CAIRNHILL GARDENS

Hoi Hup pays $52m for Cairnhill Gardens

July 19, 2007 THE collective sales train continues to chug along. Hoi Hup Realty is buying Cairnhill Gardens for $52.38 million, even as more properties in the River Valley, Thomson Road, Robin Road and Balmoral areas jump on the en bloc bandwagon.

The price Hoi Hup is paying for the 25,083 sq ft freehold Cairnhill Gardens site works out to $795 psf of potential gross floor area inclusive of development charges, BT understands.

Jones Lang LaSalle handled the sale of the site, which is zoned residential with a 2.8 plot ratio.
Unit land prices fetched for collective sales in the Cairnhill area have been creeping up. Last week, Chip Eng Seng announced that it paid $785 psf per plot ratio (psf ppr) for Venus Mansion in Peck Hay Road. No DC is payable for the freehold Venus Mansion.

And last month, Bukit Sembawang bought a property in the vicinity, The Vermont, for $750 psf ppr including DC. In July last year, Wing Tai bagged Phoenix Mansion for $716 psf ppr.

All eyes are now on the Hilltops Apartments tender, which closed yesterday.

Meanwhile, ERA yesterday announced the launch of a tender for the collective sale of 433-471B River Valley Road, with an asking price of $70.5 million. This works out to $387 psf ppr inclusive of a small DC.

The existing development on the site is a part freehold/part 999-year leasehold three-storey walk-up apartment. The site fronts River Valley Road and is a short walk from Great World City.

The long, rectangular plot, with a service road and back lane, totals 64,967 sq ft. It is zoned residential with a 2.8 plot ratio and a maximum height of only five storeys.

‘Based on the Urban Redevelopment Authority’s approval, a five-storey party-wall development abutting the road line is allowed,’ ERA said yesterday. The developer can build about 120 unis averaging 1,200 sq ft, according to ERA.

CB Richard Ellis has launched an expression of interest exercise for Balmoral View with an asking price of $52 million or $733 psf ppr inclusive of an estimated $7.9 million DC.

The 51,080 sq ft site is zoned residential with a 1.6 plot ratio and height control of up to 12 storeys.
Credo Real Estate has also launched two collective sale sites this week – The Albany and No 1 Robin Road.

The Albany, a 41,688 sq ft freehold site diagonally opposite Thomson Medical Centre, is expected to fetch between $60 million and $65 million.

This reflects a unit land cost of $413 to $445 psf ppr inclusive of DC to maximise the site’s redevelopment potential, as well as a land premium for adjoining state land of some 10,000 to 15,000 sq ft.

At No 1 Robin Road, the owners expect between $12 million and $12.5 million for their 15,070 sq ft freehold site. This works out to $482 to $498 psf ppr inclusive of an estimated $3.31 million DC.

The tender for No 1 Robin Rd closes on May 16, that for The Albany on May 18 and for the River Valley site on May 19. Expressions of interest for Balmoral View close on May 25.
Source : Business Times - 20 Apr 2006