Wednesday, July 14, 2010


As reported in the BT this week:

A collective sale is said to have been sealed for Meng Garden Apartments off Killiney Road for $137 million or about $1380psf ppr, including an estimated development charge of $681,000.

This is the biggest collective sale transacted this year and the first in a prime district.

It also takes the year-to-date tally to 16 deals at about $786 million.

Boutique developer TG Development, the buyer of Meng Garden, will not have to seek the Strata Titles Board’s approval for the transaction as 100% consent from the owners have been secured prior to the property being put up for tender last month.

The 35,639sqft freehold site is zoned for residential use with a 2.8 plot ratio and a 10-storey height control.

The site can potentially accommodate a new development with about 95 apartments averaging 1,000sqft each.

The 16 collective sales at $786 million so far this year is a marked improvement from last year’s solo deal of $100.8 million and the 2008 showing of eight transactions for a total $346 million.

Cavenagh Mansions, a District 9 freehold site, is said to have been sold for $42.38 million to a Malaysian developer. The price works out to about $1,025psf of potential gross floor area inclusive of an estimated $267,000 development charge.

The existing development is about 20 years old and comprises 21 apartments.

The 19,813sqft site is zoned for residential use with a 2.1 plot ratio under Master Plan 2008.

BBR Holdings has picked up Goodrich Park through a collective sale, for $86 million.

The price reflects a unit land price of $629psf ppr. No development charge is payable.

The 97,703sqft freehold site at Simon Lane is zoned for residential use with a 1.4 plot ratio.

As the collective sale has not garnered unanimous approval from owners, it will be subjected to approval from the Strata Titles Board.

The existing development was built in the 1980s. Owner of the 52 units stand to receive gross sale proceeds of between $1.55 million and $1.72 million – or about 70 to 80% more than what they could have obtained if they sold their units on an individual basis.

BBR says that the site, currently occupied by four blocks of four-storey walk-up apartments, can potentially be redeveloped into a five-storey condo comprising about 120 units of around 1,200sqft each. The company targets to launch the project sometime late next year.

The site is tucked away along a quiet cul-de-sac, yet close to Kovan MRT Station.


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