Tag Archives: SALE

Private home sale to increase next year amid collective sale frenzy

With the collective sale fever forecasted to continue into 2018, analysts expect the potential en bloc sellers to lead a hike in private home sales next year, with prices expanding between four to eight percent, reported Channel News Asia.

Cushman & Wakefield expects at least 44 condominiums to go en bloc next year, which could see over 9,000 potential house hunters.

Among the condominiums expected to take the collective sale, path includes the 528-unit Laguna Park, the 264-unit Teresa Ville and the 120-unit Lakeside Apartments.

This year’s 27 collective sale tenders, to date, saw around 3,200 owners looking for a new place to live.

Edmund Tie and Company research head Dr Lee Nai Jia noted that these collective sales have a “snowball effect”.

“Those who have successfully sold their units will probably buy two, even though they will downsize.”

Lee believes the suburban and HDB resale market sector will record the greatest pickup in 2018, given the significant number of former Housing and Urban Development Company (HUDC) estates and government housing projects trying their hand at a collective sale.

Cushman & Wakefield research head Christine Li expects the mass market segment to witness a pickup since many buyers, who have held back purchases over the past three years, have now accumulated enough savings to acquire a new property.

She noted that the local property market’s resilience and the strength of the Singapore dollar have made Singapore more appealing to foreign property buyers again, despite the higher additional buyers’ stamp duty (ABSD) for such buyers.

 

This article was edited by Keshia Faculin.

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Casa Meyfort up for en bloc sale for $340mil

Casa Meyfort, a 76-unit residential development along Meyer Road, has been put up for en bloc sale by tender, with a reserve price of $ 340 million, revealed Edmund Tie & Company.

The price tag, which works out to a land rate of $ 1,616 psf per plot ratio (ppr), includes a development charge of around $ 46 million.

The price may be pared down to $ 1,540 psf ppr “if inclusive of 10 percent additional gross floor area for balcony area and an additional development charge of approximately $ 19 million”.

Nestled on an 85,249 sq ft site, the freehold development was built in the 1990s.

Casa Meyfort fronts Meyer Road, giving the site a good view of the sea, the Central Business District and the Mountbatten Road landed housing estate.

Situated within 600 metres to the upcoming Katong Park MRT Station on the Thomson-East Coast Line, the site is zoned residential with a gross plot ratio of 2.8 under the 2014 Master Plan.

“Casa Meyfort is a rarely available freehold residential site along the iconic Meyer Road,” said Tan Chun Ming, director of the investment advisory at Edmund Tie & Co (SEA).

“It’s the perfect opportunity for the developer to create an upscale residential product, and may potentially set a new benchmark for the entire Meyer Road.”

The tender for Casa Meyfort closes on 17 January.

 

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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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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