Wednesday, January 11, 2012

Four sites launched for collective sale

Straits Times: Tue, Jan 10
THE collective sale market is off to a roaring start this year with three freehold estates - in Bukit Timah, Tanjong Pagar and Upper Serangoon - and a commercial site launched for sale yesterday.


The Bukit Timah estate Royalville is a re-launched sale but at a significantly lower price. Owners are now seeking an asking price in the range of $320 million to $370 million, down from the $370 million to $400 million in June last year.


Royalville, which comprises 93 residential units and 11 shops, is on a 174,176 sq ft site with an allowable plot ratio of 1.4.


Based on the price of $320 million, including a development charge of $1.16 million, the land cost could be as low as $1,197 per square foot per plot ratio (psf ppr).


The tender closes on Feb 15.


Owners of Asia Gardens, an 84-unit condo at Everton Road in Tanjong Pagar, want between $302.6 million and $307.7 million, which translates to $1,500 to $1,525 psf ppr. No development charge is payable.


Asia Gardens is near the former Tanjong Pagar KTM station and has an allowable plot ratio of 2.8 and a site area of 72,059 sq ft.


The tender closes on Feb 29.


The third site is Jade Towers in Lew Lian Vale off Upper Serangoon Road, with an indicative guide price of $108.8 million to $110.8 million or $826 to $841 psf ppr.


There are 72 apartments spread across two 10-storey towers. The site has a gross floor area of 131,702 sq ft with a plot ratio of 1.4 so it could accommodate 101 new units averaging 1,200 sq ft each.


The tender closes on Feb 16.


Ming Arcade, a freehold commercial project in Cuscaden Road, is also up for collective sale.


The owners of the 88 strata units are re-launching the site with a reduced asking price of $120 million, down from the $130 million they wanted late last year.


Ming Arcade has an approved gross floor area of 55,046 sq ft and an allowable building height of 20 storeys.


The tender closes on Feb 16.


The en-bloc market is already seeing a shift in developer interest with smaller sites more likely to sell than their larger counterparts.


But the recent property cooling measures have dealt it an added blow. The additional buyer's stamp duty means developers have to build and sell all units on residential sites within five years or pay a 10 per cent stamp duty if they fail to do so.


Analysts say this might result in developers being more cautious with land purchases.



Team Marshe
Martin Koh/ Sherry Tang
9383-3992/ 9844-4400
www.marshe.net
www.malaysia-properties.webs.com

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