Jan 22, 2000
Jan 20, 2000
HOLLAND HILLS
Holland Hills en bloc sale will go ahead
A last-ditch attempt by Dynamic Investments to thwart the Holland
Hills Mansion en bloc sale was over in less than 20 minutes yesterday.
In a Court of Appeal hearing, three judges, including Chief Justice Chan Sek Keong, upheld last October’s High Court ruling that the Strata Titles Board had approved the $292-million sale in good faith.
The issue in contention was the board’s approval of the sale proceeds distribution by the 50:50 method – 50 per cent based on share value and 50 per cent on floor area.
Dynamic, which owned the largest unit in the block, had wanted the distribution to be based solely on floor area, or it would stand to lose about $2.4 million. The 642-square-metre penthouse it owned had a share value of six while the smallest unit, measuring about 57 sq m, had a share value of three.
Noting that no fresh evidence was adduced in the appeal hearing, Dynamic’s lawyer Clarence Tan told Today the hearing lasted “all of 17 minutes”. He added: “My clients have no more avenues to appeal. Obviously, the judges found that I couldn’t prove the ‘bad faith’ element.”
Source : Today – 20 Feb 2008
In a Court of Appeal hearing, three judges, including Chief Justice Chan Sek Keong, upheld last October’s High Court ruling that the Strata Titles Board had approved the $292-million sale in good faith.
The issue in contention was the board’s approval of the sale proceeds distribution by the 50:50 method – 50 per cent based on share value and 50 per cent on floor area.
Dynamic, which owned the largest unit in the block, had wanted the distribution to be based solely on floor area, or it would stand to lose about $2.4 million. The 642-square-metre penthouse it owned had a share value of six while the smallest unit, measuring about 57 sq m, had a share value of three.
Noting that no fresh evidence was adduced in the appeal hearing, Dynamic’s lawyer Clarence Tan told Today the hearing lasted “all of 17 minutes”. He added: “My clients have no more avenues to appeal. Obviously, the judges found that I couldn’t prove the ‘bad faith’ element.”
Source : Today – 20 Feb 2008
Owner who objected to Holland Hills Mansion en bloc sale loses appeal
Dynamic Investments, which owned the largest
unit of Holland Hills Mansion, had tried to appeal against the Strata
Titles Boards’ (STB) approval of the S$292 million sale, but its case
was dismissed by the Court of Appeal on Tuesday.
Dynamic Investments had argued that although the sales committee
followed the guidelines set down by the Singapore Institute of Surveyors
and Valuers, it did not assess if the result was fair.
In its decision in July, STB acknowledged that Dynamic Investments would have been paid more if a different method of apportionment of proceeds was used.
STB, however, maintained that the method chosen was not made in bad faith.
The three appeal judges agreed and turned down Dynamic Investments’ appeal because they found “no elements of bad faith in determining the distribution of sale proceeds”.
Dynamic Investments wanted the share of proceeds to be determined solely by floor area instead of the 50:50 method, which is 50 per cent based on the property’s share value and 50 per cent based on the floor area.
Using the 50:50 method, Dynamic Investment received S$6.4 million from the sale. But if the sale was based solely on floor area, it would have received about S$2.4 million more.
Source : Channel NewsAsia – 19 Feb 2008
In its decision in July, STB acknowledged that Dynamic Investments would have been paid more if a different method of apportionment of proceeds was used.
STB, however, maintained that the method chosen was not made in bad faith.
The three appeal judges agreed and turned down Dynamic Investments’ appeal because they found “no elements of bad faith in determining the distribution of sale proceeds”.
Dynamic Investments wanted the share of proceeds to be determined solely by floor area instead of the 50:50 method, which is 50 per cent based on the property’s share value and 50 per cent based on the floor area.
Using the 50:50 method, Dynamic Investment received S$6.4 million from the sale. But if the sale was based solely on floor area, it would have received about S$2.4 million more.
Source : Channel NewsAsia – 19 Feb 2008
Jan 1, 2000
Holland Tower up for en bloc
Market watchers expect the site to fetch about S$1,300 to S$1,400 dollars per square foot.
This is comparable to nearby developments like Robin Court, Maison Royal and Serene House.
The 14-story single tower development is located on a 22,000 square feet site currently zoned for residential use.
Jones Lang said the new development can maintain the existing height and have a gross floor area of about 43,500 square feet.
It added that the freehold development located at 10 Holland Heights, is minutes from the Botanic Gardens and Orchard Road.
The marketing agent also said the future Holland Village MRT station will be located just one bus stop away.
Jones Lang is still positive on the market, despite the property cooling measures that were introduced recently.
The marketing agent said it believes that there is still a pool of genuine buyers and investors who are looking for their own stay or for long term investments.
The tender for Holland Tower closes on the February 23.
Source : Channel NewsAsia – 24 Jan 2011
Holland Tower up for sale by tender
Holland Tower, a freehold residential apartment block in District 10, is up for sale by tender.Sole marketing agent Jones Lang LaSalle said the 21,879 square foot site is zoned for residential use and sits in the Holland Park Good Class Bungalow Area.
It has a gross floor area of about 43,691 square feet and has the potential to be redeveloped into a boutique residential development of 52 units of 800 square feet each.
Holland Tower is a 14-storey tower development consisting of 19 units and is in close proximity to the Singapore Botanic Gardens, Holland Village and the Dempsey Cluster.
Ms Stella Hoh, national director and head of Investments at Jones Lang LaSalle, said: “With strong take up rate of residential new launches in the vicinity, this elevated site is expected to draw strong interest due to its locality, proximity to amenities and the potential to be redeveloped into a boutique development offering exclusivity and lush greenery.”
“We believe that the oncoming tenders for private land will receive keen interest from developers,” she added.
The tender for Holland Tower will close at 3pm on August 25.
Source : Channel NewsAsia – 20 Jul 2010
| Bartley Terrace sold for $40 million | |||
 | |||
| BARTLEY Terrace, the residential area at 16 Gambir Walk, has been sold for $40 million through a private treaty that was sealed on Jan 17. The deal was brokered by Urban Front Real Estate. The property, which is situated near Bartley MRT and Maris Stella High School, was sold to Meadows Investment, which is owned by Neo Tiam Boon, executive director of property and construction firm Tiong Aik Group. With a land area of about 40,482 square feet (sq ft) and a plot ratio of 1.4, the gross floor area works out to 56,674.8 sq ft. The price for the site amounts to about $760 per square foot per plot ratio, taking into account an estimated $3 million development charge with 10 per cent balcony that the developer may have to pay. This article was first published in The Business Times. | |||
Amber Glades sold for $118.1m
March 8, 2011
Far East Organization has purchased Amber Glades through a en bloc sale. The price is said to be $118.12 million, which works out to about $1,066 per square foot per plot ratio, inclusive of about $4 million in development charges (DC).
The deal is subject to approval by the Strata Titles Board. Amber Glades has a freehold land area of 40,917 sq ft and is zoned for residential use with a 2.8 plot ratio.
Amber Glades’ collective sale was launched last month – the fourth attempt at an en bloc sale for the property. The first was in 2007 with a guide price of $145 million, or $1,345 psf ppr including DC. This was followed by a second attempt in 2008. In August 2010, the owners again put the property on the market, this time with an indicative price of $130 million.
Amber Glades currently comprises two 10-storey blocks with a total of 63 units. Owners are expected to receive between $1.34 million and $2.24 million each from the collective sale, depending on the unit size.
The site can be redeveloped to accommodate a 22-storey block comprising 110 apartments with an average size of 1,000 sq ft each.
The unit land price achieved for Amber Glades is comparable to the sale of Marine Point earlier this year at $1,056 psf ppr.
FAR East Organization is understood to have bagged Amber Glades through a collective sale. The price is said to be $118.12 million, which works out to about $1,066 per square foot per plot ratio, inclusive of about $4 million in development charges (DC).
Colliers International brokered the deal through a tender exercise that closed last week. The owners' reserve price has been met.
The deal is subject to approval by the Strata Titles Board. Amber Glades has a freehold land area of 40,917 sq ft and is zoned for residential use with a 2.8 plot ratio (ratio of maximum gross floor area to land area).
Far East can redevelop the site to accommodate a 22-storey block comprising 110 apartments with an average size of 1,000 sq ft each. Nearby, the property giant is developing Silver Sea and The Cape condos.
The unit land price achieved for Amber Glades is comparable to the sale of Marine Point earlier this year at $1,056 psf ppr.
Amber Glades' collective sale was launched last month - the fourth attempt at an en bloc sale for the property. The first was in 2007 with a guide price of $145 million, or $1,345 psf ppr including DC. This was followed by a second attempt in 2008. In August 2010, the owners again put the property on the market, this time with an indicative price of $130 million.
Amber Glades currently comprises two 10-storey blocks with a total of 63 units. Owners are expected to receive between $1.34 million and $2.24 million each from the collective sale, depending on the unit size.
Educational institutions in the area include Tanjong Katong Primary School, CHIJ (Katong) Primary School, Tao Nan School, St Patrick's School and Victoria Junior College. Business Times- 8 Mar 2011
Amber Glades sold en bloc for $118.1m
Far East paying $1,066 psf ppr, inclusive of $4m DC
By KALPANA RASHIWALA
 |
| Amber Glades: The collective sale, which was launched last month, was the fourth attempt at an en bloc sale for the property |
The deal is subject to approval by the Strata Titles Board. Amber Glades has a freehold land area of 40,917 sq ft and is zoned for residential use with a 2.8 plot ratio (ratio of maximum gross floor area to land area).
Far East can redevelop the site to accommodate a 22-storey block comprising 110 apartments with an average size of 1,000 sq ft each. Nearby, the property giant is developing Silver Sea and The Cape condos.
The unit land price achieved for Amber Glades is comparable to the sale of Marine Point earlier this year at $1,056 psf ppr.
Amber Glades' collective sale was launched last month - the fourth attempt at an en bloc sale for the property. The first was in 2007 with a guide price of $145 million, or $1,345 psf ppr including DC. This was followed by a second attempt in 2008. In August 2010, the owners again put the property on the market, this time with an indicative price of $130 million.
Amber Glades currently comprises two 10-storey blocks with a total of 63 units. Owners are expected to receive between $1.34 million and $2.24 million each from the collective sale, depending on the unit size.
Educational institutions in the area include Tanjong Katong Primary School, CHIJ (Katong) Primary School, Tao Nan School, St Patrick's School and Victoria Junior College. Business Times- 8 Mar 2011
WATERFRONT WAVES//Waterfront View
SOLD: $241 psf ppr
NEW DEVELOPMENT: $924 psf
(as of Jun 2010)
See Developers Windfall
Waterfront Waves is designed to merge as one with the picturesque Bedok Reservoir & Park. With unprecedented proximity to the reservoir, you can look forward to commanding vistas of shimmering waters from your home. This is truly a luxury many may desire, but only few will ever own.
The calm waters of Bedok Reservoir are the perfect arena for a whole host of water sports & activities. Brace your family for a lifestyle of pure action!
Renowned schools & tertiary institutions like Victoria Junior College, Temasek Polytechnic & the new United World College campus are within close proximity. Shopping & entertainment choices abound, from exciting malls like Century Square, an upcoming mall at Bedok Central, to megastores like Ikea, Giant or Courts.
Location: Bedok Reservoir Road (District 16)
Tenure: 99 years leasehold
Expected Completion: 2012
Site Area: 215,070sqft
Total Units: 420
Unit Types:
* 2-Bedrooms (981 – 981 sqft)
* 3-Bedrooms (1,267 – 1,314 sqft)
* 4-Bedrooms (1,560 – 1,655 sqft)
FIRST you sell your apartment in an en-bloc sale.
Then you wait for a new condo to come up on the same spot and buy a unit in it.
That is what some have been doing at an estate on Bedok Reservoir Road.
The good thing for them: Their new home will be in a location they know and love.
The not-so-good thing: Prices have soared.
According to a spokesman for Frasers Centrepoint Homes, one of the developers for Waterfront Waves, there are at least five former owners who have bought a total of six units there.
The calm waters of Bedok Reservoir are the perfect arena for a whole host of water sports & activities. Brace your family for a lifestyle of pure action!
Renowned schools & tertiary institutions like Victoria Junior College, Temasek Polytechnic & the new United World College campus are within close proximity. Shopping & entertainment choices abound, from exciting malls like Century Square, an upcoming mall at Bedok Central, to megastores like Ikea, Giant or Courts.
Location: Bedok Reservoir Road (District 16)
Tenure: 99 years leasehold
Expected Completion: 2012
Site Area: 215,070sqft
Total Units: 420
Unit Types:
* 2-Bedrooms (981 – 981 sqft)
* 3-Bedrooms (1,267 – 1,314 sqft)
* 4-Bedrooms (1,560 – 1,655 sqft)
Waterfront Waves: Twice as costly, but residents still want to return
Bedok Reservoir en-bloc residents book units in new developmentFIRST you sell your apartment in an en-bloc sale.
Then you wait for a new condo to come up on the same spot and buy a unit in it.
That is what some have been doing at an estate on Bedok Reservoir Road.The good thing for them: Their new home will be in a location they know and love.
The not-so-good thing: Prices have soared.
According to a spokesman for Frasers Centrepoint Homes, one of the developers for Waterfront Waves, there are at least five former owners who have bought a total of six units there.
Since the launch, 80 of the 148 units have been sold.
The spokesman said: ‘Former residents return as they feel a sense of belonging in the neighbourhood after living there for years.’
She said owners from the old estate, Waterfront View, were given a day for an exclusive preview and to select units ahead of invited guests. But she added that there would be no discounts for former owners.
These residents will have to pay around twice the sum they got from their en-bloc sale, if they choose to buy a similar-size apartment.
Depending on size and location, the new apartments cost $690 to $870 psf.
Said 71-year-old businessman OhBin Cheng, a former resident who visited the Waterfront Waves showroom two weeks ago: ‘The timing was terrible. We went en bloc before the property boom when property prices were still low.
‘Then, when we got the money for the collective sale and wanted to buy, housing prices started soaring.’
TWICE THE PRICE, HALF THE SIZE
Not content to live in a smaller apartment, Mr Oh, who got $660,000 for his 1,600 sqft Waterfront View apartment, decided to buy an HDB flat in Tampines for the time being.
Because Mr Oh is fond of his old estate, he hopes to buy a two-bedroom unit about half the size of his old apartment, which, he said, costs almost $700,000.
He said: ‘I hope prices will drop so that I can come back here to live.’
Another resident, a 54-year-old retiree who declined to be named, also found himself paying more, just to live in the same estate.
He made a down payment for a 1,600 sq ft, four-bedroom unit, which costs $1.27 million, more than twice the $630,000 he received for his old unit
.
Worth it: Former Waterfront View resident Oh Bin Cheng will be returning to the site of his old home. – File Picture: The Straits TimesBut unlike other former residents, he is not complaining.
He said: ‘I am glad that they released the East Wing first, which is where my former block, 736, used to be.
‘What’s even better, this time, my view of the reservoir is not blocked. I’m looking forward to watching all the water activities.
‘Where else can you get a unit so near the water, except at Sentosa or Marina Bay, where it is so expensive?’
EAGER TO RETURN
Indeed, so eager was he to return that he was among the first few to visit the showroom.
For now, his family is living in another condominium just two streets away. He had bought a unit there earlier.
But he will have to sell that apartment to pay for his new home when it is ready in three years’ time.
‘Still, I’m happy with my purchase, I can get back many of the memories from living there,’ he said.
Some property agents The New Paper on Sunday spoke to, however, felt that most residents would welcome a change, and prefer not to return to new developments on the sites of their en-bloc sale estates.
Property agent Andrew Lin, 28, said: ‘It’s not really common for former residents to return. Most of them settle down well in their new homes.
‘The only reason for them to return would be if there was any additional discount given to them by the developer.’
Source : New Paper – 3 Feb 2008
Far East, Frasers Centrepoint buy Waterfront View
July 20, 2007 In a move seen as reducing the risks of undertaking a massive development, Far East Organization and Frasers Centrepoint have set up their maiden joint venture, which has bagged Waterfront View, a privatised former HUDC estate facing Bedok Reservoir, for $385 million.The price for the private treaty deal sealed late Tuesday night before the planned tender close for the property this Friday works out to a land price of $241 psf per plot ratio inclusive of an estimated $102.2 million payment to the state for lifting title restriction to enhance the site’s plot ratio, and upgrading the site’s lease from a remaining 78 years to 99 years.
The 809,037 sq ft site can be developed into a new condominium with a whopping gross floor area of over two million sq ft – enough for a massive project with about 1,600 units.
This is the biggest residential collective sale to date in terms of number of units involved (there are 583 units in the existing development), land area as well as dollar quantum, says DTZ Debenham Tie Leung, which brokered the sale.
Far East’s and Frasers Centrepoint’s breakeven cost could be about $450 psf, say analysts. Currently, 99-year condos in the area are going for above $500 psf for units that face the reservoir and below $500 psf for those that don’t.
Depending on how Far East and Frasers Centrepoint come up with their design scheme, about 80 per cent of units in the new development may face the reservoir.
Industry watchers reckon that instead of competing with each other for Waterfront View at the tender, Far East and Frasers Centrepoint figured it made more sense to team up.
This reduces their risks in terms of exposure to such a huge development – and eliminating at least one competitor in the process. The duo are said to have made their offer, good for only a day, late Tuesday afternoon, accompanied by a $19.25 million cheque (for a 5 per cent deposit).
The collective sale agreement signed by Waterfront View’s owners give the sales committee the mandate to negotiate a private treaty deal as long as the reserve price is met. This is understood to have been $370 million.
‘The sales committee could either take the offer on the table, good for only a day – or take the risk of waiting and hoping for a higher offer at the tender that may or may not come,’ said a source.
Waterfront View’s sales committee chairman Matthew Yu said: ‘We are very happy. It’s a good price. The outcome came earlier and is better than we expected.’
DTZ’s director for investment advisory services Tang Wei Leng said: ‘Given the size of the development, there were really only a few parties who have demonstrated genuine interest. The sales committee was decisive, having considered all the options carefully. We are very happy for the owners.’
The $385 million price is above an independent valuation for the property which DTZ did not disclose. Owners controlling 82.33 per cent of share values in Waterfront View have agreed to the collective sale, which will be subject to approval from the Strata Titles Board. Owners of the existing 583 apartments and maisonettes have equal share values, which means they will each receive about $660,377 per unit, which is over 60 per cent more than what the units would fetch if sold individually today.
The site is zoned for residential use with a 2.5 plot ratio.
While the deal involves the maiden tie-up between Far East and Frasers Centrepoint, it is not the first time that the men helming the two organisations have joined hands. Far East is headed by property magnate Ng Teng Fong while Frasers Centrepoint is the property arm of listed Fraser & Neave group, which is now headed by Han Cheng Fong who, during his days as group CEO of the former DBS Land, oversaw many tie-ups with Mr Ng’s Singapore unit Far East and Hong Kong arm Sino Land.
Market watchers are wondering if the two sides will team up for other acquisitions, including the second Somerset site being offered by the state. Far East clinched the first Somerset plot, the former Glutton’s Square site, in January.
Waterfront View is the fifth site Far East has bought here this year. The five total $1.2 billion.
Source : Business Times – 25 May 2006
WATERFRONT KEY//Waterfront View
Waterfront Key is a 99-year leasehold mass-market condo located right along the edge of Bedok reservoir. There are 427 units available in eight 15-storey towers and the project offers a full range of condo facilities.
.
Units available include:
2 bedroom ~ 874 -1177 sq ft
3 bedroom (compact) ~ 1,007-1108 sq ft
3 bedrooms ~ 1134-1,742sqft
3 bedrooms + study ~ 1332-1879 sq ft
4 bedrooms ~ 1488-1564 sq ft
Penthouse ~ 2860-3038 sq ft
.
Prices rumored to be in the $700 psf region.
.
[UPDATE 22 July 2009: Waterfront Keys have sold 120 units at an average price of S$735psf. Source: Business Times]
Far East, Frasers Centrepoint buy Waterfront View
July 20, 2007In a move seen as reducing the risks of undertaking a massive development, Far East Organization and Frasers Centrepoint have set up their maiden joint venture, which has bagged Waterfront View, a privatised former HUDC estate facing Bedok Reservoir, for $385 million.
The price for the private treaty deal sealed late Tuesday night before the planned tender close for the property this Friday works out to a land price of $241 psf per plot ratio inclusive of an estimated $102.2 million payment to the state for lifting title restriction to enhance the site’s plot ratio, and upgrading the site’s lease from a remaining 78 years to 99 years.
The 809,037 sq ft site can be developed into a new condominium with a whopping gross floor area of over two million sq ft – enough for a massive project with about 1,600 units.
This is the biggest residential collective sale to date in terms of number of units involved (there are 583 units in the existing development), land area as well as dollar quantum, says DTZ Debenham Tie Leung, which brokered the sale.
Far East’s and Frasers Centrepoint’s breakeven cost could be about $450 psf, say analysts. Currently, 99-year condos in the area are going for above $500 psf for units that face the reservoir and below $500 psf for those that don’t.
Depending on how Far East and Frasers Centrepoint come up with their design scheme, about 80 per cent of units in the new development may face the reservoir.
Industry watchers reckon that instead of competing with each other for Waterfront View at the tender, Far East and Frasers Centrepoint figured it made more sense to team up.
This reduces their risks in terms of exposure to such a huge development – and eliminating at least one competitor in the process. The duo are said to have made their offer, good for only a day, late Tuesday afternoon, accompanied by a $19.25 million cheque (for a 5 per cent deposit).
The collective sale agreement signed by Waterfront View’s owners give the sales committee the mandate to negotiate a private treaty deal as long as the reserve price is met. This is understood to have been $370 million.
‘The sales committee could either take the offer on the table, good for only a day – or take the risk of waiting and hoping for a higher offer at the tender that may or may not come,’ said a source.
Waterfront View’s sales committee chairman Matthew Yu said: ‘We are very happy. It’s a good price. The outcome came earlier and is better than we expected.’
DTZ’s director for investment advisory services Tang Wei Leng said: ‘Given the size of the development, there were really only a few parties who have demonstrated genuine interest. The sales committee was decisive, having considered all the options carefully. We are very happy for the owners.’
The $385 million price is above an independent valuation for the property which DTZ did not disclose. Owners controlling 82.33 per cent of share values in Waterfront View have agreed to the collective sale, which will be subject to approval from the Strata Titles Board. Owners of the existing 583 apartments and maisonettes have equal share values, which means they will each receive about $660,377 per unit, which is over 60 per cent more than what the units would fetch if sold individually today.
The site is zoned for residential use with a 2.5 plot ratio.
While the deal involves the maiden tie-up between Far East and Frasers Centrepoint, it is not the first time that the men helming the two organisations have joined hands. Far East is headed by property magnate Ng Teng Fong while Frasers Centrepoint is the property arm of listed Fraser & Neave group, which is now headed by Han Cheng Fong who, during his days as group CEO of the former DBS Land, oversaw many tie-ups with Mr Ng’s Singapore unit Far East and Hong Kong arm Sino Land.
Market watchers are wondering if the two sides will team up for other acquisitions, including the second Somerset site being offered by the state. Far East clinched the first Somerset plot, the former Glutton’s Square site, in January.
Waterfront View is the fifth site Far East has bought here this year. The five total $1.2 billion.
Source : Business Times – 25 May 2006
URBAN SUITES//Char Yong Gardens
Preview of Urban Suites draws interest
Asking price for the units said to start from $2,500 psfPREVIEWS are open for only multiple unit purchases, yet this project is already drawing interest – pointing towards better days for the high-end residential market.
Urban Suites, located at the former Char Yong Gardens site at Hullet Road, is attracting serious buyers from overseas, according to sources.
BT understands that the asking price for these freehold units starts from around $2,500 per sq ft. It is currently available to those who will buy at least two units and there is no news as to when it will be open to those who wish to purchase only a single unit.
Urban Suites, designed by Kerry Hill Architects, comprises 165 units spread across three towers.
There are 26 two-bedders, 94 three-bedders, 40 four-bedders and five duplex and triplex penthouses. The development is expected to receive temporary occupation permit in 2013.
Joint developers CapitaLand and Wachovia Development Corporation had bought Char Yong Gardens en bloc for $1,788 psf of potential gross floor area, including development charges, when the property market was booming in 2007.
CapitaLand’s Urban Suites sees good results in preview sales
Property developer CapitaLand said on Wednesday its high-end development, Urban Suites, saw good results in its recent preview sales.
Under the first phase of the sale launched before Christmas, 60 of the 165 units were released to buyers who were prepared to purchase more than one unit.
CapitaLand said all 60 units were sold at prices ranging from S$2,400 to S$2,700 per square foot. It plans to launch the second phase, comprising some 50 units, in Jakarta next week.
Urban Suites sits on a freehold site, spanning nearly 8,700 square metres, at the former Char Yong Gardens, bounded by Cairnhill Road, Hullet Road and Saunders Road.
The 165-unit development is made up of two 20-storey towers and one 17-storey tower. There are two-, three-, and four-bedroom apartments as well as duplex and triplex penthouses.
Urban Suites is developed by CapitaLand Residential Singapore together with its joint venture partner.
Source : Channel NewsAsia – 6 Jan 2010
Urban Suites -
Prior to yesterday’s deal, the record price for residential land was $1,735 psf ppr set by the sale of The Parisian at Angullia Park in December last year to Overseas Union Enterprise.
CapitaLand said yesterday it has signed a sale and purchase agreement to acquire Char Yong Gardens through a collective sale for $420 million. The unit land price of $1,788 psf ppr is inclusive of a $47 million development charge.
Market watchers reckoned CapitaLand’s break-even cost for a new condo on the site could be around $2,200 to $2,300 psf.
Char Yong’s unit land price is 16 per cent higher than the $1,542 psf ppr that Sing Holdings paid in March this year for the nearby Hillcourt Apartments.
Jones Lang LaSalle brokered the collective sale of Char Yong Gardens.
The sale to CapitaLand was agreed following the lapse of an earlier offer made in late April by a joint venture involving China, Indonesia and Singapore entities. But that offer is believed to have had a series of conditions.
CapitaLand’s acquisition of Char Yong Gardens is subject to approval from the Strata Titles Board. Consent from owners controlling at least 80 per cent of share values at Char Yong Gardens has been obtained, JLL regional director and head of investments Lui Seng Fatt confirmed yesterday.
CapitaLand said yesterday it is in talks with Wachovia Development Corporation to develop the Char Yong site through a 50:50 joint venture. The company is a wholly owned subsidiary of Wachovia Corporation, one of the biggest diversified financial services groups in the US, through which certain real estate activities are transacted.
For now, the plan is to redevelop the Char Yong plot into a 20-storey condo with about 130 biggish apartments. The project is slated for launch in end-2008.
CapitaLand said that since 2005, it has bought four residential sites and one mixed development plot in Singapore. These include Gillman Heights, for which it has partnered Hotel Properties and two funds. ‘The company will continue to seize opportunities to acquire prime sites to augment its existing landbank,’ it said.
Source : Business Times – 13 Jun 2007
Under the first phase of the sale launched before Christmas, 60 of the 165 units were released to buyers who were prepared to purchase more than one unit.
CapitaLand said all 60 units were sold at prices ranging from S$2,400 to S$2,700 per square foot. It plans to launch the second phase, comprising some 50 units, in Jakarta next week.
Urban Suites sits on a freehold site, spanning nearly 8,700 square metres, at the former Char Yong Gardens, bounded by Cairnhill Road, Hullet Road and Saunders Road.
The 165-unit development is made up of two 20-storey towers and one 17-storey tower. There are two-, three-, and four-bedroom apartments as well as duplex and triplex penthouses.
Urban Suites is developed by CapitaLand Residential Singapore together with its joint venture partner.
Source : Channel NewsAsia – 6 Jan 2010
Urban Suites -
Char Yong Gdns sold for record $1,788 psf ppr
August 4, 2007
Setting a new benchmark price for residential land in Singapore, CapitaLand has bought Char Yong Gardens at the corner of Cairnhill and Hullet roads at a unit land price of $1,788 psf of potential gross floor area inclusive of development charges payable to the state.
The 93,274 sq ft freehold site is next to the Silver Towers plot which CapitaLand bought in September last year for $1,107 psf per plot ratio (psf ppr). The average land cost of the two sites works out to about $1,400 psf ppr. It remains to be seen if CapitaLand will amalgamate the two plots for a single project.Prior to yesterday’s deal, the record price for residential land was $1,735 psf ppr set by the sale of The Parisian at Angullia Park in December last year to Overseas Union Enterprise.
CapitaLand said yesterday it has signed a sale and purchase agreement to acquire Char Yong Gardens through a collective sale for $420 million. The unit land price of $1,788 psf ppr is inclusive of a $47 million development charge.
Market watchers reckoned CapitaLand’s break-even cost for a new condo on the site could be around $2,200 to $2,300 psf.
Char Yong’s unit land price is 16 per cent higher than the $1,542 psf ppr that Sing Holdings paid in March this year for the nearby Hillcourt Apartments.
Jones Lang LaSalle brokered the collective sale of Char Yong Gardens.
The sale to CapitaLand was agreed following the lapse of an earlier offer made in late April by a joint venture involving China, Indonesia and Singapore entities. But that offer is believed to have had a series of conditions.
CapitaLand’s acquisition of Char Yong Gardens is subject to approval from the Strata Titles Board. Consent from owners controlling at least 80 per cent of share values at Char Yong Gardens has been obtained, JLL regional director and head of investments Lui Seng Fatt confirmed yesterday.
CapitaLand said yesterday it is in talks with Wachovia Development Corporation to develop the Char Yong site through a 50:50 joint venture. The company is a wholly owned subsidiary of Wachovia Corporation, one of the biggest diversified financial services groups in the US, through which certain real estate activities are transacted.
For now, the plan is to redevelop the Char Yong plot into a 20-storey condo with about 130 biggish apartments. The project is slated for launch in end-2008.
CapitaLand said that since 2005, it has bought four residential sites and one mixed development plot in Singapore. These include Gillman Heights, for which it has partnered Hotel Properties and two funds. ‘The company will continue to seize opportunities to acquire prime sites to augment its existing landbank,’ it said.
Source : Business Times – 13 Jun 2007
THE TERRENE//Rainbow Gardens
Good response to new condos 368 Thomson, The Terrene
CITY Developments Ltd (CDL) and UOL Group seem to have struck a chord with home buyers with their latest condo previews.CDL has sold 96 of the 120 units released in the first phase of its 368 Thomson condo, as at 5pm yesterday. The average price is $1,350 per square foot for the 36-storey freehold condo in District 11. The project comprises 157 units. CDL said it is releasing more units progressively to cater to demand.
Over in the Toh Tuck/Jalan Jurong Kechil area, UOL released 85 units at The Terrene on the former Rainbow Gardens site and as at 10pm yesterday, had sold about 50 units. The average selling price for the five-storey, 999-year leasehold condo is about $1,250 psf. The project comprises 172 units. UOL is developing the condo jointly with LaSalle Investment Management.
Developers of both projects began sales to their respective staff/directors and former owners of the sites on Thursday, followed by previews to other buyers yesterday.
CDL said prices of 368 Thomson range, in absolute dollar quantum, from $918,000 for the 689 sq ft one-plus-study units to $4.4 million for the 3,391 sq ft, five-bedroom penthouses.
The 96 units sold include all 62 two-bedders in the development and about 12-15 one-bedders as well as one of the condo’s two penthouses.
DMG & Partners analyst Brandon Lee described CDL’s pricing as ‘reasonable and in line with current prices in the area’, given that newish projects in the area are fetching between $1,250 and $1,450 psf.
Agreeing, a seasoned property consultant noted that prices of new condos in the Newton area, which is closer to Orchard, are hovering around the $1,700-2,000 psf range.
A back-of-the-envelope calculation shows CDL stands to book pre-tax profit of about $70 million from 368 Thomson. This is the third condo the group is developing in the location. Its first, The Arte at Thomson, was previewed in March last year at an average price of $880 psf, followed by Cube 8 in January this year at $1,250 psf on average.
CDL said that about 75 per cent of buyers at 368 Thomson were Singaporeans, with the rest comprising permanent residents and other foreigners – mainly from Malaysia, Indonesia, China and Hong Kong.
‘With its prime District 11 location, freehold status and attractive pricing, 368 Thomson represents an excellent investment opportunity and also good rental potential,’ said CDL’s group general manager Chia Ngiang Hong.
UOL and La Salle Investment Management on the other hand are targeting primarily owner-occupiers for The Terrene.
‘The majority of units sold are two-bedroom apartments, followed by three bedders. Seven penthouses have also been sold,’ said Knight Frank managing director (residential services) Peter Ow. Buyers mostly have addresses in the surrounding area – districts 21 (such as Upper Bukit Timah) and 23 (which includes Bukit Batok and Toh Tuck) and comprise a mix of HDB flat dwellers and private home dwellers.
‘Most of the buyers are locals,’ he added. The 85 units released are priced between $920 psf and $1,480 psf. Knight Frank is marketing Terrene jointly with Jones Lang LaSalle. The project’s 172 units range from one bedders (starting from 506 sq ft) to five-bedroom penthouses (up to 3,025 sq ft).
Source : AsiaOne – 12 Jul 2010
New condos for preview this week
AT least two new condos are expected to be released this week – 368 Thomson and The Terrene @ Bukit Timah.UOL Group and LaSalle Investment Management are jointly developing The Terrene on the former Rainbow Gardens site in the Toh Tuck/Jalan Jurong Kechil area.
The 999-year leasehold, 5-storey project will have 172 units, ranging from one bedders (starting from 506 sq ft) to five-bedroom penthouses (of up to 3,025 sq ft). It will be close to two green lungs – Bukit Timah Nature Reserve and Bukit Batok Nature Park – and about half a kilometre from the Beauty World MRT Station, which is being built.
Prices of typical units are expected to be in the $1,200-1,400 psf range. However, one bedders could touch around $1,500 psf. Ground floor apartments with private enclosed areas could be priced closer to the $1,000 psf mark, BT understands.
In October last year, UOL announced it had taken a half-share in the Rainbow Gardens site, which had been bought by the LaSalle Asia Opportunity II fund in a collective sale a few years earlier.
Terrene is being marketed by Knight Frank and Jones Lang LaSalle.
For UOL, the preview of The Terrene follows the virtual sell-out of its Waterbank at Dakota, a 616-unit condo fronting Geylang River and next to Dakota MRT Station. The 99-year leasehold condo’s launch in April was timed with the opening of the station.
Over in the Balestier/Thomson Road area, City Developments Ltd is getting ready to preview 368 Thomson later this week on the former Concorde Residence site.
Prices in the 36-storey freehold development are expected to range from $1,300-1,500 psf. The condo’s 157 units range from one-bedders to penthouses, with unit sizes of 689 sq ft to 3,391 sq ft. The project is being marketed by Huttons.
Meanwhile, over in the Bedok Reservoir location, Frasers Centrepoint and Far East Organization have sold 93 of the 150 units released since June 25 at the Waterfront Gold condo. The average price for the 99-year leasehold project is $950 psf. Waterfront Gold comprises 361 units and will be the first condo in Singapore to feature a skypark. This will be on the roof of the 15-storey project.
Property consultants say home sales are still slow, with many potential buyers still glued to the World Cup, which ends in the wee hours of Monday next week. More developers are then expected to begin releasing projects again.
‘Buyers will do their homework and evaluation, but the good thing is that the Singapore stock market has still fared relatively better than some overseas markets,’ notes DTZ executive director (consulting) Ong Choon Fah.
‘The underlying desire to buy a private residential property here is still there among owner occupiers and local investors, as there’s still a lot of liquidity. And our market is quite unique, with a large part of our population living in public housing, which provides a natural feed to the private housing market,’ she added.
July 07, 2010
RAINBOW GARDENS
| Development Name: | Rainbow Garden |
| Property Type: | Condominium |
| Developer: | Wai Wing Properties Pte Ltd |
| Tenure: | 999-year Leasehold |
| Construction Year: | 1986 |
| # of Units: | 64 |
Collective sale:
Application for sale to the STB: Aug 2007
Rainbow Gardens' en bloc sale was approved by the STB 0n 18 May 2008.
The following is the minority appeal to the High Court, the appeal was dismissed on 12 May 2009..
| NEW LAUNCH - TERRENE@BUKIT TIMAH (FORMERLY RAINBOW GARDENS) |
Description: 8 Blocks of 5-storey condominium development & 1 level basement car park.
Terrene Location: Former Rainbow Garden ~ Jalan Jurong Kechil
District: 21
Site Area: 130,117 sq ft (12088.2 sqm)
Tenure: 999 years
Expected TOP: 31 March 2014
Total Nos of Units: 172 Units
Type of Units In Terrene @ Bukit Timah:
| Nos Of Bedroom | Estimate Area (sq ft) | Nos of Units |
| 1 | 549 ~ 624 | 22 |
| 2 | 915 ~ 1184 | 68 |
| 3 | 1109 ~ 1572 | 44 |
| 4 | 1550 ~ 1841 | 08 |
| Penthouse: | ||
| 3 | 1733 ~ 2034 | 14 |
| 4 | 2067 ~ 2443 | 11 |
| 5 | 2659 ~ 3025 | 05 |
THE SHORE RESIDENCES // Rose Garden
Developers brimming with new launches
Far East said to be top seller in January; Lippo and MCL may release some units
EVEN as developers have gotten off to a good start this year, selling well over 1,000 private homes in January, their launch machinery remains well oiled for more roll-outs in the near future.
Lippo Group is expected to preview Centennia Suites on the former Kim Seng Plaza site, diagonally opposite Great World City, later this week. The average price for the District 9 freehold project is being touted at $2,000 per square foot or even higher.
This is higher than recently achieved prices in the secondary market for nearby projects such as The Trillium and The Cosmopolitan but Lippo is probably banking on the exclusivity factor to market its latest offering. The 36-storey freehold Centennia Tower comprises a single tower with just 97 units, comprising two, three and four-bedroom apartments and two penthouses.
The two bedders are relatively large at slightly over 1,200 sq ft. Three bedders come in five variations but all around 1,800 sq ft; four-bedroom apartments also have five variations of roughly 2,250 sq ft. Centennia’s two penthouses are around 3,300 sq ft and 4,400 sq ft. BT understands that the project is being marketed by CB Richard Ellis and Jones Lang LaSalle.
Agents are also busy gathering interest for MCL Land’s The Estuary, a 608-unit condo at Yishun Ave 1/2. Some market watchers say that they would not be surprised if MCL releases some units before the Chinese New Year break.
For the month of January, Far East Organization is believed to have been the top seller, with sales of close to 300 units. Its bestseller was The Shore Residences, a 103-year-old condominium project on the site in Katong. Far East is understood to have sold over 140 units in the project last month.
City Developments sold 243 units in January, the bulk of which were in Cube 8 at Thomson Road (167 units) and Livia in Pasir Ris (59 units), a CDL spokeswoman said.
Fellow property giant CapitaLand also did brisk sales. Its 165-unit Urban Suites condo in the Cairnhill area is said to be left with fewer than 30 units.
Frasers Centrepoint sold a total 102 units last month, including 43 units at its Residences Botanique in the Yio Chu Kang/Sirat roads area.
Frasers Centrepoint’s and Far East’s sales numbers are inclusive of about 35 units sold at their two joint-venture condominium projects along Bedok Reservoir, Waterfront Waves and Waterfront Keys.
Allgreen Properties is also believed to have sold a total 62 units from its preview of Holland Residences last week. The average price is $1,625 psf.
CB Richard Ellis executive director (residential) Joseph Tan says: ‘Generally, buyers are showing more interest and there’s acceptance that prices have bottomed out with a strong likelihood of growth. Developers in their pricing policy should also leave room for capital appreciation for investors.’
A Morgan Stanley report dated Jan 27, on a survey of the Singapore private residential sector involving Singapore-based respondents, concluded that, generally, respondents are expecting prices to trend upwards gradually in the medium term rather than spiking in the next 12 months.
As for developers, DTZ executive director Ong Choon Fah says: ‘When there’s a window of opportunity like what we’re seeing now, developers want to capitalise on it and try to push out projects as soon as possible; they can always restock land at government tenders.
‘After all, most economists are still calling for a note of caution on the sustainability of the global economic economy – for instance, if interest rates rise and as governments withdraw their stimulus measures.’
Source : Business Times – 2 Feb 2010
EVEN as developers have gotten off to a good start this year, selling well over 1,000 private homes in January, their launch machinery remains well oiled for more roll-outs in the near future.
Lippo Group is expected to preview Centennia Suites on the former Kim Seng Plaza site, diagonally opposite Great World City, later this week. The average price for the District 9 freehold project is being touted at $2,000 per square foot or even higher.
This is higher than recently achieved prices in the secondary market for nearby projects such as The Trillium and The Cosmopolitan but Lippo is probably banking on the exclusivity factor to market its latest offering. The 36-storey freehold Centennia Tower comprises a single tower with just 97 units, comprising two, three and four-bedroom apartments and two penthouses.
The two bedders are relatively large at slightly over 1,200 sq ft. Three bedders come in five variations but all around 1,800 sq ft; four-bedroom apartments also have five variations of roughly 2,250 sq ft. Centennia’s two penthouses are around 3,300 sq ft and 4,400 sq ft. BT understands that the project is being marketed by CB Richard Ellis and Jones Lang LaSalle.
Agents are also busy gathering interest for MCL Land’s The Estuary, a 608-unit condo at Yishun Ave 1/2. Some market watchers say that they would not be surprised if MCL releases some units before the Chinese New Year break.
For the month of January, Far East Organization is believed to have been the top seller, with sales of close to 300 units. Its bestseller was The Shore Residences, a 103-year-old condominium project on the site in Katong. Far East is understood to have sold over 140 units in the project last month.
City Developments sold 243 units in January, the bulk of which were in Cube 8 at Thomson Road (167 units) and Livia in Pasir Ris (59 units), a CDL spokeswoman said.
Fellow property giant CapitaLand also did brisk sales. Its 165-unit Urban Suites condo in the Cairnhill area is said to be left with fewer than 30 units.
Frasers Centrepoint sold a total 102 units last month, including 43 units at its Residences Botanique in the Yio Chu Kang/Sirat roads area.
Frasers Centrepoint’s and Far East’s sales numbers are inclusive of about 35 units sold at their two joint-venture condominium projects along Bedok Reservoir, Waterfront Waves and Waterfront Keys.
Allgreen Properties is also believed to have sold a total 62 units from its preview of Holland Residences last week. The average price is $1,625 psf.
CB Richard Ellis executive director (residential) Joseph Tan says: ‘Generally, buyers are showing more interest and there’s acceptance that prices have bottomed out with a strong likelihood of growth. Developers in their pricing policy should also leave room for capital appreciation for investors.’
A Morgan Stanley report dated Jan 27, on a survey of the Singapore private residential sector involving Singapore-based respondents, concluded that, generally, respondents are expecting prices to trend upwards gradually in the medium term rather than spiking in the next 12 months.
As for developers, DTZ executive director Ong Choon Fah says: ‘When there’s a window of opportunity like what we’re seeing now, developers want to capitalise on it and try to push out projects as soon as possible; they can always restock land at government tenders.
‘After all, most economists are still calling for a note of caution on the sustainability of the global economic economy – for instance, if interest rates rise and as governments withdraw their stimulus measures.’
Source : Business Times – 2 Feb 2010
Far East signs deal to buy Rose Garden for $169.8m
July 21, 2007
THE collective sale market continues to buzz with Far East Organization yesterday inking a conditional deal to purchase the freehold Rose Garden in the Katong area for $169.8 million or $423 psf of potential gross floor area.
And in the Sophia Road area, Sophia Court has been put up for en bloc sale with an asking price of $250 million or $718 psf per plot ratio inclusive of an estimated $821,000 development charge.
In the case of Rose Garden, whose sale was brokered by PropNex Realty, the purchase by Far East is subject to confirmation that no development charge is payable, says PropNex senior associate director Jeremy Chiu.
He says no DC is payable because the baseline gross floor area of 494,328.88 sq ft is higher than the 401,178 sq ft allowed under Master Plan 2003.
The 191,037 sq ft freehold site is zoned for residential use with 2.1 plot ratio (ratio of maximum potential gross floor area to land area) and 24-storey maximum height under Master Plan 2003. The deal with Far East comes after a tender for the site closed earlier this week attracting a few other bids, says Mr Chiu. Far East’s offer is the highest and crossed the owners’ reserve price which is slightly above $400 psf ppr, he added.
Based on the $169.8 million price, owners of the 188 apartments at Rose Garden stand to receive about $903,000 a unit, which is about 40 per cent more than what they would have got if sold individually.
Owners controlling about 85 per cent of share values have consented to the en bloc sale. Rose Garden owners paid prices ranging from $26,000 (for those who bought their units 40 years ago) to $850,000 for their units.
In January, Far East bought Amberville, a privatised HUDC estate in the vicinity of Rose Garden, for $396 psf ppr inclusive of estimated development charges and premium to top up lease from the remaining 71 years to the original 99.
This year Far East has bagged at least seven major properties – Amberville, ex-Glutton’s Square site on Orchard Road, Angullia Mansion and Skyline Angullia both at Angullia Park, Pacific Court at Pasir Panjang Hill, Waterfront View in Bedok (this was a joint acquisition with Frasers Centrepoint) and Rose Garden – for a total of over $1.4 billion.
In the Sophia Road area, CB Richard Ellis has secured the approval from owners controlling 81 per cent of share values to do a collective sale of Sophia Court. The 21-year-old freehold development has a 166,140 sq ft land area and is zoned for residential use with 2.1 plot ratio.
Based on the $250 million asking price, owners stand to enjoy about 100 per cent collective sale premium.
Source : Business Times – 19 Aug 2006
And in the Sophia Road area, Sophia Court has been put up for en bloc sale with an asking price of $250 million or $718 psf per plot ratio inclusive of an estimated $821,000 development charge.
In the case of Rose Garden, whose sale was brokered by PropNex Realty, the purchase by Far East is subject to confirmation that no development charge is payable, says PropNex senior associate director Jeremy Chiu.
He says no DC is payable because the baseline gross floor area of 494,328.88 sq ft is higher than the 401,178 sq ft allowed under Master Plan 2003.
The 191,037 sq ft freehold site is zoned for residential use with 2.1 plot ratio (ratio of maximum potential gross floor area to land area) and 24-storey maximum height under Master Plan 2003. The deal with Far East comes after a tender for the site closed earlier this week attracting a few other bids, says Mr Chiu. Far East’s offer is the highest and crossed the owners’ reserve price which is slightly above $400 psf ppr, he added.
Based on the $169.8 million price, owners of the 188 apartments at Rose Garden stand to receive about $903,000 a unit, which is about 40 per cent more than what they would have got if sold individually.
Owners controlling about 85 per cent of share values have consented to the en bloc sale. Rose Garden owners paid prices ranging from $26,000 (for those who bought their units 40 years ago) to $850,000 for their units.
In January, Far East bought Amberville, a privatised HUDC estate in the vicinity of Rose Garden, for $396 psf ppr inclusive of estimated development charges and premium to top up lease from the remaining 71 years to the original 99.
This year Far East has bagged at least seven major properties – Amberville, ex-Glutton’s Square site on Orchard Road, Angullia Mansion and Skyline Angullia both at Angullia Park, Pacific Court at Pasir Panjang Hill, Waterfront View in Bedok (this was a joint acquisition with Frasers Centrepoint) and Rose Garden – for a total of over $1.4 billion.
In the Sophia Road area, CB Richard Ellis has secured the approval from owners controlling 81 per cent of share values to do a collective sale of Sophia Court. The 21-year-old freehold development has a 166,140 sq ft land area and is zoned for residential use with 2.1 plot ratio.
Based on the $250 million asking price, owners stand to enjoy about 100 per cent collective sale premium.
Source : Business Times – 19 Aug 2006
THE LAURELS//Hillcourt Apartments
Private property launches: they’re still… HOT, HOT, HOT
SALES of private property kept sizzling over the weekend as buyers, undeterred by the rainy weather and recent government policies to cool the market, packed showflats.Demand was strong for mass market and prime projects, with buyers especially keen on The Laurels, an upmarket 229-unit project in Cairnhill Road.
Developer Sing Holdings has sold 135 of the 179 units so far, with around 40 – comprising mostly two-, three- and four-bedders – going over the weekend and two more taken up yesterday.
More than 90 units had already been sold at private previews for business associates and owners, where the development now sits.
Prices at the project ranged from $2,800 to $3,200 per sq foot (psf).
All four penthouses have also been bought, for between $8 million and $10 million each, and the 45 one-bedroom units are also gone, a DMG & Partners report said.
‘We had a good mix of buyers with strong take-up rates across the different unit sizes. Mostly two- and three-bedroom units are left but we have no plans to release the remaining 50 units yet,’ the spokesman said.
DMG & Partners property analyst Brandon Lee said turnout for The Laurels preview was healthy, with 20 to 40 people in the showflat at any one point.
Locals made up a good proportion of the buyers, although there were some Indonesians as well, the Sing Holdings spokesman said.
Mr Lee expects 30 to 50 units to be retained for future launches so as to ride on continued rising prices within the high-end segment.
The Vision at West Coast – marketed as a high-end project in a suburban location – was also popular.
As of yesterday, 160 out of the 295 units in the Cheung Kong Holdings development had been sold, including the 100 that went during the initial preview.
This is in spite of record prices – from $1,000 to $1,200 psf – for a mass market project.
The Vision, a 99-year leasehold condominium located across the road from West Coast Park, has 281 apartments and 14 strata terrace units. It is next to Blue Horizon, where units in the resale market have gone for $764 to $841 psf this year.
UOB Kay Hian analyst Vikrant Pandey said the strong demand for The Vision served to reinforce positive views about the sustainability of the property market’s recovery, with turnout strong despite Sunday’s rain.
He expects demand to remain strong for other upcoming launches.
‘We believe the turnaround in the property segment is well supported by favourable demand-supply dynamics, high liquidity and a low interest rate environment,’ Mr Pandey added.
Tiong Aik’s Coralis near Marine Parade has also seen strong sales, with more than 50 out of its 127 units taken up at its weekend preview in Raffles Hotel. Prices were between $1,350 and $1,550 psf. It is expected to be launched this weekend.
Coralis is a freehold condominium featuring one-bedders as small as 495 sq ft and penthouses of up to 3,089 sq ft.
Mr Dennis Yong, head of special projects at HSR International Realtors – a co-marketing agent of the project – said strong demand was seen mostly from local people with the ‘perspective of home ownership’. Investors made up only about 20 per cent of buyers, he said.
Mr Yong expects continued demand in the next two to four weeks as there is still genuine demand from home buyers.
But he tips prices to continue increasing, given developers’ depleting landbanks and that new site tenders are attracting high bids.
‘Developers are not in a rush to sell. They can still push up their prices to maximise their value and to increase the average price of each unit,’ he said.
‘They are not sure how high to price their units, (so) every four to five units sold, they adjust their prices again.’
City Developments has said it plans to launch the 228-unit Residences at W Singapore Sentosa Cove this month while it hopes to release a 429-unit project in Chestnut Avenue next month. A spokesman said that while it has not launched any new projects as yet, there has been buying interest.
Local developer Hiap Hoe Group will preview its 61-unit Skyline 360 at St Thomas Walk and its 48-unit Treasure on Balmoral – a luxury development costing at least $4 million per unit – at Raffles Hotel this weekend.
CB Richard Ellis executive director of residential services Joseph Tan said he has seen ‘decent sales’ even for some of the ongoing projects such as Centennia Suites in Kim Seng Road over the past weekend.
‘Sales are still okay even for the older launches…All (projects) are moving, some are faster, some are slower but even if sales are slower, it could be the marketing strategy of the developer. Prices might still go up and with a developer having a depleting landbank, it is not in its interest to sell fast,’ he said.
Source : Straits Times – 16 Mar 2010
CUBE 8 -
Sesdaq firm pays big bucks for Cairnhill plot
July 29, 2007
A TINY-TOT firm worth just $97 million is making a $361 million bet on the Orchard area property market by buying a prime Cairnhill Road estate.
Sing Holdings is clearly counting on prices in the coveted area to keep soaring, to ensure its massive investment in freehold Hillcourt Apartments pays off.
‘The buzz is in Orchard,’ said managing director Lee Sze Hao. ‘It is hard to get such a site, just a three-minute walk to Orchard Road.’
But the numbers are daunting. Sing Holdings will fork out a mind-boggling $1,542 per sq ft (psf) per plot ratio for the estate, well above the $1,107 psf that property giant CapitaLand paid last year for Silver Tower next door.
Hillcourt has 102 units. Owners will each get $3.46 million, with the owners of the two 4,241 sq ft penthouses each collecting $7.26 million.
Sing Holdings will spread the risk by recruiting partners – perhaps from the United States or Hong Kong – to shoulder about half the deal, said Mr Lee, who is confident his gamble will pay off.
‘I am very bullish about the area. There will also be two new malls coming up in Somerset,’ he said.
Sing Holdings, a long-time but recently listed developer, is capitalised at about $97 million on Sesdaq. It plans to launch a high-end project with 160 to 180 two- to three- bedroom units next year.
Mr Lee said his break-even cost is around $2,000 psf to $2,100 psf, which will allow him to easily achieve a minimum sale price of $2,300 psf to make it worth his while.
Mr Steven Ming of Savills Singapore, which brokered the $361 million sale, said Sing Holdings could sell a new development on the site for about $2,500 to $2,600 psf.
‘This won’t be too difficult to achieve,’ said Mr Lee.
‘There’s a lot of potential in the area. In the vicinity, developers like SC Global and WingTai will be pitching prices of $2,500 to $2,800 psf.’
The area’s boom feel is a far cry from last June when the tender for Silver Tower closed with only four bids and all below the reserve price.
Sing Holdings’ purchase will allow it to participate in the bull run of a prime area normally reserved for the property world’s big guns.
Wing Tai could soon launch its Phoenix Mansion site, next to The Light @ Cairnhill, for about $2,500 psf, market sources said.
High-end developer SC Global, for example, will launch its Hilltops condo this year with prices perhaps reaching as high as $3,000 psf. It bought the site for under $1,000 psf last April.
Sing Holdings has two potential partners in the wings to help it spread the risk.
United States-based fund Forum Asian Realty Income II, which holds 4.8 per cent of Sing Holdings, is expected to invest and could take up to 40 per cent, said Mr Lee.
The fund, which has bought a block of flats in a prime Draycott condo, previously linked up with Sing Holdings to buy two sites, taking a 30 per cent stake in each. A Hong Kong property investment firm has also indicated an interest in taking a 20 per cent share, though its final stake, if any, could be less.
Sing Holdings has sold its Shanghai operations, resulting in a cash inflow of $81 million, which it is investing in the market here, said Mr Lee.
Other small local developers have joined with foreign funds to buy costly sites in order to cash in on a hot market.
Chip Eng Seng, for one, tied up with US investment bank Lehman Brothers and US-based hedge fund Citadel Investment Group to develop properties here.
There could be more ventures with funds in future, said Credo Real Estate managing director Karamjit Singh.
‘There are foreign funds from the US and Middle East, which are looking to participate in the local property development market.’
Source : Straits Times – 23 Mar 2007
Sing Holdings is clearly counting on prices in the coveted area to keep soaring, to ensure its massive investment in freehold Hillcourt Apartments pays off.
‘The buzz is in Orchard,’ said managing director Lee Sze Hao. ‘It is hard to get such a site, just a three-minute walk to Orchard Road.’
But the numbers are daunting. Sing Holdings will fork out a mind-boggling $1,542 per sq ft (psf) per plot ratio for the estate, well above the $1,107 psf that property giant CapitaLand paid last year for Silver Tower next door.
Hillcourt has 102 units. Owners will each get $3.46 million, with the owners of the two 4,241 sq ft penthouses each collecting $7.26 million.
Sing Holdings will spread the risk by recruiting partners – perhaps from the United States or Hong Kong – to shoulder about half the deal, said Mr Lee, who is confident his gamble will pay off.
‘I am very bullish about the area. There will also be two new malls coming up in Somerset,’ he said.
Sing Holdings, a long-time but recently listed developer, is capitalised at about $97 million on Sesdaq. It plans to launch a high-end project with 160 to 180 two- to three- bedroom units next year.
Mr Lee said his break-even cost is around $2,000 psf to $2,100 psf, which will allow him to easily achieve a minimum sale price of $2,300 psf to make it worth his while.
Mr Steven Ming of Savills Singapore, which brokered the $361 million sale, said Sing Holdings could sell a new development on the site for about $2,500 to $2,600 psf.
‘This won’t be too difficult to achieve,’ said Mr Lee.
‘There’s a lot of potential in the area. In the vicinity, developers like SC Global and WingTai will be pitching prices of $2,500 to $2,800 psf.’
The area’s boom feel is a far cry from last June when the tender for Silver Tower closed with only four bids and all below the reserve price.
Sing Holdings’ purchase will allow it to participate in the bull run of a prime area normally reserved for the property world’s big guns.
Wing Tai could soon launch its Phoenix Mansion site, next to The Light @ Cairnhill, for about $2,500 psf, market sources said.
High-end developer SC Global, for example, will launch its Hilltops condo this year with prices perhaps reaching as high as $3,000 psf. It bought the site for under $1,000 psf last April.
Sing Holdings has two potential partners in the wings to help it spread the risk.
United States-based fund Forum Asian Realty Income II, which holds 4.8 per cent of Sing Holdings, is expected to invest and could take up to 40 per cent, said Mr Lee.
The fund, which has bought a block of flats in a prime Draycott condo, previously linked up with Sing Holdings to buy two sites, taking a 30 per cent stake in each. A Hong Kong property investment firm has also indicated an interest in taking a 20 per cent share, though its final stake, if any, could be less.
Sing Holdings has sold its Shanghai operations, resulting in a cash inflow of $81 million, which it is investing in the market here, said Mr Lee.
Other small local developers have joined with foreign funds to buy costly sites in order to cash in on a hot market.
Chip Eng Seng, for one, tied up with US investment bank Lehman Brothers and US-based hedge fund Citadel Investment Group to develop properties here.
There could be more ventures with funds in future, said Credo Real Estate managing director Karamjit Singh.
‘There are foreign funds from the US and Middle East, which are looking to participate in the local property development market.’
Source : Straits Times – 23 Mar 2007
Sing Hldgs inks deal to buy Hillcourt Apts for $361m
July 29, 2007
SING Holdings has signed a conditional agreement to buy the freehold Hillcourt Apartments on Cairnhill Road for $361 million or about $1,542 per square foot (psf) of potential gross floor area (GFA).
The price is about 75 per cent higher than the $880 psf per plot ratio (ppr) that SC Global paid in H1 2006 for Hilltops Apartments at Cairnhill Circle and 16 adjoining terrace houses, reflecting the surge in prime land values in Singapore over the past year.
The unit land price for Hillcourt Apartments also beats the $1,107 psf ppr that CapitaLand paid for the next-door Silver Tower in September last year. Both the Silver Tower and Hillcourt en bloc sales were handled by Savills Singapore.
Sing Holdings will not have to pay a development charge (DC) for the Hillcourt site up to the existing development’s GFA of 234,095 square feet, which works out to 3.0778 times the land area of 76,059 sq ft. However, if Sing Holdings decides to tap an additional 10 per cent GFA allowed for balcony space, it will have to pay a DC.
Nonetheless, this will lower Sing Holdings’ unit land price to $1,444 psf ppr, according to Sing Holdings managing director Lee Sze Hao.
Mr Lee also said the group will once again team up with US-based fund Forum for its acquisition of Hillcourt Apartments, although the respective stakes of the two parties have yet to be finalised.
The companies worked together for the earlier purchase of Finland Gardens in the East Coast and Bellerive at Keng Chin Road.
Sing Holdings’ break even cost for a new condo project on the Hillcourt site could be about $2,000 psf, factoring in rising construction costs, BT understands.
Mr Lee said the company is looking to develop a new 20-storey condo with about 180 units ranging from 1,500 to 1,800 sq ft. The project could be launched around the final quarter of next year.
The tender for Hillcourt Apartments closed on Wednesday, attracting several bids, Savills said yesterday. The highest was from Sing Holdings.
Owners of Hillcourt’s existing 100 apartments and two penthouses will receive $3.46 million per apartment and $7.26 million per penthouse.
These sums are about 60 per cent higher than if the units had been sold individually.
Sing Holdings said in its release to the Singapore Exchange that its purchase of Hillcourt Apartments is subject to a permissible GFA of 234,095 sq ft, and approval from the Strata Titles Board.
Source : Business Times – 23 Mar 2007
The price is about 75 per cent higher than the $880 psf per plot ratio (ppr) that SC Global paid in H1 2006 for Hilltops Apartments at Cairnhill Circle and 16 adjoining terrace houses, reflecting the surge in prime land values in Singapore over the past year.
The unit land price for Hillcourt Apartments also beats the $1,107 psf ppr that CapitaLand paid for the next-door Silver Tower in September last year. Both the Silver Tower and Hillcourt en bloc sales were handled by Savills Singapore.
Sing Holdings will not have to pay a development charge (DC) for the Hillcourt site up to the existing development’s GFA of 234,095 square feet, which works out to 3.0778 times the land area of 76,059 sq ft. However, if Sing Holdings decides to tap an additional 10 per cent GFA allowed for balcony space, it will have to pay a DC.
Nonetheless, this will lower Sing Holdings’ unit land price to $1,444 psf ppr, according to Sing Holdings managing director Lee Sze Hao.
Mr Lee also said the group will once again team up with US-based fund Forum for its acquisition of Hillcourt Apartments, although the respective stakes of the two parties have yet to be finalised.
The companies worked together for the earlier purchase of Finland Gardens in the East Coast and Bellerive at Keng Chin Road.
Sing Holdings’ break even cost for a new condo project on the Hillcourt site could be about $2,000 psf, factoring in rising construction costs, BT understands.
Mr Lee said the company is looking to develop a new 20-storey condo with about 180 units ranging from 1,500 to 1,800 sq ft. The project could be launched around the final quarter of next year.
The tender for Hillcourt Apartments closed on Wednesday, attracting several bids, Savills said yesterday. The highest was from Sing Holdings.
Owners of Hillcourt’s existing 100 apartments and two penthouses will receive $3.46 million per apartment and $7.26 million per penthouse.
These sums are about 60 per cent higher than if the units had been sold individually.
Sing Holdings said in its release to the Singapore Exchange that its purchase of Hillcourt Apartments is subject to a permissible GFA of 234,095 sq ft, and approval from the Strata Titles Board.
Source : Business Times – 23 Mar 2007
THE INTERLACE//Gillman Height
CapitaLand, meanwhile, sells 110 Interlace units over the weekend
Over the Good Friday weekend, CapitaLand sold a total 110 units at The InterLace in the Alexandra Road area at $850-1,300 psf. The property giant has sold more than 390 of the 490 units it has released to date in the 1,040-unit, 99-year leasehold condo.
A CapitaLand spokeswoman said yesterday that units in the latest phase are priced about 3-5 per cent higher than the phase one units released in September last year (at $850-1,150 psf) as there are more units in the recent batch on higher floors or with better facing.
TID Pte Ltd – a joint venture between Hong Leong Group Singapore and Japan’s Mitsui Fudosan – also found buyers for 23 of the 40 units it released last week at its 65-unit Nathan Suites. The units fetched prices ranging from slightly below $2,000 psf to $2,300 psf; the average price achieved is $2,100 psf.
The 24-storey freehold project at Nathan Road, opposite the Malaysian High Commission, comprises two, three and four-bedroom apartments as well as penthouses ranging from about 915 sq ft to 4,800 sq ft.
Meanwhile, at Sentosa Cove, Ho Bee and IOI sold six units at The Seascape last week, taking total sales in the project to 31, while City Developments Ltd (CDL) sold another five units of The Residences at W Singapore Sentosa Cove, taking sales to 19 units. CDL is selling its development at $2,500-3,000 psf while units at Seascape cost $2,619-2,880 psf, based on earlier reports.
Next week, Tiong Aik group is expected to preview Starlight Suites at River Valley Close. The freehold 35-storey condo could be priced at about $2,000 psf on average. Starlight Suites has a total of 105 units, comprising one bedders to a four-bedroom penthouse. Unit sizes range from 560 sq ft to 3,401 sq ft.
This week, though, the spotlight will fall along Geylang River, where UOL will preview its Waterbank at Dakota, which is next to the Dakota MRT Station that is slated to open later this month.
Market watchers say that this would be probably the first residential project to come on the market without bay windows and planter boxes, leaving more net liveable area for residents.
A ruling that took effect on Jan 1, 2009, scrapped the exemption of these features from gross floor area for submissions for provisional permission.
UOL is expected to release about 200 of the project’s total of 616 units initially. Unit sizes range from 484 sq ft for a one bedder to 2,820 sq ft for a penthouse.
Next door, NTUC Choice Homes and Ho Bee are left with about 50 units at Dakota Residences comprising mostly four bedders facing the river. The developers began selling the project, which has a total of 348 units, in June 2008 at about $970 psf on average but trimmed prices by 5-8 per cent during last year’s relaunch.
Joseph Tan, CB Richard Ellis executive director (residential), notes that developers have revved up overseas marketing campaigns in places such as Hong Kong, Jakarta, Shanghai and Beijing of late to ride on a pick-up in foreign buying interest.
DTZ executive director (consulting) Ong Choon Fah says that developers’ launch strategies in the coming months will differ depending on the market segment they cater to.
For instance, demand from foreign buyers is more significant at the high end than in the other segments. Developers of such projects are more likely to calibrate launches, ensuring that supply keeps pace with a much smaller pool of buyers.
For mass and mid-market projects, on the other hand, developers would be more inclined to push out projects as buying interest remains strong in these segments.
Developers also face greater competition in the mass market category as the government releases new sites, whereas in the luxury sector, new land supply will be introduced at a slower clip, given the huge price gap between buyers’ and sellers’ expectations for en bloc sales.
Source : Business Times – 6 Apr 2010
Where Urban Living meets Nature… The Best of Both World
The Interlace is one of the largest and most ambitious residential developments in Singapore. It will present a radically new approach to contemporary living in a lush tropical environment.
The site is located at the junction of Alexandra Road and Depot Road and is bounded by the Ayer Rajah Expressway to the north. To the south, the Southern Ridges connects The Interlace to the Kent Ridge, Telok Blangah Hill and Mount Faber parks. Together with Gillman Village, residents can enjoy a variety of nature trails and restaurants within walking distance of the site.
Proximity to the West Coast Highway and Ayer Rajah Expressway allows residents to enjoy easy access to numerous points of interest: a five-minute drive to VivoCity, Sentosa and the integrated resort as well as the National University of Singapore; a 10-minute drive to the Central Business District (CBD); and 15 minutes to Orchard Road. In addition, The Interlace is also accessible to various MRT lines via the Queenstown, Redhill, HarbourFront and future Labrador Park MRT stations.
The 23 six-story blocks are arranged on four main ‘Superlevels’ comprising 24 stories, although most Superlevel blocks range from six to18 stories to form a stepped building topography. By alternating the Superlevel blocks as they are stacked, multi-story openings through the massing allow light and air to weave into the architecture and landscape. Extensive cascading terraces and balconies continue the landscaping features up to the green roofs and shared public terraces between blocks.
Over the Good Friday weekend, CapitaLand sold a total 110 units at The InterLace in the Alexandra Road area at $850-1,300 psf. The property giant has sold more than 390 of the 490 units it has released to date in the 1,040-unit, 99-year leasehold condo.
A CapitaLand spokeswoman said yesterday that units in the latest phase are priced about 3-5 per cent higher than the phase one units released in September last year (at $850-1,150 psf) as there are more units in the recent batch on higher floors or with better facing.
TID Pte Ltd – a joint venture between Hong Leong Group Singapore and Japan’s Mitsui Fudosan – also found buyers for 23 of the 40 units it released last week at its 65-unit Nathan Suites. The units fetched prices ranging from slightly below $2,000 psf to $2,300 psf; the average price achieved is $2,100 psf.
The 24-storey freehold project at Nathan Road, opposite the Malaysian High Commission, comprises two, three and four-bedroom apartments as well as penthouses ranging from about 915 sq ft to 4,800 sq ft.
Meanwhile, at Sentosa Cove, Ho Bee and IOI sold six units at The Seascape last week, taking total sales in the project to 31, while City Developments Ltd (CDL) sold another five units of The Residences at W Singapore Sentosa Cove, taking sales to 19 units. CDL is selling its development at $2,500-3,000 psf while units at Seascape cost $2,619-2,880 psf, based on earlier reports.
Next week, Tiong Aik group is expected to preview Starlight Suites at River Valley Close. The freehold 35-storey condo could be priced at about $2,000 psf on average. Starlight Suites has a total of 105 units, comprising one bedders to a four-bedroom penthouse. Unit sizes range from 560 sq ft to 3,401 sq ft.
This week, though, the spotlight will fall along Geylang River, where UOL will preview its Waterbank at Dakota, which is next to the Dakota MRT Station that is slated to open later this month.
Market watchers say that this would be probably the first residential project to come on the market without bay windows and planter boxes, leaving more net liveable area for residents.
A ruling that took effect on Jan 1, 2009, scrapped the exemption of these features from gross floor area for submissions for provisional permission.
UOL is expected to release about 200 of the project’s total of 616 units initially. Unit sizes range from 484 sq ft for a one bedder to 2,820 sq ft for a penthouse.
Next door, NTUC Choice Homes and Ho Bee are left with about 50 units at Dakota Residences comprising mostly four bedders facing the river. The developers began selling the project, which has a total of 348 units, in June 2008 at about $970 psf on average but trimmed prices by 5-8 per cent during last year’s relaunch.
Joseph Tan, CB Richard Ellis executive director (residential), notes that developers have revved up overseas marketing campaigns in places such as Hong Kong, Jakarta, Shanghai and Beijing of late to ride on a pick-up in foreign buying interest.
DTZ executive director (consulting) Ong Choon Fah says that developers’ launch strategies in the coming months will differ depending on the market segment they cater to.
For instance, demand from foreign buyers is more significant at the high end than in the other segments. Developers of such projects are more likely to calibrate launches, ensuring that supply keeps pace with a much smaller pool of buyers.
For mass and mid-market projects, on the other hand, developers would be more inclined to push out projects as buying interest remains strong in these segments.
Developers also face greater competition in the mass market category as the government releases new sites, whereas in the luxury sector, new land supply will be introduced at a slower clip, given the huge price gap between buyers’ and sellers’ expectations for en bloc sales.
Source : Business Times – 6 Apr 2010
Interlace @ Gillman Heights
September 10, 2009
Where Urban Living meets Nature… The Best of Both World
The Interlace is one of the largest and most ambitious residential developments in Singapore. It will present a radically new approach to contemporary living in a lush tropical environment.
The site is located at the junction of Alexandra Road and Depot Road and is bounded by the Ayer Rajah Expressway to the north. To the south, the Southern Ridges connects The Interlace to the Kent Ridge, Telok Blangah Hill and Mount Faber parks. Together with Gillman Village, residents can enjoy a variety of nature trails and restaurants within walking distance of the site.
Proximity to the West Coast Highway and Ayer Rajah Expressway allows residents to enjoy easy access to numerous points of interest: a five-minute drive to VivoCity, Sentosa and the integrated resort as well as the National University of Singapore; a 10-minute drive to the Central Business District (CBD); and 15 minutes to Orchard Road. In addition, The Interlace is also accessible to various MRT lines via the Queenstown, Redhill, HarbourFront and future Labrador Park MRT stations.
The 23 six-story blocks are arranged on four main ‘Superlevels’ comprising 24 stories, although most Superlevel blocks range from six to18 stories to form a stepped building topography. By alternating the Superlevel blocks as they are stacked, multi-story openings through the massing allow light and air to weave into the architecture and landscape. Extensive cascading terraces and balconies continue the landscaping features up to the green roofs and shared public terraces between blocks.
Location : Alexandra Road/ Depot Road
Tenure : 99 years leasehold wef 11 Feb 2009
Developer : Ankerite Pte Ltd
Site Area : approx 869,320 sqft
Expected Completion : 31 March 2015
Car Park Lots : 1,132 (inclusive of 10 handicap lots) and 76 strata lots (2 lots per garden house)
Facilities :50 metre Lap Pool, Fun Pool, Jacuzzi, Landscape courtyard, Fitness Station, Clubhouse with function room, Gymnasium, Fitness station, Children play area, Gardening zone, Lotus pond, Tennis court, Party pavillions
Tenure : 99 years leasehold wef 11 Feb 2009
Developer : Ankerite Pte Ltd
Site Area : approx 869,320 sqft
Expected Completion : 31 March 2015
Car Park Lots : 1,132 (inclusive of 10 handicap lots) and 76 strata lots (2 lots per garden house)
Facilities :50 metre Lap Pool, Fun Pool, Jacuzzi, Landscape courtyard, Fitness Station, Clubhouse with function room, Gymnasium, Fitness station, Children play area, Gardening zone, Lotus pond, Tennis court, Party pavillions
Total Units : 1,040 + 8 retail shops
Unit Types :
2 bedroom ~ 807 -1,604 sqft
3 bedroom ~ 1,259 – 3,789 sqft
3 + study ~ 1,593 – 5,253 sqft
4 bedroom/ Multi generation ~ 1,938 – 5,694 sqft
Townhouse ~ 2,874 -3,886 sqft
Penthouse ~ 3,154 – 6,308 sqft
The amount is $19 million above the estate’s reserve price, which is also what its owners demanded last year.
The National University of Singapore, which owns 305 units at the former HUDC estate along Alexander Road, will reap more than $250 million from the sale.
It uses the Gillman Heights apartments for off-campus accommodation for staff and graduate students.
Other owners will each get about $890,000 for the apartments and about $950,000 for the bigger two-storey units.
The sale is the largest residential collective sale in terms of value, land size and number of units, said Ms Tang Wei Leng of DTZ Debenham Tie Leung, which represented CapitaLand in the negotiations.
The estate, which covers 836,432 sq ft, has 607 apartments and one shop.
CapitaLand will build a 24-storey project with about 1,200 units. ‘We plan to have the first phase ready for launch in 2008,’ said Ms Patricia Chia, chief executive of CapitaLand Residential Singapore.
The sale was done via private negotiation, with DTZ Debenham Tie Leung (SEA) representing the buyer and NRA Real Estate representing the sellers.
DTZ entered the picture after the huge estate failed to attract any buyers at its tender last August.
However, the property market has picked up significantly since then, enabling it to attract the higher offer.
The Gillman Heights price translates to about $363 per sq ft per plot ratio. This includes a $90 million payment to top up the lease to 99 years, from about 77 years, and increase the plot ratio to 2.1.
Waterfront View, at 809,037 sq ft and with 583 units, had held the title as the largest former HUDC collective sale. It sold for $385 million in the middle of last year.
Meanwhile, owners of other privatised HUDC estates such as Tampines Court, Lakeview, Pine Grove and Farrer Court continue to work towards collective sales.
About 70 per cent of Farrer Court owners have backed a collective sale for $900 million, excluding additional costs such as a hefty development charge.
Tomorrow, Mount Everest Properties will launch One Balmoral at $130 million for sale by tender.
Source : Straits Times – 7 Feb 2007
Unit Types :
2 bedroom ~ 807 -1,604 sqft
3 bedroom ~ 1,259 – 3,789 sqft
3 + study ~ 1,593 – 5,253 sqft
4 bedroom/ Multi generation ~ 1,938 – 5,694 sqft
Townhouse ~ 2,874 -3,886 sqft
Penthouse ~ 3,154 – 6,308 sqft
CapitaLand pays $548m for Gillman Heights
July 28, 2007 The huge Gillman Heights estate, which failed to find a buyer at its tender last August, was picked up by property giant CapitaLand yesterday for a whopping $548 million.The amount is $19 million above the estate’s reserve price, which is also what its owners demanded last year.
The National University of Singapore, which owns 305 units at the former HUDC estate along Alexander Road, will reap more than $250 million from the sale.
It uses the Gillman Heights apartments for off-campus accommodation for staff and graduate students.
Other owners will each get about $890,000 for the apartments and about $950,000 for the bigger two-storey units.
The sale is the largest residential collective sale in terms of value, land size and number of units, said Ms Tang Wei Leng of DTZ Debenham Tie Leung, which represented CapitaLand in the negotiations.
The estate, which covers 836,432 sq ft, has 607 apartments and one shop.
CapitaLand will build a 24-storey project with about 1,200 units. ‘We plan to have the first phase ready for launch in 2008,’ said Ms Patricia Chia, chief executive of CapitaLand Residential Singapore.
The sale was done via private negotiation, with DTZ Debenham Tie Leung (SEA) representing the buyer and NRA Real Estate representing the sellers.
DTZ entered the picture after the huge estate failed to attract any buyers at its tender last August.
However, the property market has picked up significantly since then, enabling it to attract the higher offer.
The Gillman Heights price translates to about $363 per sq ft per plot ratio. This includes a $90 million payment to top up the lease to 99 years, from about 77 years, and increase the plot ratio to 2.1.
Waterfront View, at 809,037 sq ft and with 583 units, had held the title as the largest former HUDC collective sale. It sold for $385 million in the middle of last year.
Meanwhile, owners of other privatised HUDC estates such as Tampines Court, Lakeview, Pine Grove and Farrer Court continue to work towards collective sales.
About 70 per cent of Farrer Court owners have backed a collective sale for $900 million, excluding additional costs such as a hefty development charge.
Tomorrow, Mount Everest Properties will launch One Balmoral at $130 million for sale by tender.
Source : Straits Times – 7 Feb 2007
THE HOLLAND COLLECTION//Aura Park
Slower April sales not stopping launches
Tree House, The Holland Collection being launched this weekendWould-be buyers can also look forward to two projects that will be launched for the first time this weekend – City Developments’ Tree House and The Holland Collection from Lippo Group and CLSA Capital Partners.
The Holland Collection’s 26 high-end luxury homes are being built on the site of condominium in Holland Road. Lippo bought the site in a collective sale deal in June 2007 for $1,280 psf of potential gross floor area – a high for the location. CLSA Capital Partners took a 50 per cent stake in the project a few months later.
CLSA Capital Partners’ development director Peter Tham said that the partners wanted to launch the project in 2008 but decided to hold back until market sentiment improved.
‘The market took a turn for the worse and we might not have achieved our break-even price,’ said Mr Tham. ‘But we took advantage of the decline in construction costs and started building in September last year.’
The Holland Collection’s 26 units will have 19 unique variations in layout, size and space configurations. Apartment sizes range from 1,281 sq ft to 3,606 sq ft. Units will be launched this weekend at an average price of $2,000 psf.
Elsewhere, City Developments will launch its 429-unit Tree House on Chestnut Avenue. Prices start from around $600,000 for a 721 sq ft two-bedroom apartment, agents say.
Analysts have warned that government policy risk could come back into focus following March’s strong sales.
‘We believe that policy risk still exists,’ said DBS Group Research analyst Adrian Chua. ‘Back in January, strong monthly sales of around 1,480 units triggered a second wave of government measures.’
Deutsche Bank likewise raised a red flag last week. The bank’s analysts believe possible measures the government could use to cool the market include increasing the supply of land, lowering the loan-to-value limit for second home purchases and a capital gains tax.
Despite this, analysts believe that home sales are likely to stay healthy for the rest of the year amid Singapore’s economic recovery.
Mr Chua has raised his 2010 forecast for private home sales to 10,000-12,000 units, from 8,000-10,000 units, following strong Q1 2010 numbers.
Source : Business Times – 20 Apr 2010
New condo development, The Holland Collection, launched
A new high-end condo development, The Holland Collection, was launched on Friday.The collection comprises 26 luxury homes located along Holland Road in the prime district 10 area.
The project offers two low-rise residential blocks with two, three and four bedroom apartments and penthouses of between 1,281 and 3,606 square feet.
Recreational facilities include a 33-metre lap pool, children’s pool, a gymnasium and barbeque pits.
CB Richard Ellis and Jones Lang LaSalle have been appointed agents for The Holland Collection.
Joseph Tan, executive director, residential, CB Richard Ellis said: “The launch of The Holland Collection ups the ante in the current property upswing.
“It stands out for its location and range of uniquely-designed apartments, offering savvy investors and home owners a wide choice of apartment types within a boutique development.”
Source : Channel NewsAsia – 16 Apr 2010
Launch of The Holland Collection
Lippo Group development will have 26 luxury units Apr 16, 2010iProperty.com | |
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ILIV@GRANGE//Grange Court
Heeton Holdings unveils iLiv@Grange
Mainboard-listed property group Heeton Holdings is setting a new benchmark for the luxury Residential market with the unveiling of its latest freehold Residential development, iLiv@Grange.
The exquisite development, which harnesses some of the top global talents in the industry, was unveiled at a press conference, according to a Heeton report.
The 20,325 sq ft development comes into bloom on nestled in the distinguished Grange Road neighbourhood, just mere minutes away from Orchard Road.
Drawing inspiration from the shape and form of the calla lily, the curvaceous facade of the 16-storey development looks set to stand out from the linear lines of other developments in the Grange Road vicinity upon its completion. The unique architecture is the creation of international lifestyle design firm Mercurio Design Lab (MDL), a spin-off from Italian architectural and project consortium, AMA Group, one of the largest in continental Europe.
Mr Massimo Mercurio, Managing Director of MDL, commented, “iLiv@Grange with its iconic sculptural silhouette embodies the perfect image of a magnificent flower that will stand proud among its nearby peers. The design is intentionally carved to represent the new line of buildings that MDL will bring to the world’s architectural scene. It is an exploration of new geometries and stylistic experimentation that ventures to find the expressions of this century’s concrete language.”
Within the development compound, the landscaping and apartment interiors are designed by yoo inspired by Starck, the brainchild of Philippe Starck and John Hitchcox, who are respectively, the world’s most celebrated designer and the world’s most visionary property entrepreneur.
iLiv@Grange is yoo’s inaugural project in Singapore. The luxurious facilities and lush landscaping that lie behind the 5.8-metre high traditional iconic red doors all bear the mark of yoo’s creative artistry – from the therapeutic pool, gymnasium, dry and wet lounges, to the sculpted park featuring a checkerboard, royal armchairs, and the private entertainment pavilion, where residents can wine and dine in the company of good friends and family.
Mr Danny Low, COO of Heeton, said, “iLiv@Grange was designed with ultimate living in mind, and no detail was spared to achieve this ambition. By combining the talents of MDL and yoo, we hope to create an architectural masterpiece that is also a celebration of haute couture living.”
Comprising 30 units of designer apartments and penthouses within a 16-storey block, each unit is served by private lifts and come in either the Classic or Nature theme. The latter offers white oak flooring and cabinetry, and fresh light-filled spaces, while the former features refined dark walnut flooring and stylish appeal. The apartments will also be fitted with top-of-the-range finishings from Poggenpohl kitchen and Gaggenau appliances, as well as sanitary ware and fittings from HansGrohe by Starck, Duravit by Starck, and Sesamo door handle by Starck. For this project, yoo inspired by Starck has designed a huge Windfall crystal chandelier and a customized Rink reception desk amongst the many pieces of exquisite furniture for the common areas.
Mr John Hitchcox, Chairman of yoo, said, “Singapore is one of the world’s most cosmopolitan cities and we’re delighted to add this – our first ever Singapore development – to our design portfolio. We’re always looking to up the ante of interior design and create inspiring spaces that bring the home to life, and working with Heeton has provided us with the opportunity to do just that.”
iLiv@Grange’s 1, 2 and 3-bedroom apartments range from approximately 1,100 sq ft to 3,000 sq ft, while its two double-storey penthouses, which are each outfitted with a private roof terrace and pool, are about 3,300 sq ft and 3,500 sq ft in size.
“For residents of iLiv@Grange, designer living will not just be confined to their apartment. This development is designed such that its residents will feel right at home the moment they step behind the red doors.
“There are homely facilities on the ground floor, such as the lounge area, the entertainment pavilion and the park, which will be like their own living room, dining room and private garden respectively,” said Mr Low.
iLiv@Grange is expected to receive its Temporary Occupation Permit for the development by October 2013.
Source : sbr.com.sg – 10 Jun 2010
FLAMINGO VALLEY (NEW)
Location: 460 – 480 Siglap Road
Tenure: Freehold
Expected Completion: April 2015
Site Area: 335,418 sqft
District: 15
Developer: Frasers Centrepoint Homes
Blocks: 10 (4x 3-storey, 6x 5-storey)
Floors: 3-5
Total Units: 393
We covered this condo in our Condo Watch 2010 series. Here's a little bit of history:
Flamingo Valley was bought by Frasers Centrepoint for $194m back in early 2007, plans to develop the freehold site was put on hold due to the uncertain economic outlook in mid-2008 to 2009. They decided instead to rent it out for the time being in late 2008.
With a gross plot ratio of 1.4, the developer has forked out about $413 psf ppr back then.
Some details:
Prices
As mentioned in our previous article (note: these prices are NOT confirmed),
1+1BR $1,400 to $1,450 psf
2BR $1,300 to $1,400 psf
3BR $1,200 to $1,300 psf
4BR $1,100 to $1,200 psf
As mentioned in our previous article (note: these prices are NOT confirmed),
1+1BR $1,400 to $1,450 psf
2BR $1,300 to $1,400 psf
3BR $1,200 to $1,300 psf
4BR $1,100 to $1,200 psf
Frasers inks deal to buy Flamingo Valley for $194m
July 28, 2007 FRASERS Centrepoint Ltd has signed a deal to buy the freehold Flamingo Valley at Siglap Road for about $194 million through a collective sale, BT understands. This works out to about $415 psf of potential gross floor area, inclusive of an estimated $820,000 development charge.The property unit of mainboard-listed Fraser & Neave was the top bidder for the property when its tender closed last week.
Frasers Centrepoint can redevelop the 335,161 sq ft site into a five-storey condo with about 300 apartments averaging 1,500 sq ft. The site is zoned for residential use with a 1.4 plot ratio (ratio of potential maximum gross floor area to land area).
The deal was brokered by Colliers International. Rodyk & Davidson was lawyer to the majority owners.
The old 185-apartment Flamingo Valley site was developed in the 1980s by Ban Hin Leong.
This was the second attempt to sell Flamingo Valley. It was initially put on the market in July/August last year but failed to fetch the owners’ asking price. But a change in outlook by developers around the turn of the year has revived developers’ interest in collective sale sites that were not sold last year.
That has led to property consultants renewing marketing efforts for sites and Colliers relaunched Flamingo Valley in January.
Big sites bought by Frasers Centrepoint last year include Far East Mansion along River Valley, for $256 million, and Waterfront View in the Bedok area for $385 million. The latter was a joint acquisition with Far East Organization.
Frasers Centrepoint also bought the adjacent leasehold Bedok and Changi theatre sites for $40.8 million, with plans to develop a mall which, when completed, it will pump into its shopping centre trust, Frasers Centrepoint Trust.
Last month, Frasers Centrepoint took out a put-and-call-option to acquire a 10,900 sq m mall in NTUC Choice Homes’ upcoming development, Yew Tee Residences.
On the stock market yesterday, F&N shares closed 5 cents lower at $5.35.
Source : Business Times – 7 Feb 2007
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