Yi Mei Garden up for collective sale by public tender

A freehold residential site at Tampines Road has been put up for collective sale by public tender.

The 14-storey development, Yi Mei Garden, is located near Kovan MRT and Heartland Mall.

ERA Realty Network, the marketing agent for the property, said the indicative price range for the plot is between S$132 million and S$135 million.

ERA said the development charge payable would work out to be between S$750.00 and $758.00 per square foot per plot ratio.

The site occupies a land area of 78,030 square feet and has a gross plot ratio of 2.1, according to the Master Plan 2008.

It can potentially yield an achievable proposed gross floor area (GFA) of 163,864 square feet, which can potentially be re-developed into two towers.

Source : Channel NewsAsia – 6 May 2013

Bright Chambers sold en bloc for S$45 million

Bright Chambers, a nine-storey commercial building at the junction of Middle Road and Victoria Street, has been sold en bloc for S$45 million to Arjuno Holdings, a special purpose vehicle run by Pamfleet Asset Management, marketing agent Jones Lang LaSalle said yesterday.

Bright Chambers, zoned for commercial use, sits on a land area of 5,263 sq ft and has an existing plot ratio of 7.943, exceeding the 4.2 plot ratio under the Master Plan 2008.

The building, with a remaining lease term of about 60.5 years, comprises strata-titled units for retail use on the ground and mezzanine level and offices from the third to ninth storeys.

The sale price translates to about S$1,076 per square foot over the existing gross floor area, or S$1,287 psf over total strata area, Jones Lang LaSalle said.

Mr Karamjit Singh, Head of Investments & Residential at Jones Lang LaSalle, which handled the collective sales of Midlink Plaza in Middle Road in 2011 and San Centre in Chin Swee Road last month, said the company anticipated more of such sales.

“These are all strata-titled leasehold commercial projects located in or around the Central Business District, for which buying interest has been strong for their redevelopment or repositioning value,” he said.

Source : Today – 26 Apr 2013

Versailles up for collective sale by tender

A 55-unit residential development at Guillemard Road has been put up for collective sale by tender.

Versailles has an indicative price tag of between S$105 million and S$110 million, which translates to some S$1,088 per square foot (psf) to S$1,133 psf.

The site has a land area of around 53,073 square feet (sq ft).

Exclusive agent for the deal Jones Lang LaSalle said the development has a potential gross floor area (GFA) of about 122,598 sq ft and could yield some 148 units of varying sizes.

The building is located near the Paya Lebar MRT station and the Dakota MRT station.

The global property consultant said the new project will attract owner-occupiers and investors due to the upcoming Paya Lebar Central, and the lack of supply of new residential projects in the vicinity.

It added that the site is near popular schools like Tanjong Katong Primary School and Chung Cheng High School.

National Director of Investments at Jones Lang LaSalle, Yong Choon Fah, said: “This is a rare freehold condominium redevelopment site that is located within walking distance to the up-and-coming Paya Lebar Central.

“According to the Urban Redevelopment Authority, 12 hectares of land around Sims Avenue have been set aside for this commercial hub at the city fringe. It will comprise a mix of offices, hotels, retail and public spaces, some with riverfront.”

The tender will close at 2.30pm on 30 May 2013.

Source : Channel NewsAsia – 24 Apr 2013

Shunfu HUDC estate privatised, owners eye en-bloc sale

After more than 10 years pushing to get their estate privatised, residents of Shunfu HUDC estate finally won the day.

The government has given it the green light to turn private.

Attempts started as early as 2001, but it was only in 2008 that the effort gained momentum, with the necessary 75 per cent of residents agreeing to privatisation.

There was a small notice on the lift landing… with big news for residents of the six blocks of HUDC flats at Shunfu Road in Bishan. The blocks are 314, 315, 316, 317, 318 and 319, comprising 358 units.

The estate officially becomes private property on Thursday, but the transformation has already started. A chain-linked fence has been set up around the estate, as well as a guard house.

HUDC flats were built in the 70s and 80s for middle-income Singaporeans, and in 1995, they were given the option to privatise.

There were 18 HUDC projects, all with 99-year leases.

The privatisation of Shunfu estate brings the total number of privatised HUDC projects to 13.

According to the residents’ committee spearheading the privatisation process at Shunfu, home owners will have to pay no more than $30,000 in conversion fees each to the Housing and Development Board.

Ben Tan, a resident, said: “We were one of the pioneers who moved in here. The flat is already fully paid, we don’t have any more instalments. So the $30k is nothing.”

Dr Yuen Jye, a resident, said: “It’s been a while, so I’m very happy that it’s gone through now. There’s always the thought of an en-bloc sale. That’s probably one of the reasons, and also, increase in value of the overall property.”

Mary Chu, a resident, said: “We’ll just follow, see what comes. If it’s en-bloc, we’ll go with it. If everybody wants to stay on… we’ll stay on.”

Analysts say the road to an en-bloc sale may not be easy.

Nicholas Mak, Executive Director of SLP International Property Consultants, said: “The government presently is offering a lot of development sites through the government land sale programme. So developers actually have a lot of choices, and they’re able to acquire these government land sites quite quickly after the tender closes.”

Getty Goh, Director of Ascendant Assets, said: “With all these cooling measures, buyers would definitely be more cautious before they commit to a private property purchase.”

Another challenge – with a remaining tenure of about 70 years, Mr Mak said developers may be put off by the need to pay a premium to top up the lease. This may reduce the payout that home owners are expecting from an en-bloc sale.

The good news is that apartments in the estate have already been fetching record-breaking prices way before the estate became private property.

A maisonette in the area changed hands for a solid $1.33 million last November, breaking the record held by a similar flat in the same estate.

Source : Channel NewsAsia – 28 Mar 2013

Kismis Lodge sold for S$84.8m in collective sale

Kismis Lodge, a freehold residential development located at Lorong Kismis in Upper Bukit Timah, was successfully sold to Newfort Alliance (Cairnhill) Pte Ltd for S$84.8 million.

The sale price translates to S$1,198 per square foot, or a gross sale price of about S$1.3 million each unit.

Brokered by property consultants Jones Lang LaSalle, this is the third en bloc sale deal completed this year.

“The ample living space within a landed property appeals to multi-generational families,” said Yong Choon Fah, National Director of Investments at Jones Lang LaSalle.

“Despite the few rounds of property cooling measures, the demand for landed developments are expected to be fairly strong because the target market for landed developments are mainly Singaporean families,” Ms. Yong added.

Built in the 1970s, Kismis Lodge comprises 64 units of walk-up apartments housed in two 4-storey blocks.

Source : Channel NewsAsia – 25 Mar 2013

Bright Chambers put up for collective sale by tender

A commercial building at Middle Road has been put up for collective sale by tender.

The building known as Bright Chambers has an indicative price tag of between S$45 million and S$50 million.

The 9-storey building has 8 units with a total strata area of 34,972 square feet.

Exclusive agent for the deal Jones Lang LaSalle says the site has a land area of 5,263 square feet.

The building is located next to the Bugis shopping area at the junction of Middle Road and Victoria street and is near Bugis MRT station.

The global property consultant says accessibility to the development will be “further enhanced” with the upcoming MRT Downtown Line.

Regional director of investments at Jones Lang LaSalle, Karamjit Singh, says the development is attractive – thanks to its prominent road frontages within the Central Business District.

He adds that this “would be ideal as corporate headquarters and for owners looking for naming rights of the building”.

He notes: “As the leases are up for renewal, the buyer could also consider refurbishing the building and keep it as a long-term investment property that yields a steady stream of rental income.”

Mr Singh says: “The new buyer could further subdivide the space that appeals to small start-ups or entrepreneurs looking for an office space within the CBD.”

The tender will close at 3pm on 18 April 2013.

Source : Channel NewsAsia – 20 Mar 2013

Ultra Mansion sold en bloc for S$149m

Ultra Mansion, a freehold residential development near Novena MRT station in prime District 11 has been sold through a collective sale for S$149.130 million, in a deal brokered by Cushman & Wakefield (C&W).

“The sale of Ultra Mansion following the recent round of cooling measures illustrates the attractiveness of Singapore’s residential real estate market for investment. Residential units in the Novena vicinity have always enjoyed good demand because of its favourable rental yield,” said Christina Sim, Director of Capital Markets, Cushman & Wakefield Singapore.

The 48-unit property is located at 4 Derbyshire Road and was purchased by Fantasia (Novena), a subsidiary of Hong Kong-based Fantasia Holdings Group.

The site is centrally located within the Novena commercial and medical hub and is close to good amenities.

Ultra Mansion could yield about 140,000 sq ft of gross floor area (GFA) and may be developed into a 170-unit residential project comprising one- and two-bedroom SOHO apartments.

Toby Dodd, Country Manager for Cushman & Wakefield Singapore, noted: “We are delighted by this sale and the positive sentiment shown from overseas developers in the Singapore residential market despite the latest round of government cooling measures. We are currently working on other similar projects, and expect to see more deals of this nature throughout the year.”

Source : PropertyGuru – 6 Mar 2013

En bloc sales market set to cool further in 2013: analysts

The moribund property en bloc sales market looks set to cool down further. Experts expect total transactions in the collective sales market to decline to around S$1.5 billion in 2013.

Global real estate services firm, Jones Lang LaSalle expects en bloc activities in Singapore to slow down from S$3 billion in 2011 to S$2 billion in 2012 and likely to go even lower than 2012 numbers this year.

However, property analysts said developers are still on the lookout for land to develop and they will likely go for smaller plots.

En bloc sales activities reached fever-pitch in 2007 — hitting a value of close to S$12 billion. But the recent slew of property cooling measures — like restricting the loan tenure, the additional buyer’s stamp duty, and the latest changes in property tax structure — has somewhat cooled down the segment.

Several developments, like Villa Des Flores in the prime district 11 area — which has been put up for collective sale for the third time since its initial launch in June 2012 –, has remained unsold.

Karamjit Singh, head of investments & residential at Jones Lang LaSalle, said: “With caution in the air, developers tend to be a bit more circumspect with land acquisitions, but that does not necessarily mean the en bloc market is totally dead. Overall, we expect volume to slow down compared to the last two years.”

Property experts said there is still demand for en bloc sites in niche areas. For instance, an en bloc deal was just completed for Ultra Mansion in the Novena district. The 48-unit development was sold for over S$149 million to a Hong Kong-listed real estate developer.

Meanwhile, property consultant Jones Lang La Salle said it is looking to close two residential en bloc sales transaction soon.

Christina Sim, director of investment for capital markets at Cushman & Wakefield, said: “Properties in well located hubs, properties near MRT stations and properties basically below the S$200 million mark or even the S$100 million mark, it is still very saleable and there is still a shortage. I feel that developers still need to land bank and they still need to find suitable sites for development.”

Although the government has released more land sites under its land sales programme, experts said they may not be suitable for the smaller developers because of their larger plot sizes and high reserve prices.

Also, consultants said developers are now moving into the retail and commercial en bloc space as well. San Centre, a 12-storey office building along Chin Swee Road, is now up for collective sale by tender.

En bloc market to be subdued due to new cooling measures

The outlook for the en bloc market has become bleak in the aftermath of the latest round of cooling measures, according to experts.

“I think these measures caught everyone by surprise. For en bloc developers, the first couple of months will show more subdued dealing of land parcels. If developers are not confident to sell, they will not bid aggressively,” said Ian Loh, Head of Investment at Knight Frank Singapore.

With authorities focusing on the needs of first-time home buyers with restrictions such as the additional buyer’s stamp duty (ABSD) on investment properties, interest for second and third properties instantly queues off, noted Loh.

However, he reckons developers will consider en bloc sites “if everything is priced right” as such sites are one of the only sources of freehold land.

“We will also have to see if the upcoming scheduled budget has got anything optimistic for developers, with regards to lower manpower and construction costs. This may have certain effects as well on the outlook for en bloc sales in the coming year, since we cannot project an optimistic forward-looking outlook on sales volumes,” said Loh.

Experts feel that it will be difficult to see any record en bloc selling prices this year, with larger projects being ruled out and any activity likely to be dominated by smaller sites below S$200 million each, which would continue the trend of the past two years.

So far, two en bloc properties have been launched in 2013 and this was before the measures were announced last Friday.

Kismis Lodge off Toh Tuck Road was launched at a price tag of S$90 million while Villa Des Flores in prime District 11 is up for sale again for the third time since its initial launch in June last year.

Source : PropetyGuru – 17 Jan 2013

Whitley Rd property up for collective sale

A freehold property on Whitley Road is up for a collective sale.

According to its marketing agent DTZ, the development Villa Des Flores is located in the Chancery-Bukit Tunggal neighbourhood.

The 9,696.3 square metre site can be redeveloped into a two-storey mixed landed housing project.

The developer has the option to build detached, semi-detached and terrace housing, or a combination of all.

As a cluster landed project, DTZ said the site can accommodate 24 strata bungalows, 48 strata semi-detached or 64 strata terrace houses.

Development charges are unlikely.

DTZ added that the property is near schools like Anglo Chinese School (Barker Road), Singapore Chinese Girls’ School, St Joseph’s Institution, and Catholic Junior College.

The development is also located close to the proposed Thomson Line’s Mount Pleasant station.

Source : Channel NewsAsia – 9 Jan 2013