Normanton Park enbloc sale launched: reserve price of S$800m or S$898 psf ppr

THE tender for the collective sale of Normanton Park, near Science Park and Kent Ridge Park, has been launched. The reserve price is S$800 million, which translates to S$898 per square foot per plot ratio.

This unit land price is inclusive of two payments that the developer of the 660,999 square foot site will have to make to the state. One is an estimated differential premium of S$225.3 million for intensification of the site based on the maximum permissible gross floor area of 1,388,099 sq ft; the other is an estimated S$220.6 million to top up the site’s lease to 99 years.

Under the Urban Redevelopment Authority’s Master Plan 2014, the site is zoned for “residential” use with a gross plot ratio of 2.1.

A privatised housing estate originally built in 1977 for military personnel and their families, Normanton Park comprises 13 residential blocks of 488 apartment units ranging from 118 square metres to 144 sq m.

Based on the reserve price, each owner could potentially receive between S$1.6 million and S$1.8 million.

Knight Frank is marketing Normanton Park’s enbloc sale; the tender closes on Oct 5, 2017.

Park West condo owners eye S$750m in third try at collective sale

OWNERS of condominium project Park West are hoping that third time’s the charm in their collective sale attempt, this time at an expected selling price of S$750 million.

They saw a strong start on Saturday when signatures from around 30 per cent of owners by share value and strata area were collected on their first meeting to approve the collective sales agreement. Huttons Asia was also appointed as their marketing agent.

The asking price for Park West is lower than the indicative price of S$803 million during its 2011 en bloc tender, which received no bids. An earlier 2007 attempt did not achieve the requisite 80 per cent consensus among owners. Continue reading

Freehold Katong plot could fetch up to $61m

A freehold plot in Katong has been put up for sale – another sign that the property sector is on the rebound.

Analysts expect keen interest for the site at 12 Amber Road, which is sandwiched between condominiums Amber Skye and King’s Mansion. It is near the upcoming Tanjong Katong MRT station that will be on the Thomson-East Coast Line due for completion in 2023.

Marketing agent JLL said that it anticipates offers between $56.6 million and $61 million for the 22,800 sq ft plot. Continue reading

Sim Lian tipped to have bid S$970m for Tampines Court

SIM Lian Development is believed to have placed a bid of S$970 million for the collective sale of Tampines Court.

On Tuesday evening, Huttons Asia, the marketing agent for the privatised HUDC (Housing and Urban Development Company) estate, said the tender for the site, which closed at 3 pm the same day, received a bid of that sum – above the reserve price of S$952 million.

Terence Lian, who heads investment sales at Huttons Asia, did not identify the party, but said conditions were attached to the S$970 million bid, so the collective sales committee is evaluating the bid. Continue reading

Roxy to build River Valley block with more than 100 units

ROXY-PACIFIC Holdings plans to redevelop a freehold plot in River Valley Road, which it bought for S$110 million, into an apartment block of at least 18 storeys and housing more than 100 units.

The price paid by the developer for the 28,798 sq ft site opposite the Yong An Park condo works out to about S$1,582 per square foot per plot ratio (psf ppr), inclusive of an estimated development charge of S$17.6 million. Continue reading

Signs of new vigour in the property market

Comments from CapitaLand’s chief executive officer Lim Ming Yan last week that there are signs the private residential market could be bottoming out made market watchers sit up for its positive tone from Singapore’s largest property player.

The comments jive with a range of data pointing to an uptick in the market. The latest second-quarter numbers from the Urban Redevelopment Authority (URA) show that prices fell 0.1 per cent, less than the 0.4 per cent in the second quarter. But is the market bottoming out to remain flat, or could Singapore even be embarking on a fresh property cycle?

While no other major developer has been as outspoken recently as Mr Lim, their bids have done the talking for them in two ways. Continue reading

Privatised HUDC estate Florence Regency in Hougang could be next collective sale

SINGAPORE – En bloc fever is getting even hotter with privatised HUDC estate Florence Regency in Hougang likely to be put up for collective sale soon.

The approval level from owners at the 336-unit project is nearing the requisite 80 per cent mark.

The Straits Times understands that three other former HUDC developments – Laguna Park, Pine Grove and Ivory Heights – have also started the collective sale process. Continue reading