Tag Archives: Park

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

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Katong Park Towers launched for collective sale

Located close to a future MRT station, the property has a reserve price of $ 288 million. (Photo: Cushman & Wakefield)

Offering a compelling opportunity for the development of an exclusive condominium within an affluent neighbourhood in Katong, Katong Park Towers has been put up for en bloc sale carrying a reserve price of $ 288 million, reported the Business Times.

Marketing agent Cushman & Wakefield said the price works out to a land rate of $ 1,165 psf per plot ratio (psf ppr).

There is a small development charge of around $ 5.6 million for the site’s additional 10 percent bonus balcony space and a lease upgrading premium of around $ 51 million, revealed Cushman & Wakefield’s capital markets director Christina Sim.

With a land area of about 140,758 sq ft, the 99-year leasehold site is located at 114A Arthur Road, near the future Katong Park MRT station, which is slated for completion in 2023. It is zoned for residential use with a plot ratio of 2.1 under the 2014 Master Plan and has a maximum building height of 24 storeys.

Cushman & Wakefield noted that the site could yield around 388 housing units with an average size of approximately 753 sq ft each, subject to the relevant authorities’ approval.

It is also close to various schools including Dunman High School, Chung Cheng High School and the Canadian International School.

 

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

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Park West condo sold en bloc for $840.89m

Third time’s a charm. The owners of Park West have finally succeeded in selling the condominium via collective sale after two previous attempts which ended in failure.

According to an SGX filing on Thursday (11 January), the residents accepted an $ 840.89 million offer from SingHaiyi Gold Pte Ltd, a 50:50 joint venture between SingHaiyi Group’s wholly-owned unit SingHaiyi Land and Haiyi Wealth Pte Ltd, a firm controlled by the group’s controlling shareholders, Gordon and Celine Tang.

Located in 2 – 20 Jalan Lempeng near Clementi MRT station, the property has a land area of 633,644 sq ft and a plot ratio of 2.1. It consists of four shops and 432 residential units.

In December, Channel NewsAsia reported that with the initial asking price of $ 818 million, each flat owner will get between $ 1.4 million and $ 2.3 million, while each shop owner will receive $ 1.2 million to $ 1.8 million.

Park West’s 99-year leasehold tenure started on 8 March 1982, but SingHaiyi Gold intends to pay about $ 146 million to fully renew its term. The company also plans to fork out a differential premium of S$ 144.6 million to redevelop the site to its maximum permissible gross floor area of about 1.46 million sq ft at a height of at least 24 storeys.

The acquisition, which will be financed by internal resources and bank loans, is not expected to have a material impact on SingHaiyi Group’s earnings per share and net tangible assets per share for the fiscal year ending 31 March 2018.

 

This article was edited by Keshia Faculin.

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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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