Tag Archives: collective

The Stradia up for collective sale for $22mil

The Stradia, a mixed development site along Yio Chu Kang Road, has been put up for en bloc sale, with a guide price of about $ 22 million, reported Business Times.

This works out to a land rate of $ 889 psf per plot ratio.

Located at 78 Yio Chu Kang Road, The Stradia comprises eight residential units and three retail shops. It was built in the 1990s and is near Nex Mall, Serangoon Stadium and Serangoon Garden Village. The 8,241 sq ft site has a gross plot ratio of 3.0.

No development charge is payable for the site.

Marketing agent Mount Everest Properties said the freehold site is “suitable for budding boutique developers itching to enter the property market at a low quantum”.

It noted that the successful bidder can re-develop the site along with an adjoining remnant state land plot, subject to Singapore Land Authority’s approval.

The tender for the site will close on 10 January 2018.

 

This article was edited by Keshia Faculin.

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Vista Park up for collective sale for $350mil

Joining in the collective sale frenzy, Vista Park condominium has also launched a tender for en bloc sale, with the owners expecting offers of at least S$ 350 million, reported Business Times.

At this price, each unit owner could gain between S$ 1.16 million and S$ 3.5 million, which is a premium of more than 60 percent to what they could fetch if they sell individually in the open market.

Including the estimated lease top-up premium of around S$ 66 million, the land rate stands at around S$ 932 psf per plot ratio. This, however, can be pared down to around S$ 903 psf ppr once the bonus balcony gross floor area (GFA) is factored in.

This compares favourably to Normanton Park’s transacted land rate of S$ 969 psf ppr, said Sieow Teak Hwa, managing director of Teakhwa Real Estate, the property’s marketing agent.

Located at the edge of Kent Ridge Park, the sea-facing site is set in lush greenery – making it a good prospect for a “nature and wellness” themed residential project.

Spanning 319,250 sq ft, the 209-unit Vista Park has 61 years left on its lease. It has a plot ratio of 1.4 as well as an allowable height of up to five stories, which translates to a potential GFA of around 446,951 sq ft.

This could yield around 530 housing units of around 800 sq ft each, subject to the authority’s approval.

“For its unique hill location, land size and reasonable land rate expectation, we can expect very strong developers’ interest for the rare site,” said Sieow.

The tender for Vista Park will close on 13 December.

Two other condominium projects set to launch their en bloc tenders – are Kismis View and Brookvale Park – both of which are marketed by JLL. The asking prices for such projects are not yet available.

 

This article was edited by Keshia Faculin.

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11 Balmoral Road up for collective sale at $75 million

Built in the mid-1990s, the property comprises 17 units in two four-storey apartment blocks. (Photo: JLL)

Property consultancy JLL has launched 11 Balmoral Road in prime District 10 for collective sale at $ 75 million.

The asking price translates to a land rate of about $ 1,761 psf per plot ratio, inclusive of the development charge which is estimated to be around $ 10 million.

This is the development’s first collective sale attempt with 100 percent owners’ consent. As such, Strata Titles Board approval for the sale is not required.

Built in the mid-1990s, the property comprises 17 units in two four-storey apartment blocks. 

The 30,200 sq ft site is zoned residential with a gross plot ratio of 1.6 under the 2014 Master Plan. It could be redeveloped into a high-end condominium of up to 12 storeys.

Subject to design and approval from the Urban Redevelopment Authority, a developer may potentially configure the allowable gross floor area of 48,320 sq ft up to a maximum of 64 apartments.

The site is a short walk from Newton MRT interchange, which connects to Orchard Road and the Botanic Gardens. Nearby schools include Singapore Chinese Girls’ School and Anglo-Chinese School (Primary).

“11 Balmoral Road is a compelling offering of a freehold site with manageable quantum. It is expected to attract a wide pool of developers due to its affordability and a very prime location,” said Tan Hong Boon, regional director at JLL.

The tender exercise closes on 29 November.

 

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

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