Two prime freehold residential redevelopment sites off Balestier Road have been launched for en-bloc sale, with a total price tag of approximately S$149 million. Sole marketing agent Jones Lang LaSalle (JLL) said the sites are located along 2 to 16 (even only) Kim Keat Lane, 1 to 19, 21 and 23 Kim Keat Close, off Balestier Road. Both sites are zoned for residential development with a gross plot ratio of...
Enbloc
Several potential en bloc deals have been launched recently as homeowners in these developments attempt to capitalise on the current record-high residential property prices. However, I believe they are likely to be disappointed as this year's outlook for the en bloc market looks pretty dim. In a typical en bloc deal, homeowners of a residential building agree to sell their units collectively to an...
The days of en-bloc fever appear to be in the past, with new data released by the National Development Minister suggesting that such activity has slowed in recent years. In his latest blog post, Mr Khaw Boon Wan revealed that some 1,400 private housing units were sold through en-bloc activities in 2011. He said this number is low compared to the peak in 2007, when 5,862 units were sold. Mr Khaw said it...
Two freehold redevelopment sites - Asia Gardens and Jade Towers - have been put up for collective sale by tender. The two sites are located in districts 2 and 19 respectively. The collective sale of Asia Gardens has an indicative price of between S$302.6 million to S$307.7 million, or about S$1,500 to S$1,525 per square foot (psf) per plot ratio (ppr). No development charge is payable for this...
Ming Arcade, a commercial development in the prime Orchard Road area has been put up for collective sale by tender for the second time. The sole marketing agent, Jones Lang LaSalle, said the relaunch also comes with a lower asking price of over S$120 million. Meanwhile, the site was offered at more than S$130 million during the first tender exercise. Stella Hoh, national director and head of investments...
The value of collective sales for this year has surpassed the S$3 billion mark, strongly driven by the sale of smaller sites. According to data from Credo Real Estate, about 49 sites were sold in 2011 for a total of S$3.04 billion — a significant increase from the 36 sites sold for S$1.77 billion last year. Most of the sites went for below S$100 million, with only 12 sites sold for above the S$100...
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 per cent of the owners at 2 to 8 Robin Road...
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 S$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...
Olina Lodge, a freehold condominium located at Holland Hill, has been relaunched for collective sale with a lower indicative price of S$220 million. The tender for the 84,288 square foot site, which has a maximum plot ratio of 1.6 or a gross floor area of 134,862 sq ft, will close on Dec 13, according to property consultant DTZ. The price translates to S$1,544 per sq ft per plot ratio, including 10 per...
After its proposed en-bloc sale fell through earlier this year, Tanglin Shopping Centre is turning its attention to rejuvenating the mall and reminding shoppers it is still open for business. The 40-year-old shopping centre took out a full-page newspaper advertisement yesterday, declaring: "We are staying". Management council member Anil Bhatia, who sat on the now-dissolved en bloc committee, told Today...