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Thread: River Bay (92 units) - Allgreen - Mar Thoma Rd

  1. #6
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    Quote Originally Posted by xtink
    these are unlaunched projects? hmm...developers must be gung-ho to go ahead and built without any "order", and have strong financial backings.

    So any idea when the 2 projects there will be launched? The area is getting abit overcrowded there now with a one-lane traffic...LTA needs to do something (maybe a slip road to the CTE would be wonderful, and later end up with another ERP gantry in Mar Thoma road! )
    Farnie! I think the good thing now about St Michael's + Mar Thoma is that it is all less ERP's to go into the city...

  2. #7
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    Quote Originally Posted by mcmlxxvi
    River Bay (former Kai Sheng Court)

    Site Area :
    3,852 m2
    Description :
    River Bay, a contemporary lifestyle at Mar Thoma Road beckons the need of modern living. The new high-rise development of 92 units fused in the green strip of Kallang River overlooking green and water space.

    Location :
    Mar Thoma Road, Singapore

    Completion :
    2010

    Client :
    Allgreen Properties Ltd

    PS: There goes the view of Vetro.
    How tall is this project ? 25 storey ?

  3. #8
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    This is sitting on 41462sqft of land therefore can only be classified as an apartment, not a condo. The developer will probably sell this project at condo pricing. IF i am not wrong, launching prices should be in excess of 1k psf.

  4. #9
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    Surprisingly none of the agents I spoke to knew about this site... St Michael's going to be really crowded when Beacon Heights, Vetro, Airstream, River Bay, Riviera 38, and the unnamed site beside Airstream ALL UP.

    But it also means further upside to be pulled up for pricing of existing projects around the vicinity as new launches tend to be much higher than market value and banks are willing to support in valuation from special tie-ups.

  5. #10
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    Actually info was already there posted by Mr Funny...

    Quote Originally Posted by mr funny
    June 11, 2007

    OPTION FOR COLLECTIVE DEAL

    Allgreen to pay $24m for Hup Cheong Mansions


    ALLGREEN Properties has secured an option to buy Hup Cheong Mansions, a condominium near St Michael's Road, for $24 million.

    The property is located on Mar Thoma Road. It has a 999-year leasehold tenure and has an area of 30,440 sq ft.

    On the heels of its successful [email protected] and Cairnhill Residences launches this year, Allgreen plans to redevelop the property into a condominium of 75 units, each with an area of 1,184 sq ft, if the deal gets regulatory approval.

    The mainboard-listed company has paid 1 per cent of the purchase price to Hup Cheong's owners, and will pay another 9 per cent when the option is exercised. The rest of the $24 million 'will be payable upon completion', it said in a statement last Saturday.

    This is the latest in a string of buys for the company in the St Michael's area.

    Last month, an Allgreen subsidiary called Green Bay inked deals to buy three properties nearby for a total of $15 million: Kai Sheng Court, 21 Mar Thoma Road and 23 Mar Thoma Road.

    The acquisition of Hup Cheong Mansions will be financed by internal funds, bank loans or both, said the developer.

    The purchase is 'not expected to have any material impact on the consolidated earnings and net tangible assets per share of the Allgreen group for the financial year ending Dec 31, 2007', said the company.

    Allgreen's net profit for the first three months of this year quadrupled to $49.6 million from $12.1 million a year ago, as revenue soared 161.5 per cent to $181.2 million. In addition to contributions from its [email protected] and Cairnhill Residences developments, the property group enjoyed higher occupancy and rental rates at its Great World City office and retail units and service apartments.

    Higher occupancy and rates at Traders Hotel also boosted its bottom line.

    Buoyed by Singapore's residential and commercial property boom, Allgreen shares have more than doubled in value in the past 12 months, rising from around 92 cents in July last year to last week's close of $1.99 a share.

    ERICA TAY

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