Enbloc News: Brookvale Park (Updated)

Brookvale Park, a four-storey condominium nestled in the Sunset Way estate, has been put up for sale by public tender.

Marketing agent CB Richard Ellis (CBRE) said the 999-year residential site has a land area of 373,000sqft and a permissible building height of up to 12 storeys.

It is located close to amenities and is a short drive to education institutions like Ngee Ann Polytechnic and the National University of Singapore.

It also has easy access to Orchard Road via Holland Road; as well as the Central Business District (CBD) and Marina Bay area via Ayer Rajah Expressway (AYE).

CBRE said the asking price for Brookvale Park is $550 million.

Charles Hoon, director of investment properties, CB Richard Ellis, said: “Developers can take advantage of the site’s unique hilly characteristics to incorporate balconies into their design scheme.

“The additional 10% bonus balcony (subject to paying a Development Charge) will bring the land price to $892psf ppr.”

This means a potential break-even price of below $1,400 psf.

New residential launches including The Trizon, Jardin, The Floridian, and The Cascadia have transacted between $1,600 and over 2,000 psf, Mr Hoon said.

He added: “We expect strong local and foreign interest, in particular, parties who are considering a ‘freehold equivalent’ site in prime District 21. Brookvale Park is likely to be the only condominium site available in this locality.”

The tender will close on July 28 at 3pm.

Source: Channel News Asia

Did we not tell you last month that Brookvale Park is going enbloc?
http://sgproptalk.blogspot.com/2011/05/brookvale-park-going-en-bloc.html

Update (The Business Times, June 21):
The asking price is $550 million or $950psf ppr, inclusive of an estimated development charge (DC) of $16.77 million.

The site is zoned for residential use with a gross plot ratio of 1.6 and a maximum height of 12 storeys under Master Plan 2008.

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Enbloc News: Braddell Park sold for $85m

A unit of Top Global Limited has clinched Braddell Park for $85 million or $665psf ppr.

Braddell Park is a 45-unit apartment at Jalan Lateh, off Braddell Road and Upper Serangoon Road.

Under the 2008 Master Plan, the site is zoned for residential use with a plot ratio of 1.4 and an allowable height of up to five storeys. The sale was brokered by Credo Real Estate.

The site is freehold and has a land area of 91,360sqft.

Singapore Land Authority granted an in-principle approval for the sale of an adjoining piece of state land measuring some 6,540sqft, thereby allowing the purchaser to enlarge the site to about 97,900sqft and build up to a gross floor area (GFA) of 137,060sqft – sufficient for a new condo project with about 130 apartments averaging 1,000sqft, depending on layout and configuration, Credo said in a news release on Monday.

If the developer chooses to purchase the adjoining state land parcel, its effective land rate of the amalgamated site may be lowered to around $639psf ppr.

“The locality has seen major transformations with NEX mall at Serangoon Central and the completion of the MRT interchange between the North-East Line and Circle Line,” said Tan Hong Boon, deputy managing director of Credo.

“Coincidentally, the Woodleigh MRT station, which is 350 metres away from the site, commenced operations today after being closed in 2003.”

Top Global is controlled by Sukmawati Widjaja, who has a 30% stake in the consortium that is developing a retail/theatre, hotel and residential project on the landmark Capitol site.

The sale is subject to the approval of the Strata Titles Board, if necessary.

Source: Channel News Asia

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