Day: September 22, 2011

And yet more enbloc news: Cavenagh Gardens

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Reference: “Fresh en bloc bid by condo in Cavenagh Rd” – The Straits Times, 22 Sep 2011


Yes, Cavenagh Gardens’ expected price of between $1,620psf ppr and $1,688psf ppr may be “reasonably attractive” compared to Cairnhill Mansion’s reserve price of  $2,308psf ppr, but that is probably one reason why the later is still unsold after the May 31st tender dateline.
With developers showing extremely low appetite for redevelopment plots of more than $500 million, and given that the largest collective sale for 2011 to date is a mere $171 million, the wife and I cannot help but wonder if it is an opportune time to re-launch the en bloc bid for Cavenagh Gardens now. But PropNex may know something that we don’t – the expected price of Cavenagh Gardens is a tad below $500 million after all – or is it just a case of “don’t try, don’t know”?
Time will only tell…
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More enbloc news: Parkway View

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Parkway View, a freehold residential redevelopment site located along Marine Parade Road, has been put up for collective sale by tender with an indicative price of $81 million or $1,496psf ppr.

Marketing agent Jones Lang LaSalle (JLL) said in a press statement yesterday that the redevelopment site has an area of 25,787sqft. It is zoned for “residential” use with a gross plot ratio of up to 2.1, and has a maximum height limit of 24 storeys.

JLL said the potential gross floor area (GFA) of up to 59,568sqft, inclusive of a 10% bonus GFA for balcony space, could potentially yield some 125 apartments with an average size of 450sqft each. No development charge is payable on the subject site.

The $81 million indicative price works out to $1,360psf ppr, if the 10% bonus gross floor area allowed for balcony space is included.

Parkway View is currently a 15-storey development with 26 units ranging from 129sqm to 322sqm each. The site is opposite Parkway Parade and Marine Parade Centre, and is in close proximity to the upcoming 112 Katong.

Stella Hon, JLL’s national director and head of investments, says the site offers the potential buyer an opportunity to acquire a bite-sized freehold land in a prime residential location, and should generate strong response.

The tender will close at 3pm on Oct 27.

Source: The Business Times.

Enbloc news: Hong Leong Garden Shopping Centre (Updated)

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As reported in the 9.30pm news on Channel 5 tonight, Hong Leong Garden Shopping Centre has been sold in a collective sale to a consortium led by Oxley Holdings. The transacted price is said to be $170 million, which translates to about $800psf ppr.

This is supposedly the largest en bloc deal in 2011 so far in terms of dollar value.

Click below to read our previous post on this en bloc sale:
http://sgproptalk.blogspot.com/2011/08/enbloc-news-hong-leong-garden-shopping.html

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