Tuesday, November 15, 2011

Another two sites enter collective sale market

Straits Times: Tue, Nov 15
DEVELOPERS will be spoilt for choice with two collective sale sites and two mixed-use ones being put up for sale.

The plots being sold en bloc are the Thomson View Condominium in Upper Thomson Road and Chateau Eliza in Mount Elizabeth.

Thomson View is a 99-year leasehold site on about five hectares, comprising 200 flats, 54 townhouses and a shop unit.

It is being marketed at between $595 million and $635 million, which works out to $694 to $732 psf per plot ratio (psf ppr).

This price includes a $130 million premium to top up the lease, which has 63 years left, and a $158 million premium to enhance the property's use.

Owners can expect about $1.65 million (for a 1,313 sq ft two-bedroom unit) to $3.65 million (for a 3,824 sq ft townhouse). The plot can be built up to 24 storeys with a gross floor area of 1.27 million sq ft.

The tender closes on Jan 12.

Freehold Chateau Eliza comprises 37 apartments of 829 sq ft to 3,337 sq ft, on a land area of about 18,000 sq ft. It has a plot ratio of 2.8.

Owners want between $111 million and $115 million, or $2,099 to $2,174 psf ppr. No development charge is payable.

That would give owners between $2.5 million and $7.6 million each for their homes.

The tender closes on Dec 15.

Two adjoining freehold mixed-use sites at Tyrwhitt Road are also on the market.

They have a combined land area of 24,265 sq ft and a plot ratio of 3.0. The land is zoned for residential with commercial use on the first storey. It could be developed into a six-storey mixed-use site.

The indicative price for the sites is between $36 million and $40 million, which translates to a land price of $500 to $550 psf ppr.

The marketing agents for the sites said they could appeal to developers targeting young couples, singles and small families.

The tender closes on Dec 8.

Source: The Straits Times © Singapore Press Holdings Ltd

Team Marshe
Martin Koh/ Sherry Tang
9383-3992/ 9844-4400

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