly we are seeing regional and international property buyers who are looking for a place to park funds being drawn to Singapore because it's a wealth management hub and enjoys a safe haven status,' says Mr Foo.

    'This will continue to provide the momentum for developers to replenish prime sites. If developers buy predominantly high-end sites, this will create upward pressure on prime land prices.'

    A list compiled by CBRE of collective-sale transactions since June last year shows the big buyers include Hong Leong Group, which includes listed City Developments. The group has spent $726.5 million on four acquisitions including the $383 million purchase of Lucky Tower.

    Another big buyer has been fellow property giant Far East Organization, which has bought four properties totalling $715 million, including the $385 million purchase of Waterfront View with Frasers Centrepoint.

    Bukit Sembawang Estates broke an eight-year hiatus in land buying when it snapped up Woodleigh Grove in July last year, and followed up with four other collective-sale purchases.

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    Top Print Edition Stories
    Published June 12, 2006

    SC Global puts Newton site up for sale
    Sale of site slated for commercial devt could fetch up to $58m


    By KALPANA RASHIWALA


    (SINGAPORE) Riding on the recovery in the property market, Simon Cheong's SC Global Developments has put up for sale a commercial site it bought last year at the corner of Newton and Thomson roads which some in the market say could fetch around $42 million to $58 million.



    Prime location: SC Global has proposed the building of medical suites for the site situated at the corner of Newton and Thomson roads


    If this price is indeed achieved, it would make for a handsome profit given that SC Global bought the 15,490 sq ft freehold site for just $13.5 million in August last year when sentiment was weaker.

    Besides the vast improvement in sentiment in the commercial property market, an additional reason for the increase in the site's value comes from SC Global's decision to pitch the proposed commercial development for medical suites.

    This makes sense given that the Novena area seems to be shaping up as a medical hub with Far East Organization's Novena Medical Centre coming up and the site's proximity to Tan Tock Seng Hospital. SC Global's site - previously used as a Shell petrol station - is also close to Thomson Medical Centre and KK Women's and Children's Hospital.

    SC Global's site is currently approved for a 12-storey commercial building with a 3.0 plot ratio (ratio of potential gross floor area to land area). This allows a maximum gross floor area (GFA) of 46,470 sq ft. No development charge (DC) is currently payable.

    However, the property group, which is well-known for its upscale residential properties, recently submitted an outline application for a higher plot ratio of 4.2 entailing an 18-storey commercial project with 65,058 sq ft GFA. The latter scheme, if approved, would involve payment of a development charge of nearly $1 million.

    SC Global itself has not placed a price tag for the property, which is being marketed by DTZ Debenham Tie Leung by a tender that closes on July 12.

    However, by some estimates, the site could fetch about $900 psf of potential gross floor area, inclusive of development charges, if any. This works out to an absolute amount of about $42 million based on the approved redevelopment scheme with 3.0 plot ratio.

    Using the proposal for a higher 4.2 plot ratio, the plot's value translates to a higher figure of $57.6 million using the same $900 psf per plot ratio unit land price.

    The breakeven cost for the new freehold project works out to about $1,800 psf to $1,900 psf.

    Currently, Far East Organization is said to be selling 99-year leasehold medical suites at its upcoming Novena Medical Centre nearby for about $2,000 psf. The location is set for transformation. Novena Square is being repositioned as a sports and lifestyle mall with a new name of Velocity@Novena. And the Urban Redevelopment Authority will soon launch for tender a residential plot near Novena Medical Centre, which will create more homes in the area.

    Across the road, next to SC Global's site, the owners of units in the four-storey Goldhill Centre are also said to be planning a collective sale and are understood to have submitted a planning application for a commercial redevelopment of their site.

    SC Global bought its site last August from Shell Singapore through a tender.

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    Singapore
    June 13, 2006, 6.17 pm (Singapore time)


    2 Killiney Rd sites near Somerset MRT up for en-bloc sale


    SINGAPORE - Colliers International on Tuesday said it has put up for sale by tender two freehold residential development sites located at Killiney Road.



    The site at 147 Killiney Road is currently occupied by Killiney Apartments (above), a 16-storey residential development, which houses 44 apartment units.


    In a statement, the property consultant said the first site, at 147 Killiney Road, is currently occupied by Killiney Apartments, a 16-storey residential development which houses 44 apartment units.

    Zoned for residential use under the 2003 Master Plan, the 40,348 sq-ft development site has a gross plot ratio of 2.8 and an allowable building height of up to 10 storeys.

    Ho Eng Joo, director for investment sales at Colliers International, said owners expect the site to fetch between $94 million and $96 million, or $835-$852 psf per plot ratio (psf ppr).

    The tender for the site will close on July 12.

    The second and smaller development site, meanwhile, is located at 118-128 Killiney Road and occupies a land area of 10,050 sq ft.

    Zoned for residential use with first storey commercial under the 2003 Master Plan, the site has a gross plot ratio of 2.8 and an asking price in the range of $21-$23 million, or $750-$820 psf ppr, said Colliers.

    Tender will close on July 6 for this site. -- BT Online

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    Property
    Published June 8, 2006


    Two freehold sites up for en bloc sale
    Phoenix Court, Hong Yun Court priced at $100m, $9m respectively


    By KALPANA RASHIWALA



    THE owners of Phoenix Court at the St Thomas Walk/Killiney Road corner and Hong Yun Court in Telok Kurau want to join the collective sale bandwagon.


    Phoenix Court's asking price is said to be close to $100 million, which works out to around $850 per square foot (psf) of potential gross floor area including an estimated $5 million development charge (DC). Under Master Plan 2003, the 44,003 square foot freehold site is zoned for residential use with a 2.8 maximum plot ratio - the ratio of potential maximum gross floor area to land area - and maximum height of 36 storeys.

    Phoenix Court marketing agent Dennis Wee said owners controlling more than 80 per cent of share values in the development have agreed to a sale. Phoenix Court is a 13-storey block with 47 apartments.

    Dennis Wee is also marketing Hong Yun Court, which occupies a freehold site with a land area of 18,398 sq ft at Lorong M Telok Kurau. Dennis Wee said it understands that the buyer of this site may be able to buy from the state a small neighbouring plot of 2,239 sq ft for about $900,000. Hong Yun Court's owners are said to be asking for about $9 million for their property. This works out to about $343 psf of potential gross floor area inclusive of a small development charge of about $70,000 and the price payable for the state plot.

    Hong Yun Court has a single block of 12 apartments. All the owners have agreed to a collective sale. The site is zoned for residential use with a 1.4 plot ratio with a five-storey height limit. The tenders for both properties close in end-June.

    Dennis Wee also expects to garner soon the minimum 80 per cent consent level for another en bloc sale - of East Coast Ville at 320 Upper East Coast Road. The property has a land area of about 96,600 sq ft, with a 1.4 plot ratio under Master Plan 2003. The owners' asking price of about $56 million works out to nearly $450 psf per plot ratio including an estimated $4.7 million DC.

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    Property
    Published June 20, 2006

    Orange Grove Condo up for enbloc sale
    Owners asking for a total of $175 million or $1,143 psf ppr


    By KALPANA RASHIWALA


    AFTER a flurry of collective sales in the Cairnhill and Orchard Boulevard areas in recent months, en bloc fever has headed towards Orange Grove Road.



    Orange Grove Condominium: It's the first property to be put up for collective sale in Orange Grove Road this year


    Orange Grove Condominium is the first property to be put up for collective sale in Orange Grove Road this year, says marketing agent Jones Lang LaSalle.

    Market sources say the owners expect about $175 million, which works out to $1,143 per square foot of potential gross floor area inclusive of an estimated development charge of $6 million. The 98,953 sq ft freehold site at the corner of Orange Grove and Stevens roads is zoned for residential use with a 1.6 plot ratio - the ratio of potential gross floor area to land area - with a 12-storey height limit.

    Analysts estimate a new condominium project on the District 10 site could break even at about $1,650 psf.

    'We expect keen competition for the site. There is a very limited supply of sites for sale in Orange Grove Road. Most of the stock is tightly held - there's Shangri-La Hotel, RELC and several serviced apartments. Also, the location is close to Nassim Road, which is highly sought after,' says JLL's regional director and head of investments Lui Seng Fatt.

    Other prime district residential sites now on the market include Habitat One with an asking price that works out to a $1,280 psf per plot ratio including DC, Nassim Park with an asking price of $1,218 psf ppr and a site at Lengkok Angsa in the Paterson Road vicinity at $1,184 psf ppr.

    Assuming Orange Grove Condominium's owners get the price they expect, they will pocket on average $5 million to $6 million per unit, with the biggest unit fetching about $10 million. These sums are almost 90 per cent more than the units would fetch if sold on an individual basis.

    The existing development comprises two four-storey blocks housing a total 31 apartments and maisonettes with floor areas ranging from 2,917 sq ft to 7,276 sq ft.

    The development is about 18 years old. A few Hong Kong investors collectively own four units in the development.

    Currently, owners controlling more than 80 per cent of share values in the estate have agreed to a collective sale. The tender closes on July 19.

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    Property
    Published June 15, 2006


    Joo Chiat walk-up apartments to go en bloc


    BOUGAINVILLE Maisonette Apartments - a small walk-up group of eight apartments on Joo Chiat Terrace - is being put on the market for collective en bloc sale.


    Located in District 15, the indicative price for the 20,576 square foot site is $9 million or $312 per square foot per plot ratio, says its marketing consultant United Premas.

    There is also a development charge of $85,000. And United Premas says all owners have agreed to sell.

    The site is zoned for residential use and has a plot ratio of 1.4.

    The height restriction for the area is five storeys. It can be built up to a gross floor area of 28,807 sq ft, providing about 27 units of 1,000 sq ft each.

    Suzie Mok, deputy director (asset management) of United Premas, says: 'The site offers a developer an opportunity to design an exclusive boutique development targeting at young couples, small families and upgraders.'

    Meanwhile, Aspial Corporation's new boutique residential development Carlyx Residence on Carlisle Road, near Kampong Java Park, will go on sale this weekend.

    The development has 12 apartments of one, two and three bedrooms, and marketing consultant Real One International says that prices will start at $410,000.

    The developer will also offer a deferred payment scheme in which only 5 per cent is required upon the booking of a unit, with another 5 per cent within eight weeks.

    Until then, there will be no further payment until TOP (temporary occupation permit) is issued no later than Oct 30, 2008.

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    Top Print Edition Stories
    Published June 28, 2006


    URA turns down plan for medical centre at Eng Lok site

    By KALPANA RASHIWALA



    (SINGAPORE) The planning authorities have turned down an application for a medical centre development at the Eng Lok Mansion site on Napier Road, BT understands.



    Eng Lok Mansion: If its appeal fails, Napier Properties will proceed with a residential project on the site


    The freehold site was bought earlier this year by Napier Properties at a record land price of $1,218 psf per plot ratio.

    Napier Properties, which counts former Parkway Holdings boss Tony Tan among its key shareholders, had paid the record price in hopes of redeveloping the site - which is next to Parkway's Gleneagles Hospital - into an upscale medical centre.

    Medical suites in prime districts make up some of the most expensive real estate in Singapore.

    Units at the freehold Gleneagles Medical Centre, for example, are said to be going at up to $2,800 to $3,000 psf.

    The Urban Redevelopment Authority (URA) turned down the medical centre proposal for the Eng Lok site as it is not in sync with the authorities' planning intention for the site.

    Under Master Plan 2003, the 70,810 sq ft site is zoned for residential use with a 1.6 plot ratio and 10-storey height limit.

    However, Napier Properties is free to redevelop the Eng Lok site into a condominium or service apartments, according to advice given by the URA.

    Mr Tan's partner in the venture, Mark Wee of Penang's Island Hospital group, said, when contacted by BT yesterday, that Napier Properties would appeal against the decision.

    It would highlight the economic spin-offs that a high-end medical centre next to Gleneagles Hospital would have in attracting high-end medical visitors to Singapore. For such a facility to be successful, it would have to be located adjacent to the two private hospitals in the prime districts, namely Gleneagles and Mount Elizabeth, Mr Wee argued. 'Eng Lok's location is ideal for this purpose.'

    But if the appeal fails, Mr Tan and Mr Wee will go with their back-up plan, as stated in March, of building a residential development. This could comprise some service apartments for lease and others for sale.

    Or the owners could build an exclusive condo, tentatively named Embassy Row after the site's proximity to foreign diplomatic missions, at an average price of over $2,000 psf.

    Market watchers estimate that based on Napier Properties' $1,218 psf ppr land price, the break even cost for an upmarket condo could be around $1,800 psf.

    Napier Properties had planned to offer medical suites for sale and lease at its medical centre.

    If it fails in its appeal, Napier Properties will be looking at a smaller profit than it has envisaged, as a condo would sell for less than medical suites.

    Still, the turn of events is not expected to have wide repercussions on the collective sale market.

    'Yes, many owners when doing collective sales often peg their asking prices to the $1,218 psf ppr achieved for Eng Lok. But Eng Lok was a medical play. The big residential developers like Far East and City Developments did not top the list of bidders for Eng Lok,' said one observer.

    Agreeing, a property consultant said: 'There aren't that many Tony Tans around. The market will find its own level. Developers have to analyse the strengths and weaknesses of each site and decide the risk level they are willing to take.'

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    Property
    Published June 22, 2006


    Bt Timah-Keng Chin Rd houses up for sale again
    The properties next to Naga Court have an expected price tag of about $51m


    By KALPANA RASHIWALA


    PROMINENT neighbours in Bukit Timah are teaming up again to sell their freehold properties next to Naga Court, with an expected price tag of about $51 million.



    Selling together: Collective offer consists of 6 plots spanning an area of 44,976 sq ft


    The latest property offer sees Hock Tong Bee, Singapore's oldest family-owned wine merchant, joining forces with descendants of the late Seah Eck Jim - a pioneering local architect. The properties are at the corner of Bukit Timah and Keng Chin roads.

    In July 2004, the two sides put up their properties for sale, but the four sites totalling about 35,381 square feet and with four bungalows standing on them were not sold then as the offers were not high enough for the owners.

    This time, they have included a neighbour's bungalow plot and a road reserve which was originally thought to belong to the state but has since been confirmed as being part of the estate of Mr Seah's widow.

    Including these two plots has resulted in a bigger combined land area of 44,976 sq ft. The $51 million which the owners are hoping for works out to about $703 per square foot (psf) of potential gross floor area, including an estimated development charge (DC) of $15.5 million. This unit land price is 68 per cent higher than the $419 psf per plot ratio (ppr) including DC that market watchers had expected in 2004. The 2004 unit land price expectation factored in the cost of buying the adjoining road reserve from the state.

    DTZ Debenham Tie Leung, which is marketing the 44,976 sq ft site, says that it is zoned for residential use with a 2.1 plot ratio and 24-storey height limit under Master Plan 2003. The site can be redeveloped into a new condominium with about 60 units averaging 1,500 sq ft.

    The current price expectation is pegged at the $703 psf ppr including DC that Keppel Land paid for Naga Court next door in a collective sale in 1999. In 2001, KepLand wrote down the value of the 49,168-sq-ft freehold site to $409 psf ppr.

    Sentiment in the property market has certainly picked up markedly since then. DTZ director for investment advisory services Tang Wei Leng says: 'Given the better outlook, we anticipate this site to fetch at least the same price if not better than the $703 psf ppr Naga Court price.'

    The latest site comprises six parcels, including Nos 347 and 351 Bukit Timah Road belonging to Hock Tong Bee, No 349 Bukit Timah Road belonging to Kwok Weng Fai (grandson of the late Mr Seah), No 353 Bukit Timah Road owned by his sister, Dawn Kwok, and her husband, Wee Kok Wah, group president of Stamford Tyres.

    The other two plots are the road reserve, which belongs to the estate of Lim Buck Sim (Mr Seah's widow), and No 2 Keng Chin Road, owned by a neighbour. The six plots combined form a regular-shaped rectangular plot which should appeal to developers.

    Li-Ann Wee, daughter of Dawn Kwok, said the two bungalow plots being sold by her parents and her uncle Kwok Weng Fai are the last two land parcels owned by the family in the area.

    'The Seah family rode out the Japanese Occupation in the area, and there were stories of how the family had to really struggle, hiding family members to prevent them from being killed by the Japanese,' said Dr Wee, who grew up in No 353 Bukit Timah Road. 'They planted vegetables like tapioca in the gardens to survive. So the properties do have a lot of memories for us. But we've been waiting for the market upturn and we think it's a good time to sell now.'

    The tender for the site closes on July 18.

    DTZ also clarified that the nearly $70 million price for the expressions of interest exercise for the Balmoral Condominium collective sale which it launched earlier this week is an indicative price, and not asking price.

    Two more collective sale sites have been put on the market. CB Richard Ellis has launched an expressions of interest for the freehold Makeway View, off Newton Road. The asking price of $66 million works out to about $622 psf ppr inclusive of an estimated $6.32 million DC. The 41,560-sq-ft site has a 2.8 plot ratio.

    Credo Real Estate has launched the tender for the freehold Emerald Mansion, at the corner of Emerald Hill and Saunders roads, with an indicative land price of $73 million to $75 million. This works out to about $846 to $870 psf ppr. This is based on a redevelopment scheme with 86,240 sq ft gross floor area and assuming no DC is payable.

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    Default Ardmore Point may topple current record

    Singapore
    Published July 5, 2006


    Ardmore Point may topple current record
    A new benchmark could be set if the $220m asking price for the prime location is met


    By KALPANA RASHIWALA



    A NEW benchmark could be set for the price of freehold residential land if owners of Ardmore Point are successful in the collective sale of their homes in the prime Ardmore Park location.



    Ardmore Point: Analysts reckon its reserve price could be 5 to 10% lower than the $1,432 psf ppr asking price, but even if the property is sold at these levels, it would still topple the current record set by Eng Lok Mansion


    They are asking for $220 million, which translates to a unit land price of $1,432 psf of potential gross floor area, including an estimated $22.7 million development charge (DC).

    Market watchers suggest the actual reserve price set by the owners could be 5 to 10 per cent lower, at $1,289 to $1,360 psf per plot ratio including DC.

    But even at these levels, if they are achieved, Ardmore Point will still topple the current record of $1,218 psf ppr set by Eng Lok Mansion in March this year.

    'We're confident that with competition from bidders, we'll be able to exceed Ardmore Point's reserve price,' says CB Richard Ellis executive director Jeremy Lake, whose firm is marketing the collective sale. Based on the asking price of $1,432 psf ppr, the breakeven cost for a new condo project on the Ardmore Point site could work out to around $1,950 psf. Using the likely reserve price, the breakeven would be a lower $1,830 psf. That still leaves a profit margin for its developer going by current pricing expectations for coming launches in the area.

    Across the road, Wheelock Properties (Singapore) will launch in October its 118-unit condo, Ardmore II, on the amalgamated Ardmore View and Habitat II site at an average $2,250 psf, Wheelock CEO David Lawrence told BT yesterday.

    The development will comprise of two 36-storey towers and all 118 units in the project will be four-bedroom apartments of 2,050 sq ft each.

    Ardmore Point has a freehold land area of 60,533 sq ft and market watchers say that whoever bags it is also likely to be eyeing the next door Pin Tjoe Court, which is expected to be put up for tender soon.

    The two sites will have a combined land area of over 120,000 sq ft - enough to accommodate a new condo with about 165 units averaging 2,000 sq ft. Both sites are zoned for residential use with a 2.8 plot ratio (ratio of potential maximum gross floor area to land area) and a maximum height of 36 storeys.

    Ardmore Point's tender closes on August 8.

    The existing 20-storey Ardmore Point has 47 units.

    Based on the $220 million asking price, owners stand to receive sums ranging from $2.3 million to $7.9 million per unit.

    These are about 120 per cent more than what the units would fetch if sold individually.

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    Top Print Edition Stories
    Published July 21, 2006


    More big en bloc sites in wake of Gillman launch
    Farrer Court is estimated to cost almost $1b, pipping Gillman Heights


    By KALPANA RASHIWALA


    (SINGAPORE) Earlier this week, Gillman Heights made the headlines as the biggest collective sale site to hit the market. But an en bloc sale now in the works for another privatised HUDC estate - Farrer Court - could top that.



    Farrer Court: Around $650m is expected to be payable to the owners, and about $320m to the state to raise the plot ratio and to top up the site's lease


    The Farrer Court site is expected to cost its potential developer nearly $1 billion in total. This comprises around $650 million payable to the owners, and a further $320 million or so payable to the state to tap a higher plot ratio and for topping up the site's lease to 99 years.

    Based on these figures, the unit land price for developers works out to slightly over $400 per square foot of potential gross floor area. The site, in District 10, is a stone's throw from an upcoming MRT station under the Circle Line. The site can be redeveloped into a new condo with about 1,900 units averaging 1,200 sq ft.

    The big question is whether developers will have appetite for such large sites given the huge outlay involved.

    Gillman Heights, in the Depot and Alexandra roads area, was launched for tender this week and has a reserve price of $529 million. In addition, developers will have to pay the state a further sum of about $89.5 million to raise the plot ratio and top up the site's lease to 99 years, bringing the total unit land price to $352 psf per plot ratio.

    Farrer Court's land area of 838,488 sq ft also pips Gillman's, at 836,425 sq ft. Also, Farrer Court has a total of 618 units currently, again higher than Gillman's 608.

    But another collective sale in the works - at Pine Grove in the Ulu Pandan and Mt Sinai area - has an even bigger number of existing units at 660. The all-in price (including payments to the state) to deve lopers keen on the 893,178 sq ft leasehold site is said to be around $700 million, or about $380 psf per plot ratio.

    Besides these privatised HUDC sites, there are biggish private condominiums, some of whose owners are looking at collective sales. These include Ridgewood (land area of about 672,000 sq ft) and Pandan Valley condo (417,000 sq ft), both near Pine Grove.

    Other potential biggish en bloc sites could include Mandarin Gardens in the east coast (with a land area of slightly over a million sq ft) and The Waterside in Tanjong Rhu (706,000 sq ft).

    'Many of these private condos, as well as privatised HUDC estates, were developed in the 1980s, when it was fashionable to build big developments on huge sites,' says DTZ Debenham Tie Leung's director Tang Wei Leng. 'Very often, the developers even introduced phases within the projects.'

    She notes that some of the huge projects involved foreign funds from the Middle East and Japan, who did a few projects here before withdrawing from the local market. These days, foreign funds that have been investing in the Singapore residential sector include the likes of AIG and Lehman Brothers, of the US. The latter has teamed up with Chip Eng Seng to redevelop the Venus Mansion site in Cairnhill.

    'There are many other funds waiting to partner local developers. So there just may be takers for even the huge sites. It depends on whether the prices being sought by the owners make investment sense for the developers and funds, considering the risks they would be taking of parking huge sums in one site, in a single location,' reckons Ms Tang, whose firm was appointed earlier this year to handle the collective sale of Pine Grove.

    Property agents, too, have some serious reckoning to do in terms of deciding which jobs to pitch for when they are invited by sales committees of huge estates thinking of doing a collective sale.

    Credo Real Estate, which clinched the job to market Farrer Court's en bloc sale a few months ago, studied the matter from several angles. 'We looked at the various privatised HUDC sites and picked Farrer Court. It's in a prime district and one side faces Leedon Heights. And based on the prices we're working on, the collective sale premiums for owners look attractive, at almost 100 per cent.

    'Most importantly, we spoke to potential bidders who said that in principle, they would be prepared to make the huge investment involved, possibly as part of a consortium, to reduce the risk,' says Credo's managing director Karamjit Singh. He declined to comment on Farrer Court's reserve price. Farrer Court is zoned for residential use with a 2.8 plot ratio and a 36-storey height limit.

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    Default Chip Eng Seng, Lehman in JV for Cairnhill project

    Singapore Companies
    Published July 19, 2006

    Chip Eng Seng, Lehman in JV for Cairnhill project

    By ARTHUR SIM



    MAINBOARD-listed construction company Chip Eng Seng Group will team up with Lehman Brothers Real Estate Partners II to build a high-end residential development in Cairnhill in a 50/50 joint venture.


    The site, formerly Venus Mansion, was acquired by Chip Eng Seng earlier this year for $123 million. Raymond Chia, managing director of Chip Eng Seng's property arm, Chip Eng Leong Enterprise - now known as CEL Development - said the development will be worth 'over $200 million' when completed.

    The joint venture with Lehman Brothers - through a newly formed company called PH Properties - comes after an earlier venture fell through when they failed to clinch a site near Tanah Merah MRT Station in a public tender in April.

    There is no agreement with Lehman Brothers to partner CEL Development 'exclusively' in Singapore.

    Even so, more joint ventures are possible. Lehman Brothers (Asia) managing director (private equity) Keith Greengrove said: 'Our experience with CEL so far has been extremely professional in the negotiations and due diligence process, and we look forward to continuing to make investments with them.'

    Mr Greengrove pointed out that Lehman Brothers has been investing in Singapore property since 2004 when it bought the Hotel New Otani on River Valley Road - now Novotel Clarke Quay Hotel. It also has a stake in Paradiz Centre in Selegie Road. In March, Lehman Brothers partnered Shimizu Corp in a failed bid for a hotel site at Changi Airport. Mr Greengrove said: 'Lehman Brothers, particularly the real estate group, remains bullish on the Singaporean market.'

    The Cairnhill project, which is expected to be launched for sale in Q2 2007, will be its third real estate investment here.

    Revealing details on the project, Mr Chia said that they expect to build a 70-unit development with apartments about 2,000 sq ft in size. He added that the break even cost would be about $1,100 psf. He said that the final cost will depend on the type of fittings specified and highlighted that construction materials costs had risen by about 3 per cent over the last year.

    Chip Eng Seng, which has large main-contractor jobs like the Housing and Development Board's The Pinnacle @ Duxton, only ventured into property development on its own in 2002 after earlier joint ventures with partners like NTUC Choice Homes. Mr Chia said that property development now makes up two-thirds of its revenue with the remaining one-third coming from construction contracts.

    On the latest joint venture, CEL hopes some of its partner's financial finesse will rub off. 'Lehman Brothers can guide us on financing,' he said, by way of explaining how Chip Eng Seng expects to arrange its gearing ratio.

    Chip Eng Seng, which requested a trading halt at 3 pm pending the joint venture announcement, was last traded at 18.5 cents.

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    Singapore Companies
    Published July 18, 2006

    Wheelock eyes nearby sites after clinching Habitat One
    It will still proceed with October launch of Ardmore II on Habitat II site


    By KALPANA RASHIWALA



    WHEELOCK Properties (Singapore), which has just bagged the Habitat One site along Ardmore Park, is eyeing adjoining properties for a bigger project.


    'If we're approached by the owners of the adjoining sites, we'll look at buying them. If not, we'll go ahead with redeveloping the Habitat One site on its own into a 68-unit condo named Ardmore III. We'll probably launch it in 2008,' Wheelock CEO David Lawrence told BT yesterday.

    Wheelock will roll out its 118-unit Ardmore II condo next door in October on the amalgamated Ardmore View and Habitat II site - instead of holding back the freehold project and enlarging it by further merging the site with Habitat One.

    'We've so many people waiting to buy Ardmore II, we're going ahead with launching it in October. The average price will be $2,250 psf for the apartments, all of which will be 2,018 sq ft units with four bedrooms,' Mr Lawrence said.

    Both Ardmore II and Ardmore III will be 36-storeys high.

    Mr Lawrence did not identify the properties next to Habitat One that he's keen to buy, but market watchers observe these would include Heritage Apartments, developed by the Fu family of listed Hotel Properties Ltd (HPL), and The Vantage. Wheelock is a substantial shareholder of HPL.

    Mr Lawrence also summed up the group's upcoming residential project launches - Ardmore II this year, followed by 338 apartments on Scotts Road in 2007, and two projects in 2008 - Ardmore III (on the Habitat and any adjoining sites Wheelock manages to buy) and Orchard View at Angullia Park.

    The last will be a 36-storey tower with 31 apartments - all around 2,600 sq ft each. It will most likely be launched as a completed project, given the limited number of units. As well, Wheelock hopes to time the project's launch around the completion of the landmark development that will come up on on the nearby Orchard Turn site.

    Wheelock's Scotts Road project - which will come up on the The Ascott Singapore/Scotts Shopping Centre site - will have 338 apartments comprising, one, two and three-bedroom units, built above a luxury retail centre.

    Wheelock yesterday announced that it had inked a deal with majority owners of Habitat One to buy their 54,980 sq ft freehold site in the prime Ardmore Park location for $180 million, confirming BT's story. Knight Frank brokered the deal.

    The price works out to a record $1,228 psf per plot ratio inclusive of a $9.1 million estimated development charge.

    Wheelock may buy a small adjoining strip of state land of about 5,388 sq ft - if the Singapore Land Authority is willing to sell it. Acquiring the state land will help lower the unit land price of the Habitat One acquisition by about 6 per cent to $1,155 psf ppr.

    Mr Lawrence says Wheelock's breakeven cost for a new luxury condo project on the site will be about $1,900 psf.

    'Ardmore Park is the best location in Singapore. It's just like buying at The Peak in Hong Kong or Mayfair in London. Markets go up and down, but these remain the best sites and, long term, you'll make money. We are very confident buying this site.'

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    Top Print Edition Stories
    Published July 17, 2006


    En bloc fever cools for developers
    Interest remains high in the prime districts but sites in suburban areas are left on shelf


    By UMA SHANKARI


    (SINGAPORE) Midway into the year, the en bloc fever seems to be benefiting home-owners in the prime districts the most, with developers showing most interest in sites in those areas.



    Plans afoot: City Developments intends to build luxury residences at its recently purchased Lucky Tower site (above) located at Grange Road


    Not doing as well are sites in other parts of Singapore, as well as those in the prime district with high asking prices. Overall, the en bloc fever, while strong on the part of sellers, is waning when it comes to developers.

    According to data provided by property consultancy CB Richard Ellis (CBRE), collective sale sites left behind in the first six months of this year outnumber those sites snatched up by developers. Only 31 sites, with a combined value of over $4 billion, were sold as of end-June, while another 39 sites launched this year with tenders closing by end-June are yet unsold.

    Home-owners in the prime District 9 and 10 are seeing the most interest. Of the 31 en bloc sites sold so far, 20 are in these two districts. By contrast, a lot of the sites left behind on the shelf are in suburban areas. The trend means that future buyers can expect a substantial increase in the number of apartments on offer in the prime districts in about two years' time.

    Right now, the 20 sites comprise about 1,100 units, but more than 2,000 units could be potentially developed.

    Apartments on these 20 sites are widely expected to cater to the high-end segment, and with property prices in the luxury market on the upswing, it is no wonder that developers are choosing to concentrate their resources on the prime districts.

    'Developers are looking at the high-end market as the market that will move,' said Foo Suan Peng, executive director of investment sales at Knight Frank. 'From their experience, the upgraders' segment of the market is still weak. Developers have confidence in the high-end market.'

    He points to the recent launches of The Sail @ Marina Bay and St Regis Residences as two upmarket projects that have seen good take-up rates.

    The demand for luxury properties is driven mainly by international investors, who are 'cash-rich and price-insensitive'. These investors are mainly interested in the prime districts, leading developers to snap up re-development sites there. But with supply of such prime sites increasing, the bargaining power is clearly with developers. For example, Silver Tower located on Cairnhill Road is still under negotiation.

    Observers say that some prime sites are still on the table as developers may be unwilling to pay the prices asked. 'Prices have been moving too much already and are in an area that is becoming too painful for developers,' said Mr Foo. 'They have to pause to see where the market is going.'

    However, this does not seem to have reduced sellers' appetite. Throughout July and August, at least another 14 sites will see their tenders close.

    Among them are several located in prime locations - such as Orange Grove Condo at the corner of Orange Grove and Stevens roads, whose owners are asking for $175 million, which works out to $1,143 psf; Ardmore Point, located in the prime Ardmore Park location, whose going price is $220 million, which translates to a unit land price of $1,432 psf; and Grange Tower near Orchard Road, which is going for $188 million, or $1,255 psf. The latter two prices, could set new benchmarks for the price of freehold residential land in Singapore.

    'I think that the en bloc fever will continue but the buyers will be more selective,' said City Developments group general manager Chia Ngiang Hong at the recent media launch of the property developer's latest high-end project.

    CityDev managing director Kwek Leng Joo agreed, and added that he expects developer interest to continue to be strong for the prime districts. 'Finally, it boils down to location, location, location,' said Mr Kwek. CityDev recently bought the Lucky Tower site in Grange Road for $383 million, or $1,134 psf, and intends to develop the site into a luxury residential development in two years.

    Some feel that for en-bloc sites outside the prime areas, a way to sell is to lower the asking prices.

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    Default Flamingo Valley up for en bloc sale

    Property
    Published July 25, 2006


    Flamingo Valley up for en bloc sale


    FLAMINGO Valley, a residential development in the Siglap area, has been put up for en-bloc sale. Separately, three smallish sites off Bukit Timah Road have also been put on the market.


    The three sites, with a combined area of 116,861 square feet, are Century Ville, Le Marque and Villa Margaux. The asking price is pegged at $695 per square foot per plot ratio (psf ppr), or $156.6 million.

    Marketing agent Newman and Goh said yesterday that the site, with a plot ratio of 2.1, has potential to be re-developed into a luxury project with 80 units of nearly 3,000 sq ft each. The tender closes on Aug 23.

    Flamingo Valley, which comprises 185 apartments, sits on a 335,161 sq ft site. Colliers International is handling the sale. The asking price is pegged at between $195 million and $198 million, or $417-423 psf ppr, including an estimated development charge of $820,000.

    The site can be re-developed into a five-storey condominium of about 300 apartments of 1,500 sq ft each. The tender closes on Aug 22.

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    Property
    Published July 27, 2006

    SingTel set to launch 71 Robinson Rd tender

    By KALPANA RASHIWALA


    SINGAPORE Telecom is getting ready to launch a tender for 71 Robinson Road, which now houses Robinson Road Post Office and was formerly known as Crosby House, sources say.



    71 Robinson Road: Total land cost for the site could be about $110 million, analysts suggest, reflecting a unit land price of about $400 psf of potential gross floor area


    And although SingTel reportedly secured provisional permission last year to redevelop the property into a slightly over 50 storey project comprising more than 300 apartments, six levels of car parks and commercial use on street level, market watchers now think potential buyers could consider redeveloping the site into a full commercial project instead.

    The latter would enable a developer to ride on rising office rents amid tightening supply.

    Analysts suggest the total land cost for the site could be about $110 million, reflecting a unit land price of about $400 psf of potential gross floor area.

    These figures include the purchase cost payable to SingTel plus payments to the state for intensifying the use of the site and topping up the lease from the remaining 45 years to the original 99 years.

    The site is now zoned for commercial use with an 11.2 plot ratio under Master Plan 2003.

    URA's provisional permission for a residential scheme with commercial use on ground floor was based on the same plot ratio - but is subject to the site being rezoned from commercial use to residential with commercial use on the first storey.

    Based on an 11.2 plot ratio, a development can be built up to a gross floor area of 274,746 sq ft - reflecting a significant enhancement from the existing 99,383 sq ft.

    BT understands that SingTel has appointed a property consultant to handle the sale of the leasehold property.

    Sources tip the appointee to be Credo Real Estate, which handled the sale of SingTel's Old Holland Road and West Coast road sites. Credo declined to comment yesterday.

    71 Robinson Road has a land area of 24,531 sq ft. SingTel has been divesting non-core property to redeploy resources to its core telco business.

    In February, SingTel sold the freehold former telephone exchange at 859 Old Holland Road for $30 million or $513 psf of net land area to a company whose ultimate shareholders include Indonesia's Tjugito family, linked to the Eagle Indo Group.

    The new owner plans a cluster housing project.

    SingTel has also sold a leasehold site at West Coast Road to Frasers Centrepoint at a price that reflects an all-in land cost of about $220 psf per plot ratio inclusive of payments to state.

    Another property that SingTel divested this year is a prime leasehold site at Hillcrest Road, sold to MCL Land in May for $102.5 million. MCL plans a cluster housing development.

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    Default Thomson Road property put up for enbloc sale

    Property
    Published July 27, 2006

    Thomson Road property put up for enbloc sale
    Market watchers expect Derbyshire Mansions to fetch about $50m


    By KALPANA RASHIWALA



    THE owners of Derbyshire Mansions in Thomson Road near United Square are teaming up for a collective sale for their 36,098 square foot freehold site.



    Derbyshire Mansions: The 36,098 sq ft freehold site could yield up to 74 units averaging 1,300 sq ft


    Market observers expect the site to fetch about $50 million or $496 per square foot of potential gross floor area including an estimated $160,000 development charge.

    The site is zoned for residential use with 2.8 plot ratio - the ratio of potential gross floor area to land area - and a 36-storey height limit.

    This could yield up to 74 units averaging 1,300 sq ft, says Jones Lang LaSalle, which is marketing the property through a tender that will close on Aug 24.

    Based on the $50 million price expectation, the proceeds for owners of the existing 33 units housed in a 12-storey block reflect a collective sale premium of about 60 per cent.

    Another property put on the market earlier this week is a Good Class Bungalow at Bin Tong Park being offered by its owner, The Asia Life Assurance Society.

    The vendor is part of the Asia General Holdings group, which recently sold Asia Insurance Building at Finlayson Green and Hotel Asia in Scotts Road to The Ascott Group, and White House Park Apartments in Stevens Road to Novelty Group.

    The asking price for the Bin Tong Park bungalow is said to be $11.8 million to $12.3 million.

    This works out to around $450 to $470 per square foot of land area.

    A single-storey detached house stands on the 26,254 sq ft freehold site.

    The tender for the property, which closes on Aug 21, is being handled by Credo Real Estate.

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    Property
    Published August 1, 2006


    Two more District 9 sites up for collective sale

    By UMA SHANKARI


    ANOTHER two freehold sites are up for en bloc sale in the coveted District 9 - as developers continue to show the most interest in offerings in the prime districts.


    Le Chateau, a residential development site at 67 Cavenagh Road, has been put on the market for $51.1 million - or $446 per square foot per plot ratio (psf ppr) - including an estimated development charge of $290,000 and state land alienation cost of $5.8 million.

    And nearby, owners of Curzon Lodge at 100 Kampong Java Road are also putting their homes up for sale - for $30.2 million, or $480 psf ppr, inclusive of a development charge of $152,000.

    Colliers International, which is marketing Le Chateau, and First Tree Properties, the marketing agent for Curzon Lodge, are optimistic that the sites will draw strong interest.

    Curzon Lodge, in particular, has attracted many enquiries since it was launched on July 19, said First Tree.

    As for Le Chateau, Colliers' director for investment sales Ho Eng Joo said: 'Given the site's proximity to Orchard Road, we expect keen interest from developers.'

    Le Chateau, which occupies a plot of 43,149 square feet, is a five-storey development of 35 apartments and maisonettes.

    The land is zoned for residential use under the 2003 Master Plan with a gross plot ratio of 2.1.

    About 100 units with an average size of 1,100 square feet can be built on the site.

    'Provisional planning permission has been obtained for a proposed residential development comprising three seven-storey and one five-storey blocks with a total of 89 units,' said Mr Ho. A buyer may also choose to enlarge the site by amalgamating neighbouring state land of about 11,350 square feet.

    If the asking price is met, each of the 35 owners will receive between $1 million and $1.8 million for their units - which represents a 80-90 per cent en bloc premium, according to Colliers.

    Curzon Lodge is slightly smaller, with a site area of 29,772 square feet. The development now has 20 units and has a permissible plot ratio of 2.1.

    The 20 owners will make close to $1.5 million each, said First Tree, which will give them a 76 per cent en bloc premium compared with the last transacted price of $850,000.

    A new development can yield about 52 units of about 1,200 square feet each. First Tree believes that Curzon Lodge's location will be a strong selling point - the site is close to Newton Circus and minutes from Newton MRT Station.

    The tender for Curzon Lodge closes on Aug 18, while that for Le Chateau on Aug 29.

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    Singapore
    Published August 16, 2006

    Pin Tjoe Court up for en bloc at $220.9m
    Buyer likely to be the same party as that for Ardmore Point next door


    By KALPANA RASHIWALA



    ARDMORE Point, offered for sale through a tender that closed last week, is yet to be awarded - but the owners of Pin Tjoe Court next door are going ahead and putting their homes up for collective sale.



    For sale: Based on Pin Tjoe Court's asking price, owners stand to receive about $6 million per apartment


    The asking price of $220.9 million reflects a unit land price of $1,432 per square foot per plot ratio (psf ppr) including an estimated $20.6 million development charge (DC). The unit land price is identical to that sought for Ardmore Point.

    And the reserve prices of both properties are also said to be similar - at slightly over $1,300 psf ppr.

    In fact, CB Richard Ellis, which is marketing both sites, says it is quite likely the same party will emerge as buyer for the two, given that the combined site area of 120,757 sq ft creates an opportunity to build a substantial project - a freehold condo with about 165 units averaging 2,000 sq ft in a prime location.

    Both sites are freehold and zoned for residential use with a 2.8 plot ratio - the ratio of potential gross floor area to land area - and 36-storey height limit.

    'The bigger site area from combining the two plots would give the developer economies of scale as well as design flexibility to develop a more lavish and unique product - a 36-storey development with generous condo facilities, which in turn will be able to command a higher selling price,' says CB Richard Ellis executive director Jeremy Lake.

    The new development should have unobstructed views towards Nassim Road and Bukit Timah.

    BT understands that the tender for Ardmore Point, which closed last Tuesday, attracted four bids. The top bidder is said to have been Far East Organization with about $196 million or $1,288 psf ppr inclusive of an estimated DC of $22.7 million. This marks a new benchmark price for residential land in Singapore but is still shy of the reserve price set by Ardmore Point's owners.

    Market watchers are also not ruling out Wheelock Properties (Singapore) as a contender for both the Ardmore Point and Pin Tjoe Court sites. Last month, Wheelock bought Habitat One across the road for $180 million or $1,228 psf ppr including DC, but its unit land price for that acquisition will be lowered to $1,155 psf ppr if Wheelock is successful in buying a small adjoining strip of state land.

    Property market watchers reckon Far East and the other bidders for Ardmore Point will be eyeing Pin Tjoe Court as well and may not commit their best offer for Ardmore Point until the outcome of the Pin Tjoe Court tender is clearer.

    Pin Tjoe Court, at 7 Ardmore Park, is on 60,224 sq ft of land and comprises 32 apartments and two penthouses. Owners of 30 units, controlling 88.5 per cent of share values, have agreed to a collective sale, which is being carried out through a tender that closes on Sept 20.

    Based on the $220.9 million asking price, the current owners stand to receive about $6 million per apartment, while the penthouses will fetch $12 million each - more than double the values if sold individually.

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    Default MCL Land gets nod for Dunearn site

    Singapore
    Published August 23, 2006

    MCL Land gets nod for Dunearn site


    MCL Land has received the green light from the Singapore Land Authority to upgrade the lease tenure and change the use of a redevelopment site formerly owned by SingTel.


    The property developer won the 256,485 sq ft site in a public tender with a bid of $102.5 million in May. On top of this, MCL Land will pay $40 million to the government for bringing up the lease back to 99 years and changing the zoning from utility to residential.

    Lui Seng Fatt, regional director and head of investments at marketing consultants Jones Lang LaSalle, said that MCL Land is now also looking to buy two adjoining plots of state land totalling 15,510 sq ft so as to increase the overall size of the site.

    Mr Lui said MCL Land is not likely to seek planning approval for a condominium development either. Instead, the developer will maintain the building height restriction and build a combination of cluster housing and conventional terrace houses.

    Together with the amalgamation of state land, there could be up to 170 units.

    Noting that there are already several condominium offerings along Dunearn Road, Mr Lui said that brand new terrace houses in Districts 9, 10 and 11 are quite rare.

    Freehold terrace houses by Far East Organization at Greenwood Avenue now sell for about $2.1 million. The price for MCL Land's 99-year leasehold houses could be between $1.75 million and $1.8 million.

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    Default Re: En Bloc: News, Offers

    Singapore Companies
    Published August 22, 2006

    UOL close to buying Nassim Park: sources
    Collective sale for freehold site may go for record $390 million


    By KALPANA RASHIWALA



    UOL Group is close to hammering out a deal to buy the prime Nassim Park through a collective sale, sources say.


    The price for the freehold site is understood to be around the $390 million mark, which reflects a unit land price of about $1,150 psf of potential gross floor area inclusive of an estimated $8 million development charge (DC).

    If a deal is eventually inked at the $390 million level, it will set a new record for a collective sale. The current record of $385 million was set by Waterfront View in Bedok earlier this year.

    Nassim Park was completed just 14 years ago, in 1992. The 245,135 sq ft site is zoned for residential use with a 1.4 plot ratio (ratio of potential maximum gross floor area to land area) and a maximum height of four storeys under Master Plan 2003.

    The site can be redeveloped into a new project with about 160 apartments ranging in size from about 1,900 sq ft to 2,200 sq ft.

    Market watchers reckon the breakeven cost for a new luxury condo could be anywhere from $1,550 to $1,800 psf - depending on the quality of the finishes and the design.

    The property was marketed through an expression of interest exercise which closed on June 21.

    The reserve price is understood to have been around the $1,100 psf per plot ratio (inclusive of DC) level although Savills Singapore, Nassim Park's marketing agent, had said in May when the site was launched that the asking price was $410 million or $1,218 psf ppr including DC.

    Savills declined to comment when contacted.

    The existing Nassim Park has 104 strata-titled apartments and townhouses. Market watchers estimate that based on the price expected to be transacted, Nassim Park's owners stand to pocket sums that could be 50-80 per cent more than what the units would have fetched had they been sold on an individual basis.

    Market watchers note that Nassim Park will be the poshest site UOL has bought to date.

    It remains to be seen if it ties up with some of its usual partners - like Kheng Leong, Low Keng Huat and United Industrial Corp/Singapore Land - for its latest acquisition.

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    Default Horizon Towers fails to fetch minimum price

    Top Print Edition Stories
    Published August 22, 2006


    Horizon Towers fails to fetch minimum price
    All 4 bids understood to be below $500m reserve price




    (SINGAPORE) It was pitched as the biggest collective sale deal ever, with a price tag of $500 million. But the tender for the leasehold Horizon Towers which closed last week failed to attract this minimum price set by the owners.



    Overpriced? The developer who buys Horizon Towers will have to pay about $31 million to top up the lease to the original 99 years.


    BT understands that notices made available to Horizon Towers' owners recently revealed that the tender attracted four bids, all below the reserve price. Sources say the bidders declined requests to raise their bids subsequently to meet the reserve.

    Horizon Tower's marketing agent, First Tree Properties, is now expected to team up with other consultants to look for a buyer through private treaty.

    The estate has a land area of 204,742 sq ft and is on a site with a remaining lease of 72 years. The developer who buys Horizon Towers will have to pay about $31 million to top up the lease to the original 99 years. Apparently, no development charge is payable. The $500 million reserve reflects $835 psf of potential gross floor area inclusive of the lease-upgrading premium and based on a 3.1 plot ratio (ratio of maximum potential gross floor area to land area), according to an earlier report.

    A seasoned consultant said he was not surprised by the outcome for Horizon Towers as he considered it overpriced for its location, at Leonie Hill, given the leasehold tenure and the huge risk involved because of its big size.

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    Default Re: En Bloc: News, Offers

    Singapore
    Published August 18, 2006


    Owners of 2 apt buildings join forces to sell en bloc


    OWNERS of two residential developments on Cavenagh Road are joining forces to sell their apartment buildings as one large collective en bloc sale site.



    Clemenceau Court: Together with Cavenagh Mansion, the combined site could yield 164 units of 1,000 sq ft each and the breakeven price for a new development would be $850-900 psf


    The owners of the 60-unit Clemenceau Court have decided to launch their site next for sale by tender in conjunction with an invitation to make an offer for the neighbouring 18-unit Cavenagh Mansion.

    Marketed by Charles Chua of Propnex, the Clemenceau Court site measuring 38,131 sq ft is going for about $75 million while owners of Cavenagh Mansion (19,813 sq ft) are asking for $27 million.

    Mr Chua has worked out that the possible amalgamation to the sites makes them more attractive.

    With a plot ratio of 2.1, Clemenceau Court works out to be $940 per sq ft per plot ratio (psf ppr) including development charge. Even with the cost of an available 9,688 sq ft of state land for $4.9 million, it will still cost $798 psf ppr.

    With the same 2.1 plot ratio, Cavenagh Mansion will cost $652 psf ppr. With the cost of an available 5,059 sq ft of state land, it will cost $569 psf ppr.

    Together, the combined site lowers the price to $642 psf ppr. In such a scenario, the site could yield 164 units of 1,000 sq ft each and the breakeven price for a new development would be $850-900 psf.

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    Default EXPECTED RISE IN DEVELOPMENT CHARGES

    Top Print Edition Stories
    Published August 24, 2006


    EXPECTED RISE IN DEVELOPMENT CHARGES
    DC hikes could dent en bloc market
    But prime sites may be spared given the luxury housing boom


    By KALPANA RASHIWALA


    (SINGAPORE) The en bloc market could take a hit when development charge (DC) rates go up on Sept 1, property consultants say. But much will still boil down to supply and demand.


    They reckon that DC rates - payable to the state for enhancing a site's use or developing a bigger project on it - could rise as much as 15-20 per cent for non-landed residential use in prime locations like Ardmore Park, Tomlinson Road and Grange Road, where collective sales have set new benchmark prices in the past six months.

    'If owners stick to the same minimum land price quantum, the total land price to developers will increase by the quantum of the DC hike,' says Knight Frank executive director Foo Suan Peng. 'This means the unit land cost in terms of per square foot per plot ratio will be increased, without any benefit to owners. It has a dampening effect on the collective sale market.'

    But not all en bloc sales will be affected. Collective sale sites with little or no DC component like Derbyshire Mansion and Grange Tower will be spared any blow from DC rate hikes.

    There are also sites in locations like Cairnhill and Newton with a high development baseline or where the existing development's gross floor area is high relative to what is allowed under the current Master Plan. Such sites are liable for either no or little DC payment if they were to be redeveloped, says Mr Foo.

    But sites with a significant DC component as a percentage of total land value could suffer from a substantial increase in DC rates. An example is Minton Rise, where the reported DC estimate of $84 million works out to about 27 per cent of the total land cost.

    'For some of these cases, it may make it harder for owners to achieve, or for developers to pay, reserve prices - because of the higher DC rate,' says CB Richard Ellis executive director Jeremy Lake.

    Agreeing, Credo Real Estate managing director Karamjit Singh says: 'There are cases where the DC forms about 20-30 per cent of total land cost. In such a case, if the DC rate goes up by, say, 10 per cent, it could, overnight, wipe out around 2.5-4.3 per cent of owners' land value. This can be quite significant - especially if the collective sale premium is not that fantastic - and reduce owners' incentive to go for an en bloc sale.'

    But Jones Lang LaSalle's regional director and head of investments Lui Seng Fatt reckons the market is unlikely to be shocked by any DC rate rise because the last increases six months ago were so steep.

    DC rates - which are specified according to land use (such as non-landed residential, landed residential and commercial) and location - are published by the Ministry of National Development in consultation with the Chief Valuer, who takes into account current market value.

    The increases that kicked-in on March 1 this year were among the biggest in six years. For non-landed residential use - the group that often applies to collective sale sites - rates in the prime Ardmore/Claymore/ Draycott location went up 19 per cent. Other popular en bloc haunts like River Valley, Leonie Hill/St Thomas, One Tree Hill/Angullia Park and Cairnhill saw smaller increases of 6 to 15 per cent.

    Market observers expect another round of substantial hikes for non-landed residential DC rates in prime locations, pointing out that since March 1, en bloc deals in such areas have continued to set benchmark prices that reflect land values significantly higher than those implied by the March 1 DC rates.

    Examples include Beverly Mai in Tomlinson Road and Lucky Tower in Grange Road. Their respective transacted prices of $1,184 and $1,134 per square foot per plot ratio inclusive of DC were 68 per cent and 110 per cent above DC-rate implied land values for the area.

    Similarly, Habitat One was sold last month at $1,228 psf ppr - 50 per cent higher than the $818 psf ppr DC rate-implied land value for the area.

    CBRE predicts that non-landed residential DC rates in Ardmore Park, Grange Road and Tomlinson Rd could go up 5-10 per cent come Sept 1.

    Colliers International predicts that rates in places like Ardmore and Angullia Park will rise by 10-15 per cent.

    JLL expects a bigger increase of 18-22 per cent in the central areas of the prime districts 9, 10 and 11. But JLL's Mr Lui reckons that availability of sites is a more important factor than any DC rate rise - alluding to the large supply of en bloc sites now weighing down the market.

    He believes that developers will still be willing to buy in prime locations like Draycott, Orange Grove, and to some extent Newton, regardless of a DC rate rise. But they may not be so willing to shoulder the burden of a higher DC in less choice areas - particularly for huge sites like former HUDC estates.

    In such cases, owners may have to bite the bullet and cut their reserve prices. 'It boils down to the scarcity value of the site and how much demand there is for it,' Mr Lui says.

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    Default Silver Tower penthouse sold for $6.12m

    Property
    Published August 31, 2006


    Silver Tower penthouse sold for $6.12m
    $1,020 psf price reflects premium for condo's en bloc potential: analysts


    By KALPANA RASHIWALA



    THE collective sale of Silver Tower has yet to be concluded, but a penthouse in the freehold development in Cairnhill Road was sold yesterday for $6.12 million at an auction by Colliers International.



    Silver Tower: Without factoring in en bloc potential, the penthouse is said to be worth $4.5m or $750 psf


    The price works out to $1,020 per square foot based on the 5,995 sq ft strata area of the three-level penthouse - a price market watchers said reflects a premium for the property's en bloc potential.

    A source suggested that based on its individual sale value, without factoring in potential for an en bloc deal, the penthouse could have fetched about $4.5 million or $750 psf. Silver Tower is about 20 years old.

    BT understands the penthouse had been on the auction circuit for at least three years. It was sold by its mortgagee, understood to be Hong Leong Finance. Three years ago, the mortgagee was said to be asking for $3.8 million for the unit.

    The buyer is said to be a Chinese individual from the region. The unit, #08-04, has a private pool and is tenanted until May 2007 at $4,000 a month.

    BT understands that despite paying a hefty premium for the penthouse, the new owner stands to reap a further $1 million or so if an en bloc sale of Silver Tower proceeds at the target price of $168 million. Based on this price, the owner would be able to collect about $7 million-plus for his unit.

    Savills Singapore, which is marketing the en bloc sale of Silver Tower, declined to comment yesterday except to say the collective deal is still under negotiation.

    Colliers also sold three other properties at yesterday's auction. One was a single-storey, freehold detached house with a land area of 6,183 sq ft in Sommerville Road off Upper Serangoon Road. It fetched $1.7 million. Another was a third-storey walk-up apartment in Lorong 15 Geylang. The 999,999-year leasehold property with 1,517 sq ft strata area fetched $310,000.

    Colliers also sold a three-storey JTC detached factory at 6 Woodlands Loop for $4.88 million. The property is on a site with 30 years' lease starting September 1994 with an option to renew for 30 years. All four properties sold yesterday were mortgagee sales.

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    Default Re: General 'en-bloc' News; Tenders

    Top Print Edition Stories
    Published September 1, 2006

    Waiting game seen for collective sales
    DC hike impact varies from $0-$50 psf per plot ratio


    By KALPANA RASHIWALA



    (SINGAPORE) Property owners and developers are pondering their next move in the collective sale game as they weigh the impact of the hike in development charge rates on en bloc sales.




    Will owners have to trim their price expectations? Or will developers bite the bullet and pay owners what they ask if the outlook for the high-end residential sector remains optimistic?

    'For deals under discussion, it'll be a matter of who blinks first over the next month or so,' said Knight Frank executive director Foo Suan Peng.

    He and other property consultants whom BT spoke to last night said that they have some en bloc cases with little or no DC component - in which case the rate hikes have either zero or little impact. An example is Grange Tower, which has no DC.

    As for collective sales with a more sizeable DC component as a percentage of total land price, the DC rate hike will jack up the total land cost to the developer, assuming that the owners stick to their reserve price. But the extent varies.

    In the case of Ardmore Point in the Ardmore Park location where the DC rate has increased by 36 per cent, the total DC quantum will increase by $48 psf per plot ratio or $8.2 million to $30.9 million. That would be under 4 per cent of the total land value of the prime freehold site.

    Knight Frank's Mr Foo reckons yesterday's DC hikes could raise total land cost by zero to 3 per cent for the cases that his firm is handling.

    Giving the impact in terms of unit land price, Jones Lang LaSalle's regional director and head of investments Lui Seng Fatt estimates yesterday's rate hikes will translate to zero to $30 psf ppr in additional cost for the collective sale sites that his firm is marketing.

    CB Richard Ellis executive director Jeremy Lake sums up the work ahead for property consultants: 'We have to look at the impact of the changes and advise owners. Where the reserve price has been set, we've to see how developers react to the higher cost, whether it has any impact on their bids.'

    'Ultimately, the impact will depend on the appeal of the site, how significant the DC component is, and how realistic the owners' price is,' he added.

    Mr Lui said that going forward, owners' expectations would have to take into account the rate hikes, 'especially in areas with ample supply of sites'.

    Giving a developer's perspective, City Developments' group general manager Chia Ngiang Hong said: 'The increase in DC rates will certainly have an impact on the assessment on all our future property acquisitions.'

    As for its current land bank, the impact will be nominal as most of CDL's projects in the pipeline have already secured planning approvals and have thus locked in the DC rate.

    Putting things in perspective, yesterday's DC rate hikes might not be such a bad thing after all.

    'They reflect the increased value of property, backed by a strong, thriving economy,' as Mr Chia says.

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    Default Kovan MRT site now open for bids

    Singapore
    Published September 1, 2006


    PROPERTY
    Kovan MRT site now open for bids

    By UMA SHANKARI



    A 1.76 ha land parcel zoned for residential use at Simon Road - next to Kovan MRT station - is now open for application, said the Urban Redevelopment Authority (URA) yesterday.

    'This site is one of the most attractive residential sites on the Government Land Sales Programme for the second half of 2006,' said Nicholas Mak, director of research and consultancy at Knight Frank. 'The potential development for this site will be a mass-market suburban condominium, where a majority of the apartments would be the 3-bedroom types.'

    URA estimates that 535 units could be built on the 99-year leasehold site, which has a 3.5 plot ratio - giving it a maximum gross floor area of 61,700 sq m. Mr Mak expects it to fetch between $200-$235 million, which works out to between $300-$350 per sq ft per plot ratio (psfppr).

    'Even though the price increase of the mass-market suburban condominiums has been much lower than that of the high-end residential segment, such development sites with close proximity to the MRT has always proven to be very popular with developers,' he said. Savills Singapore agreed with the assessment, pointing out that the adjacent Kovan Melody land parcel was awarded in 2003 at $255 million or $268 psfppr.

    'The total land value (for the new site) may be around $180-$200 million,' said Wallace Chu, senior manager for research and consultancy at Savills.

    'We would expect the current developer of Kovan Melody to be one of many interested parties along with local developers who are experienced in the mass market projects,' he added. Kovan Melody was developed by Wing Tai and NTUC Choice Homes.

    The sale site is on the government's reserve list, which means that it will only be put up for tender if a developer's indicated minimum bid price is acceptable to the government.

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