Tag Archives: Park

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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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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