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Thread: Pender Court sold for $95m, 2 other sites for sale

  1. #11
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    Quote Originally Posted by gn108
    Thanks for the info. When will the news hit the newspapers?
    Yes some people have the luck.
    Pocket deposit from first attempt and now another at even higher price.

    That area is going to be an interesting location.
    Vivocity/HarbourFront at their door-step and with the Tanjong Pagar PSA and KTM rail-station to be developed into another waterfront city, the west-side will get more attention in the next 10 years.

    Are there any 'en bloc' properties further West?
    Perhaps near Labrador, Pasir Panjang or Haw Par MRT stations?
    How about Teresa Ville?
    You are welcomed re the info provided. There is nothing to hide and its going to be transparent soon anyway.

    I am not from the West side but from the East. To me, the stretch starting from Neptune Court, Mandarin Gardens, Laguna park, Lagoon View and Bayshore Park is very "en blocable" and should see very exciting times ahead. What I find appealing is that these developments all have fantastic seaviews and have nothing in front to block, an example of which is the former Amberville which is of course now The SilverSeas.

  2. #12
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    I am from the East as well.

    I agree with you they are all 'en blocable'
    Issue is the size and no of units of these condos.
    They are all on 99-yr leases - and NC and LV are not privatised as yet.

    I favour Hacienda and Finland Gardens or even Rich East in the East.
    While low rise, they are more manageable on size / no of units to handle the long and 'regulated' en bloc process. And they are Freehold.

    Looking for something in the West now as it's under-developed as yet.
    But things will change as the Circle Line takes effect and other commercial developments come up in that corridor.

  3. #13
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    Quote Originally Posted by gn108
    I am from the East as well.

    I agree with you they are all 'en blocable'
    Issue is the size and no of units of these condos.
    They are all on 99-yr leases - and NC and LV are not privatised as yet.

    I favour Hacienda and Finland Gardens or even Rich East in the East.
    While low rise, they are more manageable on size / no of units to handle the long and 'regulated' en bloc process. And they are Freehold.

    Looking for something in the West now as it's under-developed as yet.
    But things will change as the Circle Line takes effect and other commercial developments come up in that corridor.
    I also like Finland Gardens. To this I will add St Patrick's Garden (next to the soon to be built St Patrick's Residence) and one inconspicious little development, Siglap Court, located at the junction of Siglap Road and Marine Parade Road, opposite Fernwood Gardens..

  4. #14
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    Quote Originally Posted by tkc2263
    I also like Finland Gardens. To this I will add St Patrick's Garden (next to the soon to be built St Patrick's Residence) and one inconspicious little development, Siglap Court, located at the junction of Siglap Road and Marine Parade Road, opposite Fernwood Gardens..
    Only thing is that Finland Gardens asking price is now built in with en bloc price, saw the listing from property guru. Any other property website I can use?

  5. #15
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    why is the good news abt Pender Court so hushed hushed?
    It's unusual that the Biz Times wrote that the sales committee is not ready to release a statement.

  6. #16
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    Default Pender Court sold for $95m, 2 other sites for sale

    http://www.straitstimes.com/Money/St...ry_533780.html

    Jun 1, 2010

    Pender Court sold for $95m, 2 other sites for sale


    PENDER Court, a 48-unit condominium off West Coast Highway, has been sold en bloc for $95 million.

    This land price works out to $1,007 per sq ft (psf) on the potential gross floor area. The price is shy of the owners' asking price of $100million to $108 million but is way above the $80 million price negotiated in an ultimately abortive sale in the boom days of July 2007.

    Bravo Building Construction called off the sale in early 2008. It had also pulled out of two other collective sale deals.

    Owners of the 48 units will get close to $2 million each.

    Credo Real Estate, which marketed the site, confirmed only the price and declined to comment further as the sale committee is not yet ready to make a formal announcement.

    Meanwhile, Waldorf Mansions off Balestier Road and Foh Pin Mansion in Charlton Road have been put up for collective sale.

    Both freehold estates have an indicative price of about $22.5 million each. At the 16-unit Waldorf Mansions, this equates to $709 psf per plot ratio, inclusive of a development charge of $104,000.

    Credo Real Estate said the buyer can expect to break even at about $1,100 psf.

    Built in the 1990s, the site has an allowed gross floor area of 31,875 sq ft. The buyer can redevelop the site into a project with 50 apartments of 600 sq ft on average, said Credo.

    As for the 30-year-old, 21-unit Foh Pin Mansion, it can be redeveloped only into a three-storey mixed landed housing development as the land has been rezoned, said marketing agent Savills Singapore.

    The buyer may undertake a cluster housing development, said Savills director of investment sales Suzie Mok.

    A price of $21 million or $22 million will translate to a land price of about $610 psf to $650 psf, she said.

    The tender for Waldorf Mansions closes on June 29 while the tender for Foh Pin closes a day earlier on June 28.

    JOYCE TEO

  7. #17
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    Quote Originally Posted by mr funny
    PENDER Court, a 48-unit condominium off West Coast Highway, has been sold en bloc for $95 million.

    This land price works out to $1,007 per sq ft (psf) on the potential gross floor area. The price is shy of the owners' asking price of $100million to $108 million but is way above the $80 million price negotiated in an ultimately abortive sale in the boom days of July 2007.

    Bravo Building Construction called off the sale in early 2008. It had also pulled out of two other collective sale deals.

    Owners of the 48 units will get close to $2 million each.
    There are those who laugh at people who buy en bloc properties, and there are those who laugh all the way to the bank.



    What are the lessons to be learned from this?

    PROPERTISM Rule No. 1 - Property prices always go up in the long term hence properties should only be bought and not sold, unless enblocked then either:
    a. Quickly buy a replacement property, or
    b. If you have the cash, buy one even before the en bloc goes through.

    PROPERTISM Rule No. 2 - Land is more valuable than air.

  8. #18
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    i must say those 2 who bot at 7xxpsf r the brave ones...smtimes they cud be buying for own stay...lol

    however, they must be cash rich man as valuation is far way off

    i really pity those 2 who sold b4 enbloc...must be banging walls now

  9. #19
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    So who bought the site? I can't believe that it is still a mystery.

  10. #20
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    Quote Originally Posted by louisebrown
    So who bought the site? I can't believe that it is still a mystery.
    Maybe the buyer is again Bravo Building Construction, but they are too embarrassed to talk to the press?

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