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.

One Tree Hill Gardens sold for $65m in first collective sale this year

The collective sale market, which saw a resurgence last year, is still firing with the sale of One Tree Hill Gardens for $65 million – the first such deal this year.

Marketing agent Knight Frank said yesterday that a unit of Lum Chang Group bought the freehold landed residential redevelopment site near Orchard Road.

The price works out to a land rate of about $1,664 per sq ft, it added. Continue reading

Another former HUDC estate Eunosville put up for en bloc sale

SINGAPORE – Owners of 330-unit Eunosville have put their former HUDC estate up for collective sale – the second such sale this week.

Rio Casa, another privatised HUDC estate in Hougang, was put up for sale two days ago.

Eunosville is less than 100m from Eunos MRT station, said its marketing and property consultant OrangeTee.com on Wednesday (April 12). It comprises 10 residential blocks of maisonettes and four walk-up apartment blocks, translating to 255 maisonettes and 75 apartments. Continue reading

Former Hougang HUDC estate Rio Casa up for en bloc sale

RIO Casa, a former HUDC (Housing and Urban Development Company) estate, was on Monday put up for collective sale by its marketing agent, Knight Frank Singapore.

The owners of the river-fronting estate along Hougang Avenue 7 are expecting offers of more than S$450.8 million for the property. This translates to a land rate of about S$586 per square foot per plot ratio, inclusive of a differential premium of about S$141.5 million for intensification of the site, as well as a lease top-up premium of about S$57.5 million for a fresh 99-year lease.

Knight Frank expects to see interest from developers for redevelopment opportunities, given the site’s more than 200 metres of riverfront and greenery views.

The residential redevelopment site is a privatised HUDC estate comprising seven residential blocks of 286 apartment and maisonette units. It has a site area of 36,811.1 square metres.

Under the Master Plan 2014, the site is zoned for “residential” with a gross plot ratio of 2.8. This translates to a maximum permissible gross floor area of about 1.1 million square feet.

The immediate vicinity is predominantly residential in nature, comprising landed housing, condominium and public housing estates.

The tender for Rio Casa will close on May 23, 2017, at 3pm.

Collective sales poised for recovery?

THE residential collective sales market moves in tandem with the broader residential market cycle, registering stronger activity during the upturns while moderating during downturns. Responding to a rising market between 2005 and 2007, the collective sales market boomed, establishing a record sales volume of S$10.9 billion in 2007. In 2008/09, the global financial crisis resulted in collective sales plummeting to insignificant levels before staging a mild recovery between 2010 and 2013.

However, the imposition of various cooling measures, culminating in the total debt servicing ratio (TDSR), led to residential collective sales flattening again in 2014 and 2015. Developers, faced with oversupply and an increasing unsold stock in their inventories, became more cautious and shied away from collective sales. The chart above shows the trend of the annual residential collective sales value between 2006 and 2016. Continue reading

4-storey building near Beauty World Centre up for sale

Several properties, including shophouses and a freehold development, were put on the market yesterday amid a gradually improving sentiment in the real estate arena.

One is a mixed-use project – Goh & Goh Building – in Upper Bukit Timah Road, which has been put up for collective sale with an asking price of at least $120 million.

The freehold four-storey development, built in the late 1980s, has seven apartments and seven shops. Continue reading