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Dunearn Court sold to Roxy-Pacific for $36.3m

Posted by Singapore Property Launch on 24th October 2017 in Blog
Dunearn Court

Each owner will receive about $2.91 million to $3.12 million from the sale. (Photo: Knight Frank)

The en bloc market continues to roll with the sale of Dunearn Court to RH Central, a subsidiary of Roxy-Pacific Holdings, for $36.3 million.

This is slightly lower than the guide price of $38.8 million when it was launched for tender by marketing agent Knight Frank in July.

Each owner will receive about $2.91 million to $3.12 million upon completion of the sale.

Located off Dunearn Road in District 11, the freehold Dunearn Court – completed in 1993 – comprises 12 apartments and sits on an approximately 19,203 sq ft site.

The sale price translates to a land rate of about $1,371 psf per plot ratio, inclusive of a development charge of $550,000 to redevelop the site to a gross plot ratio of 1.4 under the 2014 Master Plan.

The site is within walking distance from the Tan Kah Kee and Botanic Garden MRT stations on the Downtown Line as well as established schools.  

“The new development could potentially yield 33 new residential units of 70 sq m (753 sq ft) on site,” said Ian Loh, executive director and head of investment & capital markets at Knight Frank.

“The new project will cater to a wide variety of buyers, given its strong locational offering.”  

Knight Frank has concluded three collective sales to date this year: One Tree Hill Gardens near Orchard Road for $65 million, Rio Casa in Hougang for $575 million, and Normanton Park for $830.1 million.

On Monday, the agency launched the nearby Mayfair Gardens for sale at $265 million.

credits: propertyguru

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Hougang project sold for $629m in collective sale

Posted by Singapore Property Launch on 23rd October 2017 in Blog

The owners of Florence Regency are expected to receive between $1.84 million and $1.89 million from the sale. (Photo: JLL)

The 336-unit Florence Regency development at Hougang Avenue 2 has been sold to Hong Kong-listed developer Logan Property for $629 million, marketing agent JLL said on Friday (20 October).

This is the first collective sale attempt by the owners of the privatised HUDC, and the price matches the valuation of the site by an independent valuer.

It translates to a land price of approximately $842 psf per plot ratio, after factoring in the differential premium of $288.6 million to top up the lease to a fresh 99 years, and to develop the site to a gross plot ratio of 2.8.

“At this sale price, the owners would expect to receive gross sale proceeds between $1.84 – $1.89 million per unit,” said Tan Hong Boon, regional director at JLL. 

The 389,236 sq ft site is zoned residential under the 2014 Master Plan, and is one of the last few privatised HUDC estates in the North-East region. 

The site is close to the Hougang and Kovan MRT stations, Hougang Mall, and eateries along Upper Serangoon Road. Several schools including Holy Innocents’ Primary School and the French School of Singapore are also nearby.

Logan Property marked its maiden foray into Singapore in May with a record $1.003 billion bid for a prime residential site at Stirling Road in Queenstown with Nanshan Group.

Earlier this month, JLL helped broker the sale of Amber Park in Katong to City Developments Limited for $906.7 million ($1,515 psf ppr), making it the largest freehold residential collective sale.

credits: propertyguru

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Former Zouk site up for sale with $689.353mil reserve price

Posted by Singapore Property Launch on 22nd October 2017 in Blog
Jiak Kim Street

Aerial view of the land parcel at Jiak Kim Street.(Photo: URA)

The site previously occupied by iconic nightclub Zouk has been put up for sale, with a minimum bid price of $689.353 million.

The tender for the 99-year leasehold site will close on 5 December, with tenders below $689.353 million not to be considered, said the Urban Redevelopment Authority (URA).

Zoned residential with first-storey commercial use, the site has a maximum gross floor area of 51,231 sqm and can yield 525 housing units.

“The land parcel enjoys a waterfront view of the historic Singapore River with direct access to the river promenade accompanied by a good mix of retail, dining and entertainment options,” noted the URA.

It is also accessible via the Central Expressway (CTE) as well as the upcoming Havelock and Great World MRT Stations on the Thomson East Coast Line.

With this, analysts expect the site to draw strong interest from developers.

“With the optimism around the residential market in the mid- to long term, we expect 10 to 15 bids at possibly 30 percent above the minimum bid,” said Desmond Sim, Head of CBRE Research in Singapore and South East Asia, when the site was triggered for sale last month.

It is also expected to set a new record for Government Land Sales (GLS) sites in terms of the land rate, reported The Straits Times.

ZACD Group executive director Nicholas Mak expects the land price for the site to hover between $728 million and $800 million, or a record $1,320 to $1,450 psf ppr.

“Just as the tender for the site of GuocoLand’s Martin Modern resulted in a record GLS residential land price rate of $1,239.03 psf ppr when that tender closed in June 2016, the tender for this land parcel at Jiak Kim Street would also produce a new record GLS residential land price,” said Mak.

credits: propertyguru

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3 upcoming precincts to yield about 18,500 homes

Posted by Singapore Property Launch on 20th October 2017 in Blog
Kallang Riverside and Kampong Bugis

Artist’s impression of future development in Kallang Riverside and the Kampong Bugis area. (Photo: URA)

Minister for National Development Lawrence Wong has launched an exhibit on Monday (16 October) that showcases some preliminary ideas regarding three upcoming residential precincts that can potentially yield a total of 18,500 houses.

The exhibit entitled “Our Neighbourhoods: A Look into the Future” is being held at The URA Centre Atrium until 20 November 2017.

In particular, Wong said the 34ha Holland Plain in Holland Plain is expected to accommodate around 2,500 private homes, while about 4,000 private houses would be built in the 17ha Kampong Bugis along Kallang Road.

But the largest is the 60ha Bayshore next to the East Coast Park that can potentially yield a total of 12,000 HDB flats and private housing, he said, adding that all three will be within a 5- to 10-minute walk to one or more MRT stations.

In addition, he revealed that the government will improve the last-mile connection from these estates to MRT stations. 

For instance, they will build a new underpass and footbridge directly linking Kampong Bugis with the nearby Kallang and Lavender MRT stations, while they are considering to construct new pedestrian walkways to connect Holland Plain with the nearby King Albert Park MRT Station. In Bayshore, the authorities will install sheltered walkways linking the housing estate to the upcoming Bayshore and Bedok South MRT stations.

“In the coming months, we will actively engage the communities around the three precincts to better refine our plans in the lead-up to their launches,” Wong noted.

Kampong Bugis is expected to be launched in the next one to two years, followed by Holland Plain by 2021, while Bayshore would take longer by 2024, as the government will have to wait for the completion of the MRT stations in the area.

credits: propertyguru

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Changi Garden sold for $248.8m

Posted by Singapore Property Launch on 18th October 2017 in Blog
Changi Garden

The apartment owners will receive between $2.14 million and $2.27 million. (Photo: Edmund Tie)

Changi Garden is the latest development to be sold in an en bloc sale for $248.8 million, revealed marketing agent Edmund Tie & Co. on Tuesday (17 October).

The buyer is CEL Development, a member of Chip Eng Seng Group.

The price works out to about $888 psf per plot ratio (psf ppr), and is much higher than the asking price of $196 million ($700 psf ppr).

Located at Upper Changi Road North, the freehold property sits on approximately 200,093 sq ft of land. The site is zoned residential with a plot ratio of 1.4, according to the 2014 Master Plan.

Developed in the late 1970s and early 1980s, Changi Garden comprises 60 apartments, 12 penthouses and 12 shops.

The apartment owners will receive between $2.14 million and $2.27 million, while penthouse owners will get between $4.03 million and $4.74 million. Shop owners are expected to receive $4.7 million to $7.08 million.

“In addition to the high development baseline, we have also shared feedback and advice which we obtained from the relevant authorities with developers,” said Tan Chun Ming, director of investment advisory at Edmund Tie & Co.

“Furthermore, there has not been any residential land sold within a 2.8km radius of Changi Garden since 2013. All these are selling points that developers would find attractive.”

CEL Development is expected to build a residential project that could incorporate a retail component, subject to the approval of the relevant authorities.  

credits: propertyguru

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Leonie Gardens owners join the en bloc sale fever

Posted by Singapore Property Launch on 16th October 2017 in Blog
Leonie Gardens owners join the en bloc sale fever

A view of Leonie Gardens, a 99-year leasehold development completed in 1993 which comprises 138 units.

The owners of upmarket condominium Leonie Gardens in Leonie Hill, off Grange and River Valley roads, have jumped into the collective sale bandwagon by forming a sales committee at an extraordinary meeting held on 30 September, reported the Straits Times.

More than 50 percent of the owners who attended the meeting were in favour of the sale.

Nestled on a 14,000 sq m site, Leonie Gardens comprises two 23-storey blocks as well as an eight-storey block. Completed in 1993, the 99-year leasehold property is located near the Somerset, Orchard and upcoming Great World City MRT stations.

Industry watchers, however, noted that having a unique selling point could prove to be the key to a successful sale considering the possibility of more estates within the Core Central Region going for en bloc sale.

Michael Tan, a member of the sales committee at Leonie Hills, said the development’s good points are that it is located “right at the top of the hill, and the slope up Leonie Hill is so pleasant and charming, away from the thoroughfare”.

Aside from this, the site’s plot ratio of 2.8 allows tower blocks to rise up to 36 storeys, said Tan.

Edmund Tie & Company research head Dr Lee Nai Jia believes that developers may consider the site given that the location is good, “but whether the pricing fits their requirement is another thing”.

“They will consider (whether) there is a freehold plot nearby. If it is about getting a 99-year site, why not consider Jiak Kim Street instead, with its Zouk identity?”

credits: propertyguru

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