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

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

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

En bloc fever back in Singapore, with 7 collective sale transactions this year

SINGAPORE – It’s a fever that last swept Singapore in 2011 before property cooling measures introduced in 2013 cooled it.

Now, it looks like the collective-sale fever has hit again, with deals flowing fast and thick in the past two months.

Six residential developments and an industrial complex have already been sold en bloc – far exceeding the three deals done in all of 2016. Continue reading

Former HUDC estate Serangoon Ville sold en bloc for $499 million

Privatised HUDC estate Serangoon Ville in Serangoon North Avenue 1 has been sold to an Oxley Holdings-led consortium for $499 million, as collective sale fever grows even hotter.

The price is well above the $400 million to $430 million the owners had been expecting when the property was put on the market last month.

The sale marks the sixth collective deal so far this year – already double the three deals in all of last year and is the third former HUDC project to succeed in the collective sale market this year. Continue reading

Dunearn Court latest offered for en bloc sale, asking for $38.8m

SINGAPORE – Owners at Dunearn Court – a freehold condominium off Dunearn Road – are putting their property on the market for S$38.8 million.

The tender, to be launched on Thursday (July 27), comes hot on the heels of a slew of collective sale deals sealed in recent months amid rising optimism in the private residential market here.

The asking price works out to a land rate of about S$1,443 psf per plot ratio, said marketing agent Knight Frank on Wednesday (26 Jul). Continue reading