leong bee court

Enbloc News: Leong Bee Court… what’s the deal?

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Some of you may have seen the advert in either The Straits or Business Times today.

As far as we know, the tender dateline was supposedly not till April 27.

So… did some developer offered an obscene amount of money to take the purchase private, or is it a case of “an offer in hand (although not quite the asking price) is better than none in the bush”?

Hopefully, the wife and I will have some answers over the next few days…

UPDATE (18/4/2011, 1:29PM): 
Thanks to one of our Anonymous readers, we now know that Leong Bee Court was sold to SP Setia for $65 million in a private deal. This is within the $60 – $65 million asking price. Click on below for the report.

http://www.todayonline.com/Business/EDC110415-0001166/SP-Setia-buys-Potong-Pasir-site-for-S$65-million”

The wife and I wonder why the above was not reported in any of the “major” newspapers today. Too busy with the GE hype maybe…?!
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Enbloc News: Leong Bee Court

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Acoording to a CNA report, Leong Bee Court, a freehold residential development located at Woodsville Close, off Upper Serangoon Road, has been put up for collective sale.

Leong Bee Court

The indicative asking price of $60 million to $68 million works out to $668 to $758psf ppr. No development charge is expected.

The site has a land area of about 29,400sqft. Under the URA Master Plan 2008, it is zoned for residential use and can be built up to 24 storeys high.

The 25-year-old development currently consists of 27 apartments of sizes ranging between 1,870 to 2,450sqft.

Subject to the necessary approvals, a new development can potentially have a build-up gross floor area of about 89,800sqft, which is equivalent to a gross plot ratio of 3.05.

The site can be further enhanced by a possible amalgamation with an adjoining state land of about 1,340sqft.

Future development can yield 90 housing units averaging 1,000sqft per unit, targeting mid-tier investors who want to own a freehold property that is very close to an MRT station and a few stops away from town.

A new freehold development on the site is expected to fetch around S$1,400 psf to S$1,500 psf.

HSR Property Consultants is the exclusive marketing agent and property consultants handling the tender, which closes on April 27.

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