Tag Archives: owners

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

Goodluck Garden up for en bloc sale, owners expect offers above $550mil

Goodluck Garden, a freehold condominium site along Toh Tuck Road, has been put up for collective sale, with the owners expecting offers above their $ 550 million reserve price, revealed marketing agent Knight Frank Singapore.

“Including an additional estimated development charge of approximately $ 63.2 million (subject to verification and confirmation with the relevant authorities on the development baseline) payable for the intensification of the site to the maximum GFA, this translates to a land rate of approximately $ 1,216 psf ppr,” it said.

Goodluck Garden comprises eight blocks with 208 residential units and two commercial shops. The apartment sizes range between 95 sq m and 182 sq m, while the two shops measure 30 sq m and 91 sq m, respectively.

Zoned for residential use under the 2014 Master Plan, the 33,457.2 sq m site has a gross plot ratio of 1.4.

“This translates to a maximum gross floor area (GFA) of approximately 504,182 sq ft, and based on average size of 753 sq ft, can potentially yield 669 new units in the new development,” noted Knight Frank.

Situated near Beauty World MRT Station, Goodluck Garden is a five-minute drive to the Jurong Lake District and a 25-minute drive to the CBD.

Nearby schools include Pei Hwa Presbyterian Primary School, Bukit Timah Primary School, Bukit View Primary School, Methodist Girls’ School (Primary), Keming Primary School, Ngee Ann Polytechnic as well as the Singapore University of Social Science.

The tender for Goodluck Garden will close on 7 March.

 

This article was edited by Keshia Faculin.

Latest News from PropertyGuru

Far Horizon Gardens owners elect en bloc sales committee

The owners of Far Horizon Gardens (FHG) has elected a collective sales committee, adding to the city-state’s growing list of collective sales hopefuls.

“The main motivation for the FHG collective sale committee is to address the ageing estate (35 years out of a 99-year lease), and to unlock the property value for the individual sub-proprietor,” said deputy chairman of the committee, Loh Choon Seng.

Situated at Ang Mo Kio Avenue 9, the 272-unit development has a land area of around 430,000 sq ft and a gross plot ratio of 1.4, reported Business Times. It is near Yio Chu Kang MRT station, as well as Mayflower and Lentor stations on the Thomson-East Coast Line, which is due in 2020.

The latest transaction for FHG involved the resale of a 1,948 sq ft unit for $ 1.62 million in December 2017, which works out to a unit price of $ 832 psf.

On the rental arena, a two- and three-bedroom unit was rented for $ 1,900 and $ 3,200, respectively, in December, showed statistics from the Urban Redevelopment Unit.

Meanwhile, the committee is now shortlisting managing agents for the estate, with the tender expected to be called in 2H 2018.

 

This article was edited by Keshia Faculin.

Latest News from PropertyGuru

Gov’t urges private home owners with short remaining leases to plan ahead

The government encourages Singaporeans residing in properties with short remaining leases to plan ahead and look for alternative housing early, said the Ministry of National Development in a written answer to Parliament on Monday.

It noted that seniors have various housing options, including short-lease 2-room flexi flats which has no debarment period for purchase.

“Residents can approach agencies for assistance if they need help transitioning to their next housing arrangement,” it added.

The statement was made in reply to the question of Cheryl Chan Wei Ling, MP for Fengshan SMC, who also asked on what measures are taken by the government to ensure that the neighbourhood of private housing estates will not be disproportionately populated by foreign workers or short-term rentals.

To minimise disturbance to neighbours and safeguard the residential environment of private housing estates, private homeowners are allowed to rent out their properties for a minimum period of three months, with each housing unit having a maximum of six unrelated occupants only, said the ministry.

“URA will proactively enforce against subletting arrangements that flout the rules, including prosecuting egregious offenders in court.”

 

This article was edited by Keshia Faculin.

Latest News from PropertyGuru

Home Briefs: Plastic bags for pet owners in 'clean' act

Home Briefs: Plastic bags for pet owners in 'clean' act
To encourage residents to pick up after their pets and keep public spaces clean, MP for Nee Soon GRC Lee Bee Wah launched three plastic bag stations at a Nee Soon South community park yesterday. Residents can leave extra plastic bags at the stations, …
Read more on The Straits Times

UPDATE 2-Taiwan's CTBC buys stake in Thai LH Financial for 9 mln
Meanwhile LH Financial has long sought a partner for its banking unit, a provider of housing loans and one of Thailand's smallest lenders, to boost its electronic banking and fend off fierce competition. LH Financial reported a net profit of 1.65 …
Read more on Reuters

error: Content is protected !!