GILSTEAD VIEW

Gilstead View sold for $96.5m

August 3, 2007 GILSTEAD View has been sold for $96.5 million, which works out to about $1,070 psf of potential gross floor area, inclusive of an estimated $10 million development charge (DC).
Jones Lang LaSalle, which brokered the collective sale of the 35,510 sq ft freehold site, said this is a new benchmark in the Newton area. It also revealed the buyer is Chedstone Investment, which it said is an associate company of Selangor Dredging Bhd. Industry sources said that Singapore construction and property group Tiong Aik also had some role, but JLL declined to comment on this.

Selangor Dredging’s current developments include Park Seven, a high-end condo in Kuala Lumpur, and a 21-bungalow project at Damansara Heights, also in the Malaysian capital.

JLL estimates the break even cost for a new project on the Gilstead View site is about $1,600 psf. The site is zoned for residential use, with a 2.8 plot ratio (ratio of maximum potential gross floor area to land area) and 36-storey height limit. The site is big enough to house a new project with about 75 apartments averaging 1,300 sq ft.

Meanwhile, collective sale sites continue to be launched for sale. Casa Nassau at Upper East Coast Road is being offered, together with an adjoining bungalow. The two properties have a combined land area of 65,110 sq ft and are zoned for residential use with a 1.4 plot ratio and five-storey height limit.
The indicative price range for the combined site listed by the properties’ marketing agent, Credo Real Estate, is $47 million to $51 million, which reflects a unit land price of about $580 to $620 psf per plot ratio (psf ppr) inclusive of estimated DC of $5.63 million.

Also in the eastern part of Singapore, Colliers International has launched St Patrick’s View, with an indicative land value of $63 million, or $544 psf ppr, including DC for the 83,013 sq ft freehold site. The plot has 1.4 plot ratio.
Source : Business Times – 22 May 2007