Report over the weekend indicated that Culford Gardens in Siglap, which was put up for sale last month, has been sold to Fragrance Properties for $39 million.
The amount falls along the higher end of the freehold property’s asking price, which was between $37 million and $40 million, allowing the developer to break even at about $950 - $1,000psf. The site had received four offers, all of which fell within this price range.
The selling price translates to a land rate of about $632 per square feet per plot ratio (psf ppr), based on a 1.4 plot ratio – ratio of maximum potential gross floor area to land area. This excludes the 10% balcony allowance.
Including the balcony allowance, the sale price becomes $574psf ppr at a gross plot ratio of 1.54. With the sale, the owners of the en-bloc site stand to receive an average price of $1.63 million for their property.
Culford Gardens, which sits on a 44,093sqft site in the Siglap/Upper East Coast vicinity, is zoned under Master Plan 2008 for residential development with a maximum height of five storeys and a 1.4 plot ratio. The District 15 site is close to amenities and F&B outlets in Siglap and East Coast Park.
It looks like the smaller developments are having more successes with collective sale these days. The wife and I wonder when we will see the likes of Pine Grove or Bayshore Park getting "en-bloc"-ed...
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