Choon Kim House in Upper Serangoon launches collective sale at over S$55m

SINGAPORE – Freehold development Choon Kim House, located in Upper Serangoon Road, has been launched for collective sale, its sole marketing agent JLL announced on Wednesday (April 18).

Owners of the four-storey cum attic, mixed-use development are expecting bids above S$55 million, which would reflect a land rate of S$1,287 per square foot per plot ratio (psf ppr), or S$1,257 psf ppr after factoring in the 10 per cent bonus balcony for the residential component and inclusive of a development charge payable, currently estimated at around S$4.9 million.

JLL said the location offers an “appealing opportunity for owner-occupiers who are looking for a freehold building at a manageable quantum in a central location”. Continue reading

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Asia Gardens fetches $343m in collective sale

Asia Gardens, located in Everton Road in the Spottiswoode enclave, has been sold en bloc for $343 million to a consortium led by developer Sustained Land.

The other partners are builder-cum-developer Ho Lee Group and an investment holding company fully owned by Mr Loi Pok Yen, logistics company CWT’s group chief executive.

Owners of the 23-storey freehold development, which has 80 apartment units and four penthouses, are expected to receive gross sale proceeds of between $3.476 million and $7.73 million per unit. Continue reading

Faber Garden to launch sale en bloc with $1.18b reserve price; could be biggest collective sale this year

SINGAPORE – With a reserve price of S$1.18 billion, the freehold Faber Garden off Upper Thomson Road could be Singapore’s largest collective sale deal this year and the second largest ever, if it succeeds.

The 544,738 sq ft site at Angklong Lane, next to Singapore’s Central Nature Reserve amid Good Class Bungalows, landed housing and private condominiums, will be launched for sale by public tender on Tuesday (April 17), said marketing agent CBRE on Monday.

The 236-unit development, which is about 34 years old, is right by the upcoming Bright Hill MRT Station slated to open in 2021, and within walking distance of Windsor Nature Park and Lower Pierce Reservoir. Continue reading

Freehold Tulip Garden sold en bloc for $907m

A joint entity of Chinese developer Yanlord Land Group and MCL Land has bought freehold Tulip Garden for $906.9 million – the second biggest collective sale this year.

The price is 20.4 per cent higher than the reserve of $753 million submitted by owners of the 316,708 sq ft estate completed in 1985.

Tulip Garden, comprising 162 apartments and maisonettes and two shop units, is in District 10 and close to Holland Village and a Good Class Bungalow area. Continue reading

Collective sale market to cool around mid-2018 from developer fatigue: Report

SINGAPORE – The collective sale market is nearing the peak of its cycle, one year into the boom, with real estate players paying smaller premiums and likely to go for smaller sites, RHB analyst Vijay Natarajan said in a report out on Tuesday (April 10).

While the overall value of collective sales is expected to cross the previous year’s S$8.2 billion figure, the market is likely to peak by the second or third quarter, with the supply pipeline being steadily built up and developers’ land banks largely restocked, he predicted.

Developers have become “very selective”, and tighter policy measures are also taking their toll on the appeal of collective sale projects, he said. Such measures would lead in a move towards “small- to mid-sized sites that have good location attributes and amenities”. Continue reading

Casa Meyfort in Meyer Road relaunches sale en bloc, with asking price of $340m

SINGAPORE – The owners of the Casa Meyfort condominium in the Meyer Road neighbourhood are relaunching a public tender for a collective sale after the earlier December 2017 offering at a reserve price of S$340 million failed to draw a successful bid.

The owners have now set S$340 million as the asking price; the reserve price, which could be lower, was not disclosed.

The applicable development charge, which is not included in the asking or reserve price, has increased to S$57.2 million from the previous S$46 million. Singapore levies a tax on developers for projects that require planning permission to increase the value of the land, such as rezoning to a higher value use or increasing the plot ratio. Continue reading

2 more apartment complexes up for collective sale

The rush to sell en bloc shows no signs of abating with two estates put up for sale yesterday – one in East Coast and the other near Pearl’s Hill City Park.

United Mansion has a reserve price of $98 million for the walk-up block in East Coast Road. That is $1,485 per square foot per plot ratio (psf ppr) with no development charges payable.

The freehold site is within a three-storey mixed-landed housing area but it can retain its four-storey height along with its verified gross floor area of 65,975 sq ft, said marketing agent Cushman & Wakefield. The site could yield 87 apartments with an average size of 70 sq m gross floor area, subject to approval, it added. Continue reading