Tag Archives: bloc

Brookvale Park sold en bloc for $530m

Aerial view of Brookvale Park in Sunset Way. (Photo: JLL)

The 160-unit development Brookvale Park has been sold to Hoi Hup Sunway – a joint venture between Hoi Hup Realty and Sunway – for $ 530 million, revealed marketing agent JLL.

Including an estimated development charge of around $ 26 million, the sale price translates to a land rate of about $ 932 psf per plot ratio.

SEE ALSO: Jervois Green sold for $ 52.9mil, Brookvale Park up for en bloc sale

JLL regional director Tan Hong Boon said the owners could expect to receive gross sales proceeds of between $ 2.5 million to $ 4.4 million per unit.

“This is the largest investment in our 11 years of partnership with Sunway Group,” noted Hoi Hup Realty chairman Wong Swee Chun.

“The sprawling 999-year leasehold land is in a centralised but yet lush and green location and setting. We believe this provides a great opportunity to create a unique residential product.”

Located in the Sunset Way enclave designated for two-storey bungalows and private residential developments, the site is zoned for residential use under the 2014 Master Plan with a gross plot ratio of 1.6.

This means that the site could be redeveloped into a condominium development with a total gross floor area of about 656,494 sq ft, including a 10 percent bonus balcony area.

It is also a short drive away from Bukit Timah Nature Reserve, Holland Village and near to reputable tertiary and international schools, such as Singapore Polytechnic, Ngee Ann Polytechnic, Singapore University of Social Sciences, National University of Singapore and the Canadian International School.

“The sale of Brookvale Park brings the tally of successful en bloc sales to $ 3.17 billion, arising from nine deals over the last seven weeks of this year. The tally for the entire 2017 was $ 8.78 billion from 32 deals,” said JLL senior consultant Karamjit Singh.

“Our view is that the market is on track for last year’s tally to be surpassed by middle of 2018, as the strong momentum driven by the positive outlook of the residential market sustains.”

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

Latest News from PropertyGuru

Cairnhill Mansions, Riviera Point sold en bloc

Aerial view of Cairnhill Mansions at Cairnhill Road. (Photo: CBRE)

Singapore’s collective sales market continues to sizzle with the sale of Cairnhill Mansions and Riviera Point for $ 362 million and $ 72 million respectively, revealed marketing agent CBRE.

Nestled on a 43,103 sq ft site, Cairnhill Mansions was sold to Low Keng Huat (Singapore), which intends to redevelop the site into a 200-unit high-rise condominium.

“Cairnhill Mansions is the first residential development site to be sold in one of the most prime districts in Singapore during the current en bloc cycle. The transaction is testament to the superior locational attributes of the site and confidence in the luxury residential market,” said CBRE capital markets director Galven Tan.

Strategically located at 69 Cairnhill Road, the freehold site “enjoys the rarity of privacy and tranquility within one of the most prestigious districts in Singapore and yet is a stone’s throw on foot to the bustling Orchard Road”. Cairnhilll Mansions is also near Newton MRT station.

Riviera Point was sold to Macly Riveria, a fully-owned subsidiary of Macly Group, following three failed attempts at an en bloc sale in 2007, 2011 and 2013.

With an area of around 14,579 sq ft, the site is zoned for residential use under the 2014 Master Plan with a plot ratio of 2.8 and a height limit of 36 storeys. The verified existing gross floor area, however, is around 49,265 sq ft, which works out to a plot ratio of 3.379.

The site is less than 600m away from Great World MRT station (TE15) and a 10-minute walk to Somerset MRT station.

“Riviera Point, situated on an elevated plot and within a neighbourhood with abundant amenities, presents an excellent opportunity for the buyer to develop a high quality boutique development catered for young urbanites wanting to live within the cosmopolitan neighbourhood of River Valley and Robertson Quay,” said Tan.

CBRE noted that the high floor units of the proposed development will enjoy unblocked views towards Orchard and the Singapore skyline, while the lower floor units will overlook the Oxley area.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

Latest News from PropertyGuru

City Towers sold en bloc for $401.9m

The freehold development was sold to an undisclosed buyer for much higher than the owners’ reserve price. (Photo: Colliers International)

Singapore’s collective sales fever shows no signs of abating with City Towers being the latest development to be successfully sold en bloc, reported the Business Times.

Launched on 4 January, the collective sale tender for the freehold development attracted seven competitive bids when it closed on 7 February. It was sold for $ 401.9 million to an undisclosed buyer, or 13 percent higher than the owners’ reserve price.

Marketing agent Colliers International revealed that the sale price translates to a land rate of around $ 1,847 psf per plot ratio (psf ppr), after factoring in the $ 3.5 million development charge.

Located along Bukit Timah Road, City Towers has a land area of about 104,532 sq ft and a proposed gross floor area of around 219,516 sq ft. It is zoned for residential use under the 2014 Master Plan with a gross plot ratio of 2.1.

The development currently features 77 units of apartments and maisonettes, a shop unit and a penthouse. Each residential owner stands to gain between $ 2.78 million to $ 11.5 million from the sale, depending on the size of their units.

“Despite several competing collective sale tenders in District 10, City Towers still attracted strong interest from developers, owing to its prime location near renowned schools, a wide range of amenities and the Newton and Stevens MRT stations. The site will provide a good opportunity for the successful bidder to take advantage of opportunities in a residential market that is on the cusp of a sustained recovery,” said Colliers International managing director Tang Wei Leng.

The site can be redeveloped into a 24-storey residential tower comprising about 190 units measuring 1,098 sq ft on average, subject to the relevant authorities’ approval.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

Latest News from PropertyGuru

Vicenta Lodge to go en bloc for $33.6m

Built in 1993, the freehold site is located near Kembangan MRT station. (Photo: Century 21)

Vicenta Lodge, a freehold residential development in Lorong Marzuki, will be put up for en bloc sale tomorrow (3 February) with a guide price of $ 33.6 million.

This works out to a land rate of $ 1,173 psf per plot ratio (psf ppr).

Marketing agent Century 21 revealed that a development charge of about $ 1.33 million is payable for the site. However, including the 10 percent gross floor area for balconies, the land rate would be a lower $ 1,108 psf ppr.

The development was built in 1993 on 21,281 sq ft of land. Located near Kembangan Plaza and about 370m from Kembangan MRT station, the corner plot is zoned for residential use under the 2014 Master Plan with a gross plot ratio of 1.4.

This means that the site may be redeveloped into a building of up to five storeys high.

And since all 16 owners have consented to the sale, there is no need to obtain an approval of sale from the Strata Titles Board.

The tender for Vicenta Lodge will close on 28 February.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

Latest News from PropertyGuru

Chinatown Plaza joins en bloc frenzy, owners asking for $270m

The freehold site near Keong Saik Street is intended for residential and commercial development. (Photo: Edmund Tie & Co)

The owners of Chinatown Plaza near the Central Business District launched the mixed-use project for collective sale for $ 270 million on Wednesday (31 January), reported the Business Times.

According to marketing agent Edmund Tie & Co, the asking price translates to $ 1,989 psf per plot ratio (ppr) based on its gross floor area (GFA). The prime property stands on freehold land spanning 33,953 sq ft that is intended for residential and commercial development.

“Subject to authorities’ approval, the site can be redeveloped up to its existing GFA of approximately 135,742 sq ft, exceeding the permissible plot ratio of 3.5 as indicated in the 2014 Master Plan,” said the property firm, adding that the winning bidder does not need to pay any development charge.

Located at the junction of Neil Road and Craig Road, the land parcel is close to the bustling Keong Saik Street area that has seen many new restaurants, boutique hotels and co-working spaces.

“The developer-investor can pre-sell the residential units to capitalise on the upturn of the private residential market and hold the invaluable freehold commercial space for investment or as their corporate office,” said Edmund Tie & Co’s senior director for investment advisory Swee Shou Fern.

“Given its city centre location in a popular and vibrant enclave with proximity to MRT stations, the property is also ideal as a serviced apartments or hotel development, subject to planning approval,” she added.

The tender for Chinatown Plaza will close on 15 March.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

Latest News from PropertyGuru

error: Content is protected !!