Malaysian developer buys 1 Draycott Park near Orchard Road for $72m

SINGAPORE – A subsidiary of Malaysian property developer Selangor Dredging has purchased a parcel of prime freehold land in the Orchard area.

Champsworth Development, which is 50 per cent owned by Selangor Dredging, paid S$72 million for 1 Draycott Park. This translates to a price of approximately S$1,787 per sq ft per plot ratio, inclusive of development charges for the 17,442 sq ft site. In a filing with Bursa Malaysia, the developer said it was considering the potential to build exclusive mid-rise apartments.

There is currently a seven-storey block on the site, which was built in the 1990s. It comprises eight apartments ranging between 860 sq ft and 6,200 sq ft. The site is zoned for residential use with a plot ratio of 2.8, which means that it can be re-developed to a height limit of 36 storeys. Continue reading

2 more HUDC estates aim to sell en bloc

Two privatised HUDC estates are gunning for collective sales in the wake of lucrative sales of two other properties of this type – Rio Casa and Eunosville – in recent weeks.

The 560-unit Tampines Court will likely launch its tender in July, while 336-unit Florence Regency in Hougang is in the early stages of the sales process.

The Straits Times understands that Tampines Court owners are seeking at least $960 million for the large Tampines Street 11 site, spanning over 702,000 sq ft. Continue reading

MCL Land awarded Eunosville site at S$765.78m or S$909 psf ppr

HONGKONG Land unit, MCL Land, has clinched the Eunosville site through a collective sale, at a price of S$765.78 million.

This works out a unit land price of S$909 per square foot per plot ratio (psf ppr) inclusive of an estimated S$194 million payable to the state to enhance the intensity of the site to a gross plot ratio of 2.8 and to top up the site’s lease to 99 years.

The site has a balance lease term of about 70 years. Continue reading

Collective sale market heats up with Rio Casa, Goh & Goh Building deals

Two deals with a combined value of $676.5 million were announced yesterday in yet another sign of the continued resurgence in the collective sale market.

One involved the sale of Rio Casa, a privatised HUDC estate in Hougang, while mixed-use development Goh & Goh Building, near Beauty World MRT station, was also snapped up. These follow the sale of One Tree Hill Gardens for $65 million to Lum Chang Group this month. The number of deals has now matched the three done in all of last year: Shunfu Ville, Raintree Gardens and Harbour View Gardens.

Brisk new-home sales and the recovering sentiment in the residential property market have fuelled demand for sites among developers. Continue reading

Goh & Goh Building next to Beauty World MRT station sold for S$101.5 million

SINGAPORE – Goh & Goh Building next to Beauty World MRT station to a subsidiary of BBR Holdings for $101.5 million.

This was below what the owners had asked for – S$120 million – when the development was put up for sale in February.

BBR Holdings’ unit Alika Properties has exercised a call option to purchase the four-storey mixed-use development, the firm said in a stock exchange filing on Thursday (25 May). Continue reading

Court of Appeal gives Shunfu Ville sale the green light

Four years after the collective sale committee at Shunfu Ville was formed, the sale of the Bishan estate has finally got the green light.

The Court of Appeal yesterday dismissed an appeal filed by objectors against the sale of the 358-unit privatised HUDC estate. The sale grabbed headlines last May, when more than 82 per cent of the owners agreed to sell the estate for $638 million to property developer Qingjian Realty.

But the deal hit a snag when some owners objected to the sale last July, later filing an appeal to the High Court. One objection queried if the transaction was done in good faith, taking into account the sale price. Continue reading

UOL Group and its associate complete acquisition of Raintree Gardens

WEE Cho Yaw-controlled UOL Group, with its listed associate United Industrial Corporation, has completed the en bloc purchase of Raintree Gardens in Potong Pasir.

The acquisition is done via UVD (Projects) Pte Ltd, a 50:50 joint venture between UOL group and United Industrial Corporation.

The leasehold property at 110-112 Potong Pasir Avenue 1 will be redeveloped into a project with about 750 units, UOL said in its results released on May 12.

It is looking to begin sales in 2018 for the project.