Enbloc news: MacPherson Green site sold

This is a day late (darn business trip!), but the BT yesterday reported that Heeton Holdings, KSH Holdings, Tee International and Zap Piling have teamed up to buy the freehold MacPherson Green via a collective sale for $105 million.


The price is a tad lower than the property owners’ previously reported asking price of $115 million.

Heeton will own 40% of this project, while KSH, Tee International and Zap Piling will take up stakes of 25%, 20% and 15% respectively.

The 66,932sqft land parcel, located on MacPherson Road in District 13, has a 2.1 plot ratio, which allows the new development to be built up to 24 storeys.

Based on the maximum gross floor area of about 140,557sqft, the purchase price of the site works out to about $750psf ppr, including development charge.

The site has potential to be redeveloped into 200 apartments with an average size of about 800sqft each. The new project on the site could also become a “landmark” in a vicinity of low-rise buildings, the developers said.

.

Enbloc news: Grand Tower

As reported in the BT today, Grand Tower at Moulmein Rise near Novena MRT station has put been put up for collective sale with an indicative guide price of $92 million or about $1,430psf of potential gross floor area.

The 21,742sqft freehold site can potentially be redeveloped into a high-end boutique development with permissible gross floor area of about 64,310sqft, exceeding the 60,878sqft based on the 2.8 plot ratio for the site in 2008 Master Plan. No development charge is payable, according to Savills Singapore, which is marketing the collective sale of Grand Tower.

A new project on the site can accommodate about 70 apartments averaging 850sqft.

Currently Grand Tower, which is 33 years old, comprises a single tower with 28 apartments of about 1,873sqft each. Based on the $92 million guide price, each owner is expected to receive about $3.28 million.

Based on the $1,430psf ppr unit land price, the break even cost for a new project could be around $2,000psf, say analysts.

Recent transactions at nearby L’VIV have been at between $2,043psf and $2,133psf, while at the 99-year leasehold Soleil @Sinaran, deals have been at $1,634 – 1,743psf, Savills said.

The tender for Grand Tower closes on April 6.


.

Sales status from last week

H2O Residences
CDL has raised slightly the average price of its H2O Residences condo in Sengkang to about $920psf over the weekend, from $910psf initially when the project’s preview began on Friday.

The developer said yesterday it has sold 150 of the 200 units released so far in the 99-year leasehold condo next to Layar LRT Station in Sengkang. H2O Residences comprises 521 apartments (ranging from one-bedroom to four-bedroom units and penthouses) and a shop unit.

Giving a profile of buyers, CDL said 85% of the 150 units sold were picked up by Singaporeans. The rest were purchased by Singapore permanent residents and foreigners from China, Hong Kong, Indonesia, India, Malaysia and Vietnam.

Sources say that prior to the introduction of the Jan 13 property cooling measures, CDL had eyed an average price closer to $1,000psf mark.

The group is developing the condo on a plot it clinched at a state tender in February last year for $365.26psf ppr. Analysts estimate CDL’s breakeven cost could be in the $720 – 750psf region.


My Manhattan
Opposite Simei MRT Station, Chip Eng Seng sold another seven units last week at its My Manhattan condo, taking total sales to 82 units. The average price of the 99-year condo is about $1,180 – 1,200psf.

Chip Eng Seng has so far released 150 of the 12-storey project’s total 301 units; it began selling the project on Feb 11. The group clinched the plot at a state tender in May last year for nearly $523psf ppr. Analysts estimate Chip Eng Seng’s breakeven cost could be around $900psf.


The Cape
Far East has sold more than 10 units at The Cape – a 76-unit freehold condo at Amber Road which the group began to preview late February – and is likely to officially launch the project next week. The average price is said to be in the $1,800 - $1,900psf range.



.

Enbloc news: Amber Glades sold for $118 million

The BT today reported that Far East Organization have bagged Amber Glades through a collective sale. The price is said to be $118.12 million, which works out to about $1,066psf ppr, inclusive of about $4 million in development charges (DC).

Colliers International brokered the deal through a tender exercise that closed last week. The owners’ reserve price has been met.

The deal is subject to approval by the Strata Titles Board. Amber Glades has a freehold land area of 40,917sqft and is zoned for residential use with a 2.8 plot ratio (ratio of maximum gross floor area to land area).

Far East can redevelop the site to accommodate a 22-storey block comprising 110 apartments with an average size of 1,000sqft each. Nearby, the property giant is developing Silversea and The Cape Condos.

The unit land price achieved for Amber Glades is comparable to the sale of Marine Point earlier this year at $1,056psf ppr.

Amber Glades’ collective sale was launched last month – the fourth attempt at an enbloc sale for the property. The first was in 2007 with a guide price of $145 million, or $1,345psf ppr including DC. This was followed by a second attempt in 2008. In August 2010, the owners again put the property on the market, this time with an indicative price of $130 million.

Amber Glades currently comprises two 10-storey blocks with a total of 63 units. Owners are expected to receive between $1.34 million and $2.24 million each from the collective sale, depending on the unit size.

It looks like the smaller projects are still having a field day when collective sale is concerned. It'll be interesting to see if the much bigger projects (Pine Grove, e.g.) will follow suit...

.

Enbloc news: Pine Grove

Yes, the wife and I are back and the enbloc for Pine Grove is finally happening!

According to a CNA report today, Jones Lang LaSalle has put up what it calls "the largest en bloc site" for sale by tender.

Pine Grove has a site area of around 893,000 square feet and is zoned for "residential" use.

Jones Lang did not provide an indicative price for the site but CNA reported in November last year that the site has an estimated reserve price of S$1.7 billion.

The property consultancy firm said the site has a gross plot ratio of up to 2.1 and can be redeveloped into a residential development of up to 24-storeys with a gross floor area of near 1.88 million square feet.

That translate to some 1,500 apartment units with sizes of about 1,200 square feet.

Jones Lang said the surrounding area comprises of prime residential developments and renowned educational institutions.

It added that the land would appeal to consortiums as it could be redeveloped into a landmark development or be divided into several smaller parcels for different or phase development.

Looking ahead, the marketing agent also said that despite the recent cooling measure, it is confident that the demand for en bloc sites would remain strong as the surge in foreign home buyers due to key recovering economies, could fuel the take up rates.

The tender will close at 3pm on April 19.

Third time lucky for Pine Grove, perhaps?


.