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Thread: Bukit Sembawang pays $202m for Airview site

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    Default Airview Towers owners up en-bloc sale price by 50%

    Property
    Published February 27, 2007

    Airview Towers owners up en-bloc sale price by 50%

    Now seeking $210m, they could make 80-90% premium over market prices

    By ARTHUR SIM


    THE owners of Airview Towers are now looking at $210 million for the collective sale of their homes - 50 per cent more than the figure indicated in June last year.



    The 100-unit development which is situated at St Thomas Walk in the River Valley area had been put on the market through an expression-of-interest exercise eight months ago with an indicative price of between $135 million and $142 million, or $750-$800 per square foot per plot ratio (psf ppr).

    Tang Wei Leng, director of investment advisory services at DTZ Debenham Tie Leung, which is handling the tender, said the reserve price for Airview Towers was met during the earlier expression-of-interest exercise, but as the required 80 per cent of owners had not agreed to the sale the offer was not legally binding.

    This time, 80 per cent of the owners have agreed to a collective sale, and if the reserve price is met the owners are legally bound to sell, she said.

    The 63,264-square-foot site has a plot ratio of 2.8 and can yield 118 new units of about 1,350 square feet each.

    Working on an estimated launch price of $2,000 per sq ft, that translates to a land price of $1,100-$1,200 psf ppr or about $210 million.

    The breakeven price for a new project is expected to be about $1,800 psf.

    The owners could make an 80-90 per cent premium over recent market prices.

    Pre-launching a collective sale by an expression-of-interest exercise could be an effective strategy by homeowners to get the highest price, but Ms Tang said: 'Developers are more likely to make offers on sites that are sale-ready.'

    This sentiment is shared by Colliers International director (investment sales) Ho Eng Joo.

    Colliers is marketing Fairways Condominium at Telok Blangah and is currently going through an expression-of-interest exercise as 80 per cent of owners have not agreed to a collective sale yet.

    About 70 per cent of owners have given their consent to the sale, and Mr Ho reckons this is the minimum before even considering an expression-of-interest exercise.

    'If a development has only 50 per cent consent, developers will also feel that it is a bit far-fetched to do a collective sale.'

    The 146,532-sq-ft Fairways site has a plot ratio of 2.1, and Mr Ho says the land value has an indicative price of $232 million, or $750 psf ppr, inclusive of development charge and the cost of the amalgamation of a 8,288-sq-ft plot of state land.

    More than 80 per cent of owners at Spottiswoode Apartment, off Neil Road, have decided on a collective sale and the indicative price for the 38,878-sq-ft site is $73.2 million to $77.2 million. This works out to about $673-$710 psf ppr.

    The site has a plot ratio of 2.8 and a height restriction of 36 storeys.

    Suzie Mok, deputy director (asset management) at United Premas, which is handling the sale, says 103 apartments of about 1,000 sq ft can be built.

    Adis Villas at Mount Sophia is also up for collective sale, having received at least 80 per cent consent from owners.

    The sale is being handled by Boswell Property Consultant/Katherine Woo & Associates and the indicative price for the 20,491-sq-ft site is between $600-$890 psf ppr.

    The site has a plot ratio of 2.1 with a height restriction of 10 storeys.

    There is also an option to convert the ground floor into commercial space.

  2. #2
    joe
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    Default Bukit Sembawang pays $202m for Airview site

    Airview Towers in River Valley enbloc achieved. Bought by Bukit Sembawang. Details later.

    Airview Towers owners up en-bloc sale price by 50%

    The owners of Airview Towers are now looking at $210 million for the collective sale of their homes - 50 per cent more than the figure indicated in June last year.

    The 100-unit development which is situated at St Thomas Walk in the River Valley area had been put on the market through an expression-of-interest exercise eight months ago with an indicative price of between $135 million and $142 million, or $750-$800 per square foot per plot ratio (psf ppr).

    Tang Wei Leng, director of investment advisory services at DTZ Debenham Tie Leung, which is handling the tender, said the reserve price for Airview Towers was met during the earlier expression-of-interest exercise, but as the required 80 per cent of owners had not agreed to the sale the offer was not legally binding.

    This time, 80 per cent of the owners have agreed to a collective sale, and if the reserve price is met the owners are legally bound to sell, she said.

    The 63,264-square-foot site has a plot ratio of 2.8 and can yield 118 new units of about 1,350 square feet each.

    Working on an estimated launch price of $2,000 per sq ft, that translates to a land price of $1,100-$1,200 psf ppr or about $210 million.

    The breakeven price for a new project is expected to be about $1,800 psf.

    The owners could make an 80-90 per cent premium over recent market prices.

    Pre-launching a collective sale by an expression-of-interest exercise could be an effective strategy by homeowners to get the highest price, but Ms Tang said: ‘Developers are more likely to make offers on sites that are sale-ready.’

    This sentiment is shared by Colliers International director (investment sales) Ho Eng Joo. Colliers is marketing Fairways Condominium at Telok Blangah and is currently going through an expression-of-interest exercise as 80 per cent of owners have not agreed to a collective sale yet.

    About 70 per cent of owners have given their consent to the sale, and Mr Ho reckons this is the minimum before even considering an expression-of-interest exercise. ‘If a development has only 50 per cent consent, developers will also feel that it is a bit far-fetched to do a collective sale.’

    The 146,532-sq-ft Fairways site has a plot ratio of 2.1, and Mr Ho says the land value has an indicative price of $232 million, or $750 psf ppr, inclusive of development charge and the cost of the amalgamation of a 8,288-sq-ft plot of state land.

    More than 80 per cent of owners at Spottiswoode Apartment, off Neil Road, have decided on a collective sale and the indicative price for the 38,878-sq-ft site is $73.2 million to $77.2 million. This works out to about $673-$710 psf ppr.

    The site has a plot ratio of 2.8 and a height restriction of 36 storeys. Suzie Mok, deputy director (asset management) at United Premas, which is handling the sale, says 103 apartments of about 1,000 sq ft can be built.

    Adis Villas at Mount Sophia is also up for collective sale, having received at least 80 per cent consent from owners.

    The sale is being handled by Boswell Property Consultant/Katherine Woo & Associates and the indicative price for the 20,491-sq-ft site is between $600-$890 psf ppr.

    The site has a plot ratio of 2.1 with a height restriction of 10 storeys. There is also an option to convert the ground floor into commercial space.

    BT, 27 February 2007

  3. #3
    joe
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    Default Re: Airview Towers bought by Bukit Sembawang

    PURCHASE OF LOT 444C TS 21 ALSO KNOWN AS AIRVIEW TOWERS AT 2 & 10 ST THOMAS WALK
    Attached Files Attached Files

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    Default Re: Airview Towers bought by Bukit Sembawang

    Quote Originally Posted by joe
    Airview Towers in River Valley enbloc achieved. Bought by Bukit Sembawang. Details later.

    Hi Joe, do you own an unit there?

  5. #5
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    Default Bukit Sembawang pays $202m for Airview site

    Published April 3, 2007

    [SIZE="5"][B]Bukit Sembawang pays $202m for Airview site[/B][/SIZE]


    BUKIT Sembawang Estates has won the tender for the Airview Towers freehold site at St Thomas Walk for about $202.17 million.

    It won the properties at 2 and 10 St Thomas Walk through subsidiary Bukit Sembawang View Pte Ltd.

    The site has a land area of 5,877.4 square metres, with allowable gross floor area (GFA) of about 18,102 sq m (inclusive of 10 per cent of development GFA for balcony space). No development charge is payable.

    The purchase price reflects a unit land cost of $1,141 per square foot per plot ratio based on a 2.8 plot ratio. Inclusive of the 10 per cent extra GFA for balconies, the price is lower at $1,037 psf ppr.

    The sale of Airview Towers was brokered by DTZ Debenham Tie Leung.

    Bukit Sembawang View will build a 36-storey condominium by combining this lot with a neighbouring en-bloc site currently known as Chez Bright, which it acquired last year. The total area for development will be 9,073.4 sq m with GFA of 27,050 sq m. The average price of the combined site works out to $880 psf ppr.

  6. #6
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    Default River Valley estate sells for $202m

    April 3, 2007

    [SIZE="5"][B]River Valley estate sells for $202m[/B][/SIZE]

    By Joyce Teo, Property Correspondent


    BUKIT Sembawang Estates announced yesterday that it has won a tender for the purchase of Airview Towers in St Thomas Walk in the River Valley area for $202.17 million.

    This is below the owners' revised asking price of $210 million, which is 50 per cent above the initial level they wanted last June.

    Each owner in the 100-unit freehold development will reap about $2 million from the sale.

    The price works out to nearly $1,038 per sq ft per plot ratio (psf ppr) for the 5,877.4 sq m site. No development charge is due.

    The group bought the neighbouring Chez Bright Apartments site for $54 million, or just $625 psf ppr, last year.

    The plots will be combined, giving a land area of 9,073.4 sq m. It can be redeveloped into a 36-storey condominium with a total gross floor area of 27,050 sq m, the group said.

    The average price of the combined sites works out to be $880 psf ppr, it added.

    Two other collective sale sites were made available for sale by expression of interest yesterday.

    One is the 24-unit freehold Serene House in the Bukit Timah area, near the upcoming Botanic Garden MRT station.

    Marketing agent Colliers International said the site comes with an indicated value of $55 million or $924 psf ppr.

    The second is the freehold 81-unit The Balmoral, off Stevens Road, which is marketed by DTZ Debenham Tie Leung.

    In East Coast Road, JTML Properties has put up the freehold Merlin Mansion for sale at $26 million, excluding development charge. Its tender closes on Thursday.

    JTML is also handling the sale of mixed development Changi Garden condo off Upper Changi North Road.

  7. #7
    joe
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    Default Re: Airview Towers bought by Bukit Sembawang

    Quote Originally Posted by ahlahdin
    Hi Joe, do you own an unit there?
    Actually, I do.

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