Enbloc news #2: Park West

Park West, a prime residential site at Jalan Lempeng, is up for en bloc at an indicative price of $803 million.

Marketing agent ERA Realty Network said the estimated differential premium and topping-up of the lease is $230 million.

The site has a 99-year lease and a total site area of over 633,600sqft. This represents a gross floor area of about 1.33 million sqft and the site is zoned for residential use with a 2.1 plot ratio.

The marketing agent added that taking into account an additional 10% gross floor area for balconies, this translates to about $700psf ppr

The residential site is located next to Nan Hua Primary School and the landed homes of Faber Hill estate

ERA said the site can be redeveloped into a residential development comprising blocks up to 25 storeys high, with over 1,000 units of about 1,200sqft each.

The tender for the site will close on October 20, Thursday afternoon.

Source: Channel News Asia

So another billion dollar collective sale in the making… maybe?

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Enbloc news #1: Daisy Apartments sold for $14.6 million

Daisy Apartments, a residential redevelopment site near Serangoon Gardens, was successfully sold via en bloc for $14.618 million to SingBuilders.

This translates to a land rate of about $738psf ppr, including an estimated development charge for the 10% bonus gross floor area for balconies.

With the successful sale, each owner stands to receive gross sales proceeds of up to $1.27 million.

The freehold site is located at Daisy Road and has a land area of more than 13,000sqft.

Source: Channel New Asia

Click below to read our previous post on the collective sale of Daisy Apartments:
http://sgproptalk.blogspot.com/2011/07/enbloc-news-daisy-apartments.html

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Weekend sales staus: The Luxurie, The MeyeRise, EuHabitat etc

The Luxurie
This 99-year leasehold project by Keppel Land in Sengkang has sold 180 of the 220 units launched since its preview launch on Aug 26, at an average price of $980psf. The penthouse and ground-floor units are fully sold.

When completed in 2015, The Luxurie will comprise 622 apartments, ranging from one to four-bedroom units as well as penthouse units. Most are two- and three-bedders.

The Luxurie’s pricing is similar to that of neighbouring mass-market development H2O Residences by City Developments, but its proximity to Sengkang MRT and bus interchange makes The Luxurie more attractive, said DMG and Partners Research. The Sengkang Public Library and Community Hub are also nearby, as are CHIJ St Joseph’s Convent and Rivervale Primary.

Comparable projects in the area include Kovan Residences, located along Kovan Road, which had a recently transacted price of $1,180psf; and Boathouse Residences, located along Upper Serangoon Road, which was recently transacted at $880psf.

The MeyeRise
The freehold development by Hong Leong Holdings in Meyer Road has racked up about 80 sales since its preview started last Friday. Singaporean and permanent residents comprised about 90% of all buyers. The project in District 15 has 239 units, a mix of two-bedroom, three-bedroom, four-bedroom and penthouse units. The average price was $1,950psf, with three-bedroom units the most popular among buyers – nearly half the units sold were three-bedders. Unit prices ranged from $1,400 to $2,540psf.

The MeyeRise is minutes away from Parkway Parade and Katong Shopping Centre, with Playground@Big Splash and East Coast Park also nearby.

EuHabitat
There were 24 units shifted at EuHabitat in Jalan Eunos over the weekend, bringing the total number of sales to 472 out of the 548 apartments available.

Prices range from $880 to $1,200psf.

Boathouse Residences
Another 20 homes were sold at Boathouse Residences in Upper Serangoon over the weekend.

Source: The Straits Times/Business Times 
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