Thursday, June 21, 2012

Kemaman View sold en bloc for $45.5m

Business Times: Tue, Jun 19
FREEHOLD residential development Kemaman View has been sold to private developer Aylesbury Pte Ltd for $45.5 million, or some $935 per square foot per plot ratio (psf ppr).

The 17,388 sq ft site, located off Balestier Road, comprises 30 apartment units, each 1,324 sq ft in size. Located in District 12, the plot is zoned for Residential Use under Master Plan 2008, with a gross plot ratio of 2.8 and a maximum height of 36 stories subject to approval.

With the collective sale, each individual apartment unit owner will receive gross sale proceeds of about $1.5 million, a 30 per cent premium over the resale price if the unit were sold individually, according to marketing agent HSR.

The site was launched in the collective sales market in April, with an indicative asking price of $46-48 million.

"Land values in the City Fringe Balestier area of District 12 are fast catching up to the nearby Prime District 11 of Newton & Novena," noted Jeffrey Goh, head of investment sales for HSR.

Development charges for the plot are not expected to be payable, unless the developer obtains approval for an additional 10 per cent gross floor area (GFA) for balconies in addition to a potential GFA of 53,813 sq ft. In this scenario, development charges are estimated to amount to $2.8 million, resulting in a unit land price of $816 psf ppr.

HSR had earlier said that the development could yield 98 new apartment units of 600 sq ft each, with a target selling price between $1,400 and $1,600 psf. In the statement announcing the conclusion of the collective sale, HSR also mentioned its brokerage of a deal for a 21/2-storey freehold house at Linden Drive in the Raffles Park Vicinity for about $13.6 million...
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Martin Koh/ Sherry Tang
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