Tuesday, August 23, 2011

West Coast development put up for collective sale

HONG Leong Garden Shopping Centre, a 138-unit development at West Coast Way, has been put up for collective sale.
Marketing agent Credo Real Estate said the development, located next to the Hundred Trees condominium, currently comprises 72 apartments and 66 shop units built in the 1980s by the Hong Leong Group.

The 956-year leasehold site has an area of 150,816 square feet.
Under the 2008 Master Plan, the site is zoned 'Residential with Commercial at 1st Storey' with a gross plot ratio of 1.6, and an allowable height of up to 12 storeys.

More than 80 per cent of the owners (by share value and strata floor area) have agreed to sell the property.

Credo said in its press statement yesterday that the Singapore Land Authority (SLA) has also granted in-principle approval for the amalgamation of the adjoining state land parcel of about 13,482 sq ft.

This means that the sale site can potentially be enlarged to 164,298 sq ft with total gross floor area at about 262,877 sq ft.

The sellers are expecting offers of between $160 million and $170 million, or about $752 to $794 per square foot per plot ratio, after factoring in the estimated land premium for the state land parcel and a development charge.

Tan Hong Boon, Credo's deputy managing director, said: 'The appeal of the subject site lies in the flexibility of the commercial and residential mix in the new development.

'Depending on the creativity of the developer and subject to approval from the authorities, the site may be transformed into a condominium development with a trendy self-contained hub that offers an array of amenities and dining options to the residents in the development as well as to the resident catchment in the neighbouring housing estates.'

Mr Tan also said that given its potential for a unique mixed-use product and the scale of the investment, the Hong Leong Garden Shopping Centre site should attract keen interest from medium- to large-scale developers.

The tender closes at 2.30pm on Sept 19.

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