Friday, February 3, 2012

Two more sites up for collective sale

Straits Times: Thu, Feb 02
SOME building owners are still optimistic over their collective sale prospects, with two more sites put up for sale, despite new tougher rules.

The new measures, announced in December, mean that developers buying residential sites, including en bloc properties, will have to develop and sell all units within a five-year period.

Property consultants say the rule could significantly slow the collective sale market though the latest two have not been deterred.

The first is a freehold mixed-use development off Yio Chu Kang Road. Built in the 1980s, the 30-unit development is zoned for residential and commercial use.

The site has a land area of 73,098 sq ft, a plot ratio of 1.4 and an allowable height of up to four storeys.

An application has been made to the Singapore Land Authority to amalgamate the adjoining state land parcels which could enlarge the site to about 92,311 sq ft.

Sellers are expecting offers of $80 million to $85 million. Depending on the ratio of the commercial and residential space of the development, the expected offer price would reflect a land rate of around $712 per sq ft per plot ratio (psf ppr) to $751 psf ppr. The tender closes on March 7.

The second site, Crystal Tower at Ewe Boon Road, has been relaunched for sale with a lower indicative price of $150 million, which works out to about $1,458 psf ppr.

Owners had asked for $155 million last July. No indicative price was given for the last attempt in October...

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

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