This one is a tad “old” but for those who might have missed it…
Reference: “Seletar Garden sold en bloc for $96.2m”- The Straits Times
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enbloc
Enbloc News: Bartley Grove Apartments
A 25-unit residential development, Bartley Grove Apartments, along with three adjoining terrace houses located along Bartley Road have been put up for en bloc sale.
Marketing agent Credo Real Estate said the 65,305-square-foot site could fetch between $73 million and $75 million, with no development charge payable.
The prices reflect land rates of about $798 to $820psf ppr, with a gross plot ratio of 1.4.
Including an extra 10% Gross Floor Area (GFA) for balconies, the land rates could come up to $726 to $746psf ppr.
Credo said the combined site would allow a new development of about 100,570sqft of GFA to be built, with 115 apartment units at an average size of 800sqft, depending on layout and configuration.
The tender closes at 2.30pm on March 21.
Source: Channel News Asia
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Enbloc News: Tai Keng Court
Tai Keng Court, a freehold residential and commercial redevelopment site in the Upper Paya Lebar area, has been put up for collective sale.
In a statement, its sole marketing agent Jones Lang LaSalle said the indicative price for the site is around $130 million or about $903psf ppr, subject to the tender process.
About $1.325 million is payable for development charge.
The plot spans 103,798sqft and has a gross plot ratio of 1.4, with an allowable building height of up to five storeys.
Jones Lang LaSalle said an adjoining state land of 463.4 square metres could potentially be amalgamated, yielding a potential gross floor area of up to 152,301sqft for the combined site, subject to the relevant authorities’ approval.
Some 121 residential units of average size of 950sqft and 30 commercial units of average size of 700sqft could potentially be built on site.
The tender will close at 3pm on March 21, 2012.
Source: Channel News Asia
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Enbloc News: Crystal Tower…Take 3!
Crystal Tower – located off Bukit Timah Road – is being re-launched for en-bloc sale, but at a slightly lower price. The freehold residential site is being offered for en-bloc sale for about $150 million, which translates to $1,458psf ppr.
Crystal Tower is a 28-unit, 11-storey residential development that rests on an elevated 60,482sqft site with a gross plot ratio (GPR) of 1.6.
A development charge of approximately $5.22 million is payable up to a plot ratio of 1.76, which takes into consideration an additional 10% balcony space.
“This compares favourably to the most recent land sale in the vicinity – Nos 2 – 8 Robin Road, which was reported to be sold in December 2011 at a land rate of $1,426psf ppr,” said Tang Wei Ling, Colliers International’s executive director of investment services.
When it was first tendered in July last year, the indicative price was $155 million, or $1,600psf ppr.
The tender closes on Feb 27.
Source: The Business Times
This is the third time Crystal Tower is trying for en-bloc. After the first (failed) attempt in July 2010, another (unsuccessful) attempt was made in October but with no indicative price. So will this be third time lucky?
The wife and I wish them well, but we do not share Colliers’ optimism…
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Minister Khaw: En-bloc Fever Receding?
The en-bloc fever seen in the housing market a few years ago appears to be receding and Minister for National Development Khaw Boon Wan said it could be a sign of a more stable property market.
In his latest blog post — entitled “En-Bloc Fever Receding?” — made on Saturday, he said this will be a good development for Singapore in the Year of the Dragon.
An en-bloc sale refers to the collective sale of units in a private development, by way of majority consent.
En-bloc was a major buzzword in the housing market six years ago.
But last year, only some 1,400 private housing units were sold en-bloc, a low number compared to the peak in 2007 when 5,860 units were sold.
Mr Khaw said such sales reached “feverish heights” in 2006 and 2007.
Then, a wave of collective sales swept through the market, peaking during the two years, when some 10,200 units were sold.
Mr Khaw said “this added stress to an already hot property market as housing units were removed.
“Displaced owners or tenants had to look for replacement properties to stay and invest in, pushing up property and rental prices.”
Mr Khaw added en-bloc sales have their “pluses and minuses”.
They can rejuvenate the city by removing old and dilapidated buildings but if done excessively, en-bloc activity can waste resources, if relatively new buildings are prematurely demolished.
One property watcher agrees the en-bloc market has been relatively quiet in the past two years.
He said one reason is a slowdown in the sale of high-end developments, which are typically built on freehold land acquired through en-bloc activity.
Another reason – the strong supply of government land for mass market properties.
SLP International executive director Nicholas Mak said: “Since a lot of the housing demand is in the suburban region, developers are actually earning fairly decent profits through some of these suburban condominiums, (so) land sales in the suburban region have actually taken away some of the developers’ demand for land from the en-bloc sale market.”
En-bloc sales of apartments usually spell huge windfalls for their owners.
For example, Henry Park Apartments were sold last month, and each apartment owner stands to gain $2.3 to $2.9 million in profit.
But the road to a successful en-bloc deal is often long and difficult.
In some instances, neighbours have turned against one another to get the requisite 80% signatories.
Source: Channel News Asia
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Enbloc News: Royalville, Asia Garden & Jade Towers
Royalville
Royalville, a residential site located on Bukit Timah Road, is back on the market, with an asking price in the range of $320 million to $370 million.
In the last tender exercise conducted in July last year, the asking price was between $370 million and $400 million.
Assuming a land cost of $320 million, this translates to $1,312psf ppr.
Inclusive of the additional 10% balcony space, this translates to $1,197psf ppr, including an estimated development charge of $1.16 million, says marketing agent Credo Real Estate.
Royalville has a land area of approximately 174,176sqft, with a gross plot ratio of 1.4. It has an allowable building height of up to five storeys.
The tender closes at 2.30pm on Feb 15.
Asia Gardens
Asia Gardens, an 84-unit condominium development located on Everton Road, has an indicative pricing of between $302.6 million and $307.7 million. This translates to about $1,500 to $1,525psf ppr, based on GFA of 201,765sqft.
The plot has a site area of about 72,059sqft and is zoned “residential” with an allowable plot ratio of 2.8 under the 2008 Master Plan.
The tender for Asia Garden will close on Feb 29.
Jade Towers
Jade Towers, which is located along Lew Lian Vale, has an indicative guide price of $108.8 million to $110.8 million, which translates to $826 to $841psf ppr.
There are 72 apartments spread across two 10-storey towers. The site has an area of 92,412sqft with a plot ratio of 1.4 and can be reconfigured to accommodate GFA of 131,702sqft.
“With a near rectangular configuration, the site can be redeveloped into 101 new condominiums averaging 1,200sqft each,” said marketing agent Savills Singapore.
The tender for Jade Towers will close at 3pm on Feb 16.
Source: The Business Times/The Straits Times
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Enbloc sales pass $3 million in 2011, powered by small sites!
According to The Straits Times today, the value of collective sales this year has surged past the $3 billion mark, powered to a great extent by the sale of smaller sites.
Data from Credo Real estate showed that 49 sites were sold this year for a total of $3.04 billion – well ahead of the 36 sites sold for $1.77 billion last year.
Most of the sites went for prices below $100 million, with only 12 sold above the $100 million threshold. But these 12 sites had a combined value of $1.71 billion, making up 56% of total sales.
Given the expected economic slowdown heading into next year and the new “5-year rule” imposed on all redeveloped (and GLS) sites by the Government, the wife and I reckon that the 2012 collective sale scene will pale in comparison to 2011 (or maybe we are stating the obvious?). And all them en-bloc aspirants of larger sites (say, $500 million and above) should probably not hold their breath waiting…
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Faber Garden Enbloc: Update
The wife and I have heard that the Faber Garden tender has closed on Nov 22 with no bid received.
But given the $830 million price tag, it is not difficult to appreciate why.
Click on the link below to read our previous post on the Faber Garden collective sale:
http://www.sgproptalk.blogspot.com/2011/10/enbloc-news-faber-garden-dunearn.html
We are now waiting with bated breath for the en-bloc result of Thomson View, which tender will expire on Jan 12, 2012. The asking price of between $595 million and $635 million is a major stumbling block, but we are rooting for this one to go through (vested interest, but no, we do not own a unit in this development)…
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Enbloc News: Robin Road site sold for $52 million
The collective sale of a 16-unit apartment located at Robin Road has gone through for $52 million, says property consulting firm Credo Real Estate.
The winning bid came from Sing Holdings, which vied for the two 4-storey block apartment that forms part of four adjoining properties.
Ms Yong Choon Fah, Executive Director of Credo Real Estate, said: “More than 80% of the owners at 2 to 8 Robin Road have consented to Sing Holdings’ offer of $52 million, which translates to $1,462 psf ppr based on an allowable plot ratio of 1.54, including balconies.”
Ms Yong added “Development charge is not payable for the 10% balconies Gross Floor Area space allowed.”
Sing Holdings had previously won the tender for two other adjoining developments: Robin Court for $77.33 million and Robin Star for $47 million via by private treaty.
Combined, the site can be turned into a joint condominium development of up to five storeys.
The latest en bloc site measures 23,084sqft, and together, Sing Holdings will have a total land area of 87,963 sqft.
Source: Channel News Asia
It took 2 additional months of negotiations after the tender closed and the final price is a tad shy of the $58 million that owners were originally asking for, but the collective sale did garner a favorable result…
Click below to read our original post about this collective sale:
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Enbloc News: Henry Park Apartments sold for $175.9 million!
A collective sale site at Henry Park located off Holland Road has been sold to Kentish View Pte Ltd, a unit of Far East Organization, for $175.888 million, making it the largest en bloc deal by value this year.
Its marketing agent Credo Real Estate says it has been a closely contested exercise that attracted five submissions for the prime District 10 apartment site.
The 999-year leasehold site with a land area of nearly 100,000sqft comprises 48 apartments and 16 shop units.
If the sale is approved by the Strata Titles Board, each apartment owner stands to pocket gross proceeds of between $2.3 million and $2.9 million, while the shop owner could receive between $3.2 million and $4.7million each.
Credo says this would be the largest en bloc sale deal by value out of the 47 known deals done this year, the average of which has been $60 million.
The Henry Park sale surpasses the collective deal for Hong Leong Garden Shopping Centre which fetched $171 million in September.
Credo says the sale price for Henry Park Apartments translates to a land rate of about $1,258 psf ppr.
It adds that the developer has also made an application to purchase an adjoining State land parcel of nearly 1,400sqft.
If the application is accepted, Credo says taking the same sales price, it will translate to a land rate of about $1,246 psf ppr.
Source: Channel News Asia
Well, the wife and I did say that this one has potential to go through successfully before the end of the year. It’ll be interesting to see if Far East can build and sell out the new development on this site within the stipulated 5-year period…
Click below to read our previous post on the Henry Park Apartments collective sale:
http://sgproptalk.blogspot.com/2011/11/more-on-henry-park-apartments-en-bloc.html
Update (10 December 2011):
The Straits Times today reported that the tender for Henry Park Apartments closed on Dec 1, with the sale concluded on Wednesday, just avoiding the new cooling measures which kicked in on Thursday. The new rules require developers to build and sell all the units in a new project within five years of buying the site.
The 99,800sqft site is zoned residential with commercial at the first storey in the 2008 masterplan. The authorities have allowed a gross plot ratio of up to 1.4 and a maxium building height of four storeys.
The wife and I stand corrected on our earlier comments.
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