Brookvale Park sold en bloc for $530m

Brookvale Park, a 160-unit development in Sunset Way, has been sold to Hoi Hup Sunway, a joint venture between Hoi Hup Realty and Sunway Developments, for $530 million. This marks the fourth collective sale sealed under private treaty this week, after their public tenders had earlier closed without a sale being concluded.

The latest deal also represents the largest investment by Hoi Hup and Sunway Developments in their 11 years of partnership, said Hoi Hup Realty chairman Wong Swee Chun.

“The sprawling 999-year leasehold land is in a centralyet lush setting. We believe this provides a great opportunity to create a unique residential product,” he said. Continue reading

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Cairnhill Mansions and Riviera Point sold en bloc

Two District 9 properties – Cairnhill Mansions and Riviera Point – were sold in collective sales yesterday for $362 million and $72 million, respectively.

The development in Cairnhill Road was sold to Singapore-listed property developer Low Keng Huat, while Riviera Point in Kim Yam Road went to Macly Group, a Singapore property developer.

Cairnhill Mansions, an 18-storey block comprising 61 apartments, sits on a land area of about 43,103 sq ft. The price tag works out to $2,311 per square foot per plot ratio (psf ppr). Continue reading

Pearl Bank Apartments sold to CapitaLand for S$728m

SINGAPORE: Pearl Bank Apartments has been sold for S$728 million to CapitaLand through a private treaty collective sale, marketing agent Colliers International announced in a news release on Tuesday (Feb 13).

The sale of the iconic horseshoe-shaped building at Outram comes after the close of its collective sale tender on Dec 19 last year – its fourth attempt at a collective sale.

The collective sale tender attracted keen interest from developers, Colliers International said, adding however that they flagged concerns which included uncertainties arising from the PreApplication Feasibility Study (PAFS) on traffic impact which will affect the number of units that can be built on the site.  Continue reading

Oxley beats 80 others to buy clan’s plot in Geylang

Property developer Oxley Holdings emerged as the most suitable candidate out of more than 80 parties for the purchase of a 99-year leasehold plot owned by the Huang Shi Zong Hui Singapore (Huang Clan Association), Edmund Tie & Company said yesterday.

Edmund Tie, the agent for the sale, said it had conducted an expression-of-interest exercise in 2014 on the 2,219.6 sq m site, which has a plot ratio of 2.8, with the intention of seeking joint-venture proposals to redevelop the property.

This followed news on Monday that the property developer’s wholly owned subsidiary Oxley Pearl bought the plot in Lorong 35 Geylang for $13 million, with plans to turn it into an eight-storey mixed-use development to be named Sixteen35 Residences. Continue reading

City Towers sold for $401.9m

City Towers, a freehold development in prime District 10, has been sold for $401.9 million.

Depending on the size of their property, each residential owner stands to receive $2.78 million to $11.5 million.

The development comprises 77 units of apartments and maisonettes, a penthouse unit and a shop unit. The sale price – which is over 13 per cent above the owners’ reserve price – works out to a land rate of about $1,847 per square foot per plot ratio (psf ppr), after factoring in a $3.5 million development charge. Continue reading

Pacific Mansion up for collective sale at $938m

The owners of Pacific Mansion have put the River Valley condominium up for public tender with a reserve price of $938 million or $1,728 per square foot per plot ratio (psf ppr), said CBRE, their appointed property agent.

The development is on a freehold residential site in River Valley Close, with a land area of about 128,352 sq ft.

Based on the Urban Redevelopment Authority’s (URA) 2014 Master Plan, the site has a plot ratio of 2.8 and height control of 36 storeys. Continue reading