Category Archives: Property Land Bid Prices

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CDL Snaps up Amber Park through enbloc

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SINGAPORE – Amber Park, a 200-unit development in Amber Gardens, has been sold in Singapore’s latest collective sale to two units linked to City Developments (CDL) for S$906.7 million.

This makes it a record amount garnered in a freehold collective sale in Singapore to date, said marketing agent JLL.

The winning bid also smashes the asking price of S$768 million.

The units involved in the sale were CDL’s wholly-owned subsidiary Cityzens Development, and joint-venture partner Hong Realty. Hong Realty is the private real estate arm of the Hong Leong Group, and holds a 20 per cent stake in the project.

Under the 2014 Master Plan, the 213,670 sq ft Amber Park site is zoned for residential use, with a gross plot ratio of 2.8. It may be redeveloped to accommodate a high-rise apartment development of around 24 to 26 storeys, depending on the technical height controls imposed by the relevant authorities.

Mr Tan Hong Boon, regional director at JLL, said in a statement on Wednesday (Oct 4) that the tender was “keenly contested” and attracted eight bids.

The successful sale price of S$906.7 million reflects a land rate of about S$1,515 per sq ft per plot ratio, based on the allowable gross plot ratio of 2.8. Development charges are not payable for the proposed redevelopment.

This is the fourth time that the property was offered for sale collectively.

“There are not many sites of similar size that are available for redevelopment in the Amber Road location, as most of the larger projects have been sold en bloc and redeveloped over the years. Amber Park could possibly be one of the last collective sale sites with a land area above 200,000 sqft in this precinct,” noted Mr Tan.

“At this sale price, the owners would expect to receive gross sale proceeds of between S$4.3 million and S$8.3 million each.”

Separately, CDL said it is very familiar with the District 15 locale, having developed the existing 200-unit Amber Park itself, which was completed in 1986.

CDL and Hong Realty plan to redevelop the site into a luxury condominium development comprising four 25-storey blocks with close to 800 units and a basement carpark, subject to approval. Most apartments will have a North-South facing orientation, with many units commanding sea views.

CDL chief executive-designate Sherman Kwek noted that the Amber Park tender win marks one of the group’s “most significant investment deals in the Singapore residential market in recent years”

“CDL was the original developer for Amber Park in the 1980s and we are honoured to be able to redevelop the site into yet another iconic landmark. In addition to its strong locational attributes, a distinct advantage of this site is its freehold status, something that is increasingly rare in Singapore,” said Mr Kwek.

Source: http://www.straitstimes.com/business/property/cdl-snaps-up-amber-park-for-9067m-setting-new-record-for-freehold-en-bloc-sale

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Enbloc Fever: SC Global unit buys Jervois Gardens for S$72m

 

A SUBSIDIARY of luxury residential developer SC Global has picked up Jervois Gardens through a collective sale at S$72 million. The price works out to nearly S$1,511 per square foot per plot ratio (psf ppr) for the 34,038-sq-ft freehold site. No development charge is payable.

Under the Urban Redevelopment Authority’s Master Plan 2014, the site is zoned for residential use with 1.4 plot ratio. Inclusive of an additional 10 per cent gross floor area (GFA) for balconies, the unit land price works out to a lower S$1,373 psf ppr. The sale is subject to the approval of the Strata Titles Board.

The SC Global subsidiary that has been awarded the Jervois Gardens collective sale is Brownstone Pte Ltd. Colliers International brokered the sale. The tender for the site closed on Sept 26, attracting eight bids.

Jervois Gardens, comprising two low-rise blocks of 14 maisonettes and three apartments, is located at 30F and 30G Jervois Road. Depending on the size of units, each owner can potentially receive between S$3.3 million and S$4.5 million.

Tang Wei Leng, managing director of Colliers International Singapore, said: “This is Jervois Gardens’ third attempt at a collective sale and we are very proud to have facilitated its successful sale.” The eight bids received is testament to the prime freehold site’s strong redevelopment potential, she added.

The site can yield a GFA of about 52,419 sq ft, including the additional 10 per cent GFA for balconies, Colliers said. “The site is well located between the Redhill MRT Station and the future Great World City MRT Station. Its proximity to the nearby park connector will provide the 50 to 70 homes that can potentially be built on the site with amenities that promote a healthy lifestyle.”

Andrew Khor, chairman of the collective sale committee for Jervois Gardens, commented: “The team at Colliers International has been very efficient, structured and transparent throughout the entire process.”


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Spring Grove 2nd Enbloc Attempt

SPRING GROVE condominium along Grange Road is going back on the market, three years after its first collective-sale bid failed, a Straits Times report said. Its owners are hopeful for a bid of at least S$1 billion, after having asked for S$1.39 billion in 2014, a sale committee representative told the newspaper on Thursday.

The price tag works out to about S$1,807 per sq ft (psf), based on a maximum gross floor area of 553,377 sq ft. It could also spell a windfall of an average of S$3 million for each of the 325 households.

It was not clarified whether the S$1-billion consideration includes a lease top-up premium. The tricky nature of the project is such that it is built on the estate of a former United States diplomatic residence. It has a 99-year lease which started in 1991 and reverts back to the US government at the end of the tenure as freehold land.

Therefore, selling the development will require co-operation with the US government. The developer will have to pay not only the owners of Spring Grove, but the US government as well.

ST quoted Adrian Loh, chairman of the Spring Grove sale committee, as saying that the residents have learnt valuable lessons from its earlier failed en bloc attempt, and are optimistic about a successful deal this time round, amid the revived collective sale market.

Spring Grove currently comprises three blocks of 20-storey apartments with 325 units, plus a conserved Victorian-styled Spring Grove House – previously an ambassadorial residence and home to several renowned businessmen in Singapore, now integrated within the development as a clubhouse.

The sprawling 263,513 sq ft site can be developed into a maximum gross floor area of 553,377 sq ft. The site is also located close to the residential areas of Chatsworth Road and Bishopsgate, as well as the Orchard Road retail belt and the Central Business District.

Spring Grove’s sales committee is reportedly looking for a marketing agent and a law firm now. Other recent en bloc aspirants include Braddell View, the largest of Singapore’s 18 HUDC estates, and Pine Grove, which is looking at an indicative reserve price of S$1.65 billion that would trump the record of S$1.34 billion set in 2007 by Farrer Court, another former HUDC estate.

Source: The Business Times, 22nd September 2017 

 


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Private Home Prices to Rise 10% by end 2018

Some developers are already increasing prices for the existing launches in due to the land bidding and enbloc fever. If you are ready to commit to new launches, wait no more!


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45 Amber Gardens, Currently Ban Nee Chen Nursery to Launch estimated in 2018

Land Parcel at Amber Road

A site in Amber Road that has housed a landscaping and nursery business (Ban Nee Chen nursery) for more than 30 years has been sold to property developer UOL for $156 million.

The plot of about 70,000 sq ft at 45 Amber Road, which was owned by developer Sin Lian Huat, is sandwiched between two condominiums – The Shore Residences and The Sea View.

Mr Liam Wee Sin, UOL’s deputy group chief executive, said in a statement to The Straits Times that the deal was an opportunity to acquire a rare freehold residential site.

“The quantum of the site is relatively low and it is close to many amenities – established primary schools, eateries, and within walking distance of upcoming MRT stations Marine Parade and Tanjong Katong, which are estimated to be completed in 2023,” he said.

Dr Lee added that the site is also close to East Coast Park.

Source: http://www.straitstimes.com/business/uol-buys-amber-road-site-for-156m

With a plot ration of 2, the site will be able to yield an estimate of 190 residential units in a single block of 22-storey tall.


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Changi Garden: To Ride On En-Bloc Wagon

Not suprising for hopeful owners to ride on the current ennloc situation.

Asking for $196 million which translates to about $700psf. For a freehold land of 200,093sqft.


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En-Bloc Fever

Interesting thoughts from various representatives about en-bloc fever situation in Singapore.


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Alexandra View Condo ( Upcoming new condo launch!)

Alexandra View Condo (Launching soon in 2016)

Facts of Alexandra View

An highly anticipated 99 years leasehold new mixed development ( commercial at 1st Storey) will be launching soon in last quarter of 2016! This new development under District 03, will be extremely near Redhill MRT Station, side by The Metropolitian. Alexandra View condo could yield 400 units. Crescent Girls’ School.

Location Alexandra View
Site Area 90,417sqft
Lease Period 99 years
Allowable Development Residential with Commercial at 1st storey
Permissible Gross Floor Area 41,153 m2

Estimated Launch Prices

Site was launched for bidding on 30 September 2015 and the bidder was Tang Skyline Pte Ltd.

This translate to $851 psf for the land bidded and estimated break even price is $1,350 to $1,400psf. Launched prices would be estimated to be at $1,700psf onwards!

LOCATION ALLOWABLE DEVELOPMENT SITE AREA MAXIMUM GROSS FLOOR AREA SUCCESSFUL TENDERER TENDERED PRICE
($PSM of GFA)
Alexandra View Residential with commercial at 1ststorey 8,398.5 m2 41,153 m2 Tang Skyline Pte Ltd $376,880,000
($9,158.02)

Alexandra View (Parcel A) - Aerial View

Source: URA

Alexandra View Condo Developer

A joint venture between Singland Homes and UOL Venture Investments. This developer is no stranger to Singapore’s property market, having joint developed several projects such as Thomson Three, Alex Residences, Mon Jervois and so on..

Nearby Alexandra View Condo

With walking distance to Redhill MRT station, this will definitely attract future tenants and for those who intend to buy for own safe, this is definitely a safe choice.

Schools nearby includes:

  • Sri Manasseh International School
  • Gan Eng Seng Primary School
  • Crescent Girls’ School
  • Alexandra Primary Schoool

Shopping Malls nearby includes:

For more information, do register your interest via the form below and we will keep you in the loop!

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