Tag Archives: SALE

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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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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URA releases four sites for sale

Artist’s impression of the first sale site at Holland Village Extension. (Photo: URA)

The Urban Redevelopment Authority (URA) has released four sites – which can potentially yield around 1,720 residential units – for sale on Thursday (30 November) under the second half 2017 Government Land Sales (GLS) programme.

The sites at Handy Road and Holland Road are launched for sale under the confirmed list while the sites at Canberra Drive and Mattar Road are made available for application under the reserve list.

Envisioned to reinforce the continued success of Holland Village, the 22,967 sq m site at Holland Road is for a mixed use and pedestrian-oriented development.

The URA will adopt a concept and price revenue tender for the site “to shortlist compelling development concepts that are attractive and will complement the adjacent low rise and street-oriented character of Holland Village”.

The tender for the Holland Road site will close on 20 March 2018, while that for the 4,796.2 sq m residential site at Handy Road will close on 30 January 2018.

Meanwhile, the Mattar Road residential site has an area of 6,230.2 sq m and a gross floor area of 18,691 sq m. Measuring 40,881.4 sq m, the residential site at Canberra Drive, on the other hand, has a gross floor area of 57,234 sq m.

All the released sites have a lease tenure of 99 years.

 

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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