http://www.straitstimes.com/Money/St...ry_567721.html

Aug 18, 2010

Two more en bloc sites up for tender


TWO more collective sale sites are up for tender, and another two are in the works, as more homeowners attempt to cash in on rising property prices.

Selegie Centre - a commercial-cum-residential building - is being put on the market today with a guide price of $110 million to $125 million.

Located at the junction of Selegie and Mackenzie roads, the 9,729 sq ft freehold site houses a seven-storey block with 25 apartments and a five-storey building with 33 shops.

Huttons Real Estate Group, the marketing agent for the sale, said that each owner of a residential unit can expect to receive at least $1.5 million, while shopowners will receive varying amounts, owing to the wide range in the sizes of the shop units.

As the District 9 site is located in a conservation zone, demolition of the building might be subject to the authorities' approval, but its commercial space can be partly converted and retrofitted to become a hotel or service apartments, according to Huttons.

Credo Real Estate announced yesterday that the 15-unit Robin Court and an adjoining bungalow in Robin Drive have also been offered for tender.

The site's land area is 40,518 sq ft, with a gross floor area of 63,606 sq ft. It is less than 200m from the upcoming Stevens MRT station - part of the Downtown Line, expected to be completed in 2015.

Mr Karamjit Singh, managing director of Credo, said he believes this offering will be 'hot'.

He said the joint sellers expect offers of $66 million to $74 million, or about $1,046 to $1,172 per sq ft (psf), assuming that the remnant adjoining state land of 785 sq ft is purchased as well.

'At this price range, a developer may expect to break even at about $1,600 to $1,750 psf or so,' Mr Singh said.

The District 10 site, off Bukit Timah Road, is zoned for residential development up to a gross plot ratio of 1.4 and an allowable height of up to five storeys. Credo said the site can accommodate about 60 apartments with an average size of 1,000 sq ft, depending on layout and configuration.

The Straits Times also understands that Guillemard Court in Geylang Lorong 28, which has 32 walk-up apartments, and the 84-unit Changi Garden Condominium in Upper Changi Road North are expected to be put up for tender soon. Both are in the process of getting the owners' mandate of 80 per cent, and are confident of doing so.

ESTHER TEO