Tag Archives: bloc

Oxley buys Vista Park via en bloc sale for $418m

The owners of the 209-unit Vista Park in 50-66 South Buona Vista Road has agreed to sell the property via collective sale to Oxley Holdings for $ 418 million on Thursday (14 December).

The property was acquired by the company’s wholly-owned unit Oxley Spinel Pte Ltd, which intends the refresh the site’s remaining 66-year lease to 99 years and lift certain title restrictions by paying an additional $ 72 million to the Singapore Land Authority.

Oxley intends to redevelop the property, subject to obtaining all the necessary approvals from relevant authorities.

The site measuring 319,250 sq ft has a permissible height of up to five storeys and a plot ratio of 1.4. This works out to a potential gross floor area (GFA) of around 446,951 sq ft, meaning it could generate some 530 units with an average size of about 800 sq ft.

Meanwhile, another wholly-owned unit of the company, Oxley Vietnam Pte Ltd, has purchased a stake in a housing development in Dong Nai province, Vietnam for a total of US$ 12 million (S$ 16.2 million).

This was achieved by acquiring the entire share capital of Centra Cove Pte Ltd, a Singapore-incorporated company engaging in property development and investment holding.  In particular, 27 percent and 73 percent of the stake was acquired from Phuong Tuan Long and Teou Chun Tong Jason.

“Centra Cove holds 75 percent of the licensed charter capital of Phu Thinh Land Company Ltd, a company incorporated in Vietnam, of which only 16.81 percent of the charter capital has been paid up.” It is permitted by the local authorities to jointly develop a residential project at Dong Nai province with a state-owned firm.

 

This article was edited by Keshia Faculin.

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

Singapore’s collective sale market continues to heat up with the sale of  Jervois Green and the launch of Brookvale Park.

A four-storey freehold development at 100A Jervois Road, Jervois Green has been sold for $ 52.9 million to investors led by Mike Ho, third-generation owner of Spring Court, one of the oldest Chinese restaurants in Singapore.

The sale price – which was 10 percent higher than the $ 48 million asking price of the owner – translates to a land rate of $ 1,601 psf per plot ratio (ppr) inclusive of a development charge of around $ 6.95 million, noted Colliers International, which brokered the deal.

With a site area of around 26,700 sq ft, Jervois Green comprises eight apartments and was held under single-ownership. As such, the sale is not subject to the approval of the Strata Titles Board/High Court.

The site is zoned for residential use under the 2014 Master Plan with a plot ratio of 1.4. Not subject to the Pre-Application Feasibility Study, it can be redeveloped into a five-storey development comprising 42 units of around 850 sq ft each, subject to approval by the relevant authorities, said Colliers.

“The future selling price for the new development is envisaged to be above $ 2,500 psf or from $ 2.1 million per unit,” it added.

Closing on 5 December, the tender for Jervois Green “drew strong interest with six bids received from a wide spectrum of investors and developers”, said Tang Wei Leng, managing director at Colliers International.

“The tight bids not only reflect the market consensus on the pricing in the locale, but also signal the positive sentiment among bidders on the back of a comeback in the residential property market.”

Meanwhile, Brookvale Park in the Sunset Way estate, off Clementi, has been put up for en bloc sale, with a minimum price of S$ 530 million, said marketing agent JLL.

Comprising 160 units, Brookvale Park was built in the early 1980’s on a 999-year leasehold site.

JLL said the 373,008 sq ft site may be “redeveloped into a residential development of up to 12 storeys, with a total gross floor area of about 656,494 sq ft, including a 10 percent bonus balcony area”. The new development could yield 550 units with an average size of 1,100 sq ft.

Inclusive of an estimated development charge of around $ 26 million, the minimum price works out to a land cost of $ 932 psf ppr, with the breakeven price at around $ 1,480 to $ 1,500 psf.

“This compares favourably with recent land sales in the vicinity, such as Royalville at $ 1,960 psf ppr, Mayfair Gardens at $ 1,244 psf ppr and the Government Land Sales sites at $ 939 and $ 1,540 psf ppr for Toh Tuck Road and Fourth Avenue respectively,” added JLL.

The tender for Brookvale Park will close on 25 January 2018.

 

This article was edited by Keshia Faculin.

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2 projects sold en bloc for over $658mil

Royalville attracted a total of nine bids which surpassed the $ 368m asking price. (Photo: Edmund Tie & Co)

Marketing agent Edmund Tie & Co announced on Friday (1 December) that it successfully sold two existing developments via collective sale for a total of $ 658.59 million.

In particular, Royalville in Bukit Timah Road received nine bids. Allgreen Properties’s unit Sky Top Investments submitted the highest price of $ 477.94 million or $ 1,960 psf per plot ratio (ppr), surpassing the asking price of $ 368 million.

Built in the mid-1980s, the development consists of 11 shops, 38 maisonettes and 55 apartments. Apartment owners will get between $ 3.09 million and $ 3.76 million, maisonette owners will receive $ 5.42 million to $ 6.64 million, while those with shops will obtain $ 5.67 million to $ 10.38 million.

Under the 2014 Master Plan, the 174,176 sq ft freehold site located near the Sixth Avenue MRT station is zoned for residential use with a gross plot ratio of 1.4. The winning bidder can redevelop it into a luxury condominium with up to 323 units.

Crystal Tower

A view of Crystal Tower which occupies a prime District 10 freehold site. (Photo: Edmund Tie & Co)

Meanwhile, Crystal Tower at Ewe Boon Road attracted 12 bids, with Allgreen Properties clinching the residential project for $ 180.65 million or $ 1,840 psf ppr.

Completed in the 1970s, Crystal Tower comprises 28 apartments. Each apartment owner will get $ 6.0 million to $ 6.6 million, while the penthouse owner will receive around $ 12.3 million.

Under the Master Plan, the 60,482 sq ft freehold plot is intended for residential use at a gross plot ratio of 1.6. Subject to the government’s approval, it can be redeveloped into a 130-unit condominium up to its existing gross floor area of 98,179 sq ft. No development charge is payable.

With these two en bloc transactions, Edmund Tie & Co has brokered the sale of eight development sites collectively worth $ 1.6 billion so far this year.

 

This article was edited by Keshia Faculin.

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Pine Grove en bloc sale sows discord

The present collective sale process of the 660-unit Pine Grove condominium has become the most contentious with many issues emerging following two previous attempts, said 12 residents, reported the Straits Times.

For instance, the Collective Sale Committee (CSC) Chairman Singaram Kogilambal reportedly received a writ of summons from the court for allegedly defaming the property’s Management Committee Chairman Cheryn Chan.

Chan claimed that statements made by Kogilambal have resulted in people questioning her conduct, while the latter only said that it was “a personal matter for Pine Grove”.

Moreover, the WhatsApp chat group formed by residents to deliberate the sale has since splintered into three factions due to disputes, while meetings for the en bloc sale have become more intense.

In fact, the police revealed that a Pine Grove resident has lodged a report over intimidating messages.

“The (en bloc) process has become quite ugly, with some groups ostracising those who raise questions, and others raising their voices,” said an elderly resident who wanted to remain anonymous over fears of being harassed.

“I wish to stay out of this but I cannot as this involves the sale of my home,” said the resident of the 99-year leasehold estate built by the defunct Housing and Urban Development Company.

It is believed that over 60 percent of the owners have consented to the sale so far, but the Collective Sale Committee still needs to collect more signatures to reach the required minimum of 80 percent.

 

This article was edited by Keshia Faculin.

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Tai Wah Building sold en bloc for $84.9mil

Tai Wah Building, a four-storey building along Killiney Road, has been sold to private equity investment firm Lucrum Capital Pte Ltd for $ 84.9 million, revealed marketing agent Edmund Tie & Co.

This works out to around $ 2,209 psf per plot ratio.

Completed in the mid-1980s, the freehold building comprises two shops and six apartment units.

The site, which was zoned “residential with commercial at first storey”, has a land area of around 1,221.5 sq m (13,148 sq ft).

Edmund Tie & Co noted that Lucrum Capital plans to redevelop the site into a serviced apartment with commercial use on the first storey.

In fact, it has already submitted an application for such use which has received in-principle approval from the authorities.

As such, Lucrum Capital can redevelop the site up to its existing gross floor area of 3,568.81 sq m (about 38,414 sq ft), exceeding the permissible plot ratio of 2.8 as indicated in the 2014 Master Plan, but subject to authorities’ approval, it said.

“This is a unique and rare acquisition that allows us to plan and execute imminent and exciting real estate trends, and yet the new asset will complement existing bustling business activities in the immediate vicinity,” said Lucrum Capital.

Notably, Tai Wah Building is strategically situated in the heart of the Orchard Road shopping belt, near Somerset MRT Station.

 

This article was edited by Keshia Faculin.

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