Collective sale fever has gone through the roof this week with Vista Park condominium launching a tender yesterday, joining four other candidates trying to sell en bloc in recent days.
Vista Park owners are eyeing at least $350 million, which means each unit owner could pocket $1.16 million to $3.5 million – a premium of over 60 per cent to what they could otherwise fetch by selling individually in the open market.
Two other condos – Brookvale Park and Kismis View – could soon join the rush, having achieved the 80 per cent requisite approval from owners. Continue reading
Iconic condominium Pearlbank Apartments is among four residential developments put up in separate tenders for collective sale yesterday.
Its reserve price is $728 million. The other three are Parkway Mansion in Katong, Derby Court near Novena, and Riviera Point along River Valley Road.
Pearlbank, a horse shoe-shaped development in Outram sited near the Central Business District, is 37 storeys high. With its reserve price, the land cost amounts to about $1,505 per sq ft per plot ratio (psf ppr), after factoring in about $195 million for the lease top-up. Continue reading
SINGAPORE – Owners of the Derby Court condominium near the Novena neighbourhood have launched a public tender for collective sale, with a reserve price of S$62 million.
The reserve price works out to S$1,168 per square foot (psf) per plot ratio (ppr). This is based on an 18,506 square foot site with a gross floor area of 53,094 sq ft, representing an equivalent plot ratio of 2.869 times, more than the 2.8-times gross plot ratio allowed under the 2014 zoning Master Plan.
There is a further 10 per cent bonus balcony plot ratio, which would yield an effective land rate of S$1,062 psf ppr. There is no development charge payable. Continue reading
SINGAPORE (BLOOMBERG) – A series of blockbuster land deals in Singapore this year signal the city-state’s property market is set to break out of its prolonged slump in 2018.
A Chinese group lobbed a winning record bid for a residential plot, while Guocoland paid a record per-square foot price for an office development site in the central business district. Office rents last quarter rose for the first time in 2½ years and home prices ended a four-year slide.
The spending spree may not be over, with more than S$3.3 billion of land deals set to be completed by the end of the year, pushing the annual total to S$14 billion, the highest since 2011, according to Cushman & Wakefield. Continue reading
Property developer Tee Land is buying the freehold Casa Contendere in Gilstead Road in a collective sale for $72 million.
The price works out to $1,638 per square foot per plot ratio (psf ppr), inclusive of an estimated development charge of $15.1 million.
Casa Contendere, which is in District 11 and near Newton MRT, is a four-storey block comprising 11 maisonette units. The estate has a land area of 37,972 sq ft and a 1.4 plot ratio. Owners will get from about $5.9 million to $7.5 million per unit. The Keck Seng Group is understood to own six of the units. Continue reading
The redevelopment frenzy remains in high gear with freehold estate Jervois Green going up for sale today, just weeks after nearby Jervois Gardens found a buyer.
Jervois Green has an asking price of $48 million, which works out to $1,373 per sq ft (psf) per plot ratio, inclusive of the 10 per cent additional gross floor area for balconies. That closely matches the unit price Jervois Gardens – also a freehold project of low-rise homes – fetched.
Market watchers said the comparable price could tempt developers to bite, especially compared with the selling price of newer projects in the area that are hovering between $1,900 psf and $2,350 psf. Continue reading
The number of landed residential property transactions spiked in the first 10 months of this year, putting the full-year number on track to be the best showing in five years.
Property consultants attribute the surge in landed housing deals to the ongoing broader recovery in the residential market.
They also note that prices of landed properties have fallen to attractive levels from their peak in the third quarter of 2013 to the second quarter this year. Continue reading