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| Screenshot taken from ST |
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| Original data found on-line |
Reserve price said to be about S$450m; it will cost another S$200m to top up the lease and intensify the plot ratio (Straits Times 15 Mar 2017)
This works out about $565 psfppr by my calculation based on the original site area (found on-line)
From Anonymous26 March, 2017
From BT: $61M top up lease
$141M intensify plot ratio to 2.8
Site area: 396231 sqft
works out to: $590 psfppr.
From authoritive sources, Rio Casa original site area reduced to present value when adjacent condo 'Evergreen Park' was developed and needed access road to HDB car park.
With the smaller site area my spreadsheet now looks like:
The smaller land area now pushes the psfppr to $588 based on the figures given.
The SC must have done a reasonable stab at a RLV to get this price.
The rule of thumb for most new developments is that the psf of the new development is around twice the psfppr paid for the site. So, the potential new condo will be priced at $1180 psf and above. In 5 years time, that is not an unreasonable assumption to make.
Nice location!
ReplyDeleteIt's the fundamental duty of MA to get the highest possible price for sellers as they are getting commission ftom SPs and not developers. Our MA only interested to press our price down. We should be able get higher % now if they would have started off with the current RP instead of now. The market looks positve and the current revised RP is no longer attractive to SPs. Serve them right if this enbloc failed (most likely so) & they lose their commission !
ReplyDeleteCollective Sale Update: Ex HUDC
ReplyDeleteRio Casa achieved 80% within 3 weeks. Est $1.6M payout.
Eunosville SP can expect >$2M if sold.
Raintree Gardens STB approved sale. $1.89M payout.
Shunfu Pending decision of Court of Appeal.
Tampines Court; Awaiting Strata Roll verification. SC hopelessly optimistic.
Eunosville, 376713 sq ft, 330 units up for sale.
ReplyDeleteAsking between $643M-$653M. Owners can expect >$1.95M if sold.
Marketing Agent: Orange Tee.
Update:
ReplyDeleteEunosville asking price ~1.96M per unit
Shunfu Ville judgement reserved, to be delivered within a month