NEWTON VIEW UP FOR COLLECTIVE SALE AGAIN
NEWTON View is up for collective sale again for the second time in less than six months - but with a slight cut in the asking price.
The owners of the district 11 freehold project are now asking for $150 million, slightly less than the $153-$155 million they were looking for when the site was first put on the market in August 2010.
Then, the tender closed with several developers submitting interest and bids but the reserve price was not achieved, said marketing agent Savills Singapore.
The new asking price works out to $1,302 psf per plot ratio (psf ppr), including an estimated development charge of some $582,000 and assuming a gross floor area of 115,737 sq ft. Newton View, at 26 Newton Road, sits on a 37,577 square foot site with a plot ratio of 2.8 and a permissible gross floor area (GFA) of 105,215 sq ft. Including an extra 10 per cent of space for balconies, the GFA can go up to 115,737 sq ft.
At the asking price of $1,302 psf ppr, the estimated breakeven is about $1,981 psf, Savills Singapore said. It expects the winning developer to be able to build a condominium with about 147 units averaging 750 sq ft each.
Savills Singapore executive director and head of investment sales Steven Ming said that since the property was last offered for sale in August 2010, the high-end market has picked up.
More transactions have taken place in recent weeks and several projects are enjoying good sales velocity, he said: 'This has sparked a renewal of interest among developers for prime sites and hence a decision was undertaken to launch the site for sale now.'
The tender for the site will close at 3pm on Jan 28.
ROBIN COURT AND ROBIN DRIVE BUNGALOW UP FOR COLLECTIVE SALE
15 units. Plot ratio 1.4 Site area 40,518 sqft, GFA 63,606 sqf
26, Newton Road, Singapore 307957 (District 11)
Indicative price of $153-155 million. Completion year 1982, Freehold, Apartment, 37,577 square foot site with a plot ratio of 2.8 and a permissible gross floor area (GFA) of 105,215 sq ft.
Two more en bloc sites up for tender
Selegie Centre, a commercial-cum-residential building, is being put on the market with a guide price of $110 million to $125 million
TWO more collective sale sites are up for tender, and another two are in the works, as more homeowners attempt to cash in on rising property prices.
Selegie Centre - a commercial-cum-residential building - is being put on the market today with a guide price of $110 million to $125 million.
Located at the junction of Selegie and Mackenzie roads, the 9,729 sq ft freehold site houses a seven-storey block with 25 apartments and a five-storey building with 33 shops.
The marketing agent for the sale said that each owner of a residential unit can expect to receive at least $1.5 million, while shopowners will receive varying amounts, owing to the wide range in the sizes of the shop units.
As the District 9 site is located in a conservation zone, demolition of the building might be subject to the authorities' approval, but its commercial space can be partly converted and retrofitted to become a hotel or service apartments, according to Huttons.
Another marketing agent announced yesterday that the 15-unit Robin Court and an adjoining bungalow in Robin Drive have also been offered for tender.
The site's land area is 40,518 sq ft, with a gross floor area of 63,606 sq ft. It is less than 200m from the upcoming Stevens MRT station - part of the Downtown Line, expected to be completed in 2015.
Mr Karamjit Singh, managing director of the firm, said he believes this offering will be 'hot'.
He said the joint sellers expect offers of $66 million to $74 million, or about $1,046 to $1,172 per sq ft (psf), assuming that the remnant adjoining state land of 785 sq ft is purchased as well.
'At this price range, a developer may expect to break even at about $1,600 to $1,750 psf or so,' Mr Singh said.
The District 10 site, off Bukit Timah Road, is zoned for residential development up to a gross plot ratio of 1.4 and an allowable height of up to five storeys. The firm said the site can accommodate about 60 apartments with an average size of 1,000 sq ft, depending on layout and configuration.
The Straits Times also understands that Guillemard Court in Geylang Lorong 28, which has 32 walk-up apartments, and the 84-unit Changi Garden Condominium in Upper Changi Road North are expected to be put up for tender soon. Both are in the process of getting the owners' mandate of 80 per cent, and are confident of doing so.
- The Straits Times, 18 Aug 2010
Guillemard Court
Geylang Lorong 28, 32 walk-up apartments (80% still pending)
Upper Changi Road North (80% still pending)
Katong apts put up for collective sale
Amber Glades
63 units
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