Pender Court sold to Hoi Hup Realty for S$95m
Pender Court, a 48-unit development at the foot of Mount Faber, has become the eighth successful en bloc sale in Singapore this year.Total number of units: 48
Large units: 24 number x 162 sq m each with 1 share values each = $1.99M/unit
Medium units: 24 number x 153 sq m each with 1 share values each =$1.96M/unit
En bloc: 48 total units on land plot size 65,000 sq ft with plot ratio1.4 = $95mn
Redevelopment: Likely 103 units averaging 1000 sq ft each
PENDER COURT"S failed en bloc in July 2007:
The property was sold to Hoi Hup Realty for S$95 million. That translates to about $1,007 per square foot per plot ratio.
Credo Real Estate launched a tender for the site that closed in May.
The collective sale is subject to approval from the Strata Titles Board.
With the sale, the owners stand to receive an average price of S$1.98 million.
The site has a land area of about 65,000 square feet and is designated for residential use with a plot ratio of 1.4 and an allowable height of up to 5 storeys.
Credo said the new development could be configured into approximately 103 apartment units with an average size of 1,000 square feet, depending on layout and configuration.
The district 4 site is only five minutes drive from Vivo City, Resorts World, Universal Studios and other attractions at Sentosa.
Source : Channel NewsAsia – 14 Jun 2010
the breakeven should be around $1400psf and expect to sell above $1650psf. They sold at quite an attractive price considering that this is a lowrise developement.
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