Wednesday, October 12, 2011

Three residential sites up for en bloc sale again

THREE residential sites that were put up for collective sale previously but failed to draw buyers are making another attempt to go en bloc, with one property lowering its asking price, while the other two have done away with putting forward a price and is instead asking the market to state its offer.
Pearlbank Apartments, a 99-year leasehold development on Pearl's Hill near Chinatown, is back on the market with a $725 million price tag - lower than the $750 million it asked for previously.

Its latest asking price translates to a land price of $1,445 per square foot per plot ratio (psf ppr), including an estimated charge of $161.7 million to top up the lease to 99 years. There is no development charge payable for the site.

Built in the 1970s, Pearlbank Apartments has a potential gross floor area of about 613,530 sq ft. The project currently comprises 280 residential apartments and eight commercial units.

Marketing agent Knight Frank said that the site has a land area of about 82,379 sq ft. It is zoned for residential use with a 7.2 plot ratio.

This is the fourth time that the 37-storey development has been put up for en bloc sale. The tender for Pearlbank Apartments will close at 3pm on Nov 3.

The other two properties being relaunched are St Patrick's Garden located at St Patrick's Road near the Kembangan MRT station, and Crystal Tower at Ewe Boon Road, near Newton MRT station. Marketing agent Colliers International said that both properties do not have an indicative price. Both are zoned for residential use.

'We have decided to let the market tell us how much it is willing to pay. We will then go to the owners with the bids,' said Tang Wei Leng, executive director of investment services at Colliers International.

The freehold, 98-unit St Patrick's Garden previously had an indicative price of $188 million, or $888 psf ppr. It sits on a 137,559 sq ft land parcel, and has an allowable gross plot ratio of 1.4. No development charge is payable up to a plot ratio of 1.54, which takes into consideration an additional 10 per cent balcony space, said Colliers.

Crystal Tower, also a freehold property, is a 28-unit, 11-storey residential development that sits on a 60,482 sq ft site with a gross plot ratio of 1.6. A development charge of $5.2 million is payable up to the plot ratio of 1.76, which takes into consideration an additional 10 per cent balcony space.

It previously had an indicative price of $155 million, or $1,600 psf per plot ratio (ppr).

The tender for St Patrick's Gardens closes on Nov 1 at 12pm, while that for Crystal Tower closes on Nov 14 at 12pm.

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