Thursday, March 17, 2011

Collective sales: One site sold, three up for tender

THE steady pick-up in the collective sale market continues to roll on, with one site successfully sold and another three put up for tender.

Newton View, a condominium on a 37,577 sq ft site midway between the Newton and Novena MRT stations, was sold to developer Novelty Corp for $147.6 million, property firm Savills said yesterday. It has a plot ratio of 2.8.

Owners of residential units in Newton View will get either $3.6 million or $4.8 million each, depending on whether they own smaller- or bigger-sized apartments, said Savills executive director for investment and prestige homes Steven Ming.

The sale price translates to a rate of about $1,403 per sq ft per plot ratio (psf ppr), and the developer can expect to break even by selling for $1,850 psf to $1,950 psf, he added.

Three other sites were put up for collective sale yesterday.

Newton Lodge, a freehold 16-unit apartment development, is fairly near Novena MRT and has a reserve price of $40 million, said CB Richard Ellis (CBRE).

At 21,409 sq ft, with a plot ratio of 1.4, the price works out to be about $1,340 psf ppr, said CBRE, which implies a break-even price of $1,860 psf.

CBRE executive director Jeremy Lake said: 'Several boutique developers and high net worth individuals have already expressed their keen interest to acquire the site.'

Credo Real Estate also launched two sites for collective sale yesterday: one in Braddell and another near Bukit Timah.

Braddell Park is a 45-unit condominium on a 91,360 sq ft site in Jalan Lateh, near Upper Serangoon Road.

The developer that buys the site, which has a plot ratio of 1.4, may build up to five storeys. The plot can host about 145 apartment units with an average size of 1,000 sq ft each, depending on the layout, said Credo.

The sellers of Braddell Park are expecting offers of about $90 million to $100 million, which works out to about $674 to $746 psf ppr, said Credo. The tender for this site closes on April 14.

The second site Credo launched for tender is Coronation Grove, a 62,011 sq ft development that currently has 24 apartments.

Located near Coronation Road, off Bukit Timah Road, Credo said the owners are expecting offers in the region of $86 million to $90 million.

This represents about $1,387 psf to $1,451 psf for the given land area.

Credo executive director Yong Choon Fah said the buyer has the option of building semi-detached houses or bungalows on the site.

The tender for this site closes on April 18.

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