Friday, May 25, 2012

Two freehold residential sites on market

Business Times: Thu, May 24
TWO freehold residential sites at Hillview Avenue and Amber Road were put up for sale yesterday.

The first, a 230,915 sq ft freehold site, which is located at 63 Hillview Avenue, has a gross plot ratio of 1.92, and is on the market with an indicative pricing of $330 million. Inclusive of a development charge of some $80 million, this translates into $925 per sq ft per plot ratio (psf ppr).

According to marketing agent Colliers International, the site can be redeveloped into a 10-storey residential development comprising 370 apartments averaging 1,200 sq ft each.

The site is currently occupied by Lam Soon Industrial Building, a 10-storey light industrial development comprising a total of 154 warehouses and light industrial factories.

Cambridge Industrial Trust Management had announced earlier this month that RBC Dexia Trust Services, a trustee of Cambridge Industrial Trust (CIT), had signed a collective sale agreement for its strata-titled interests in the building. CIT had purchased the 97 units, which is about 69.44 per cent of the building's total share value, in 2006, at $72.2 million.

Under the 2008 Master Plan, the subject site is zoned for "residential" use with a gross plot ratio of 1.92. The Hillview/Upper Bukit Timah area has been re-designated for "residential" use since 1993....

The tender for the site closes on June 28, at 3pm.

The second site, at Amber Road, comprises three adjoining landed properties. The freehold sites have a combined land area of approximately 28,409 sq ft. Under the 2008 Master Plan, the site is zoned for residential use with a gross plot ratio of 2.8.

According to marketing agent Credo Real Estate, the sellers are expecting offers in the region of $73 million to $80 million. This reflects a land rate of approximately $1,243 to $1,318 psf ppr after factoring in an estimated development charge in the region of $25 million....
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Team Marshe
Martin Koh/ Sherry Tang
9383-3992/ 9844-4400

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