Fragrance Properties has bought the Culford Garden estate at Siglap for S$39 million in a collective sale. The price translates to a land rate of about S$574 per square foot per plot ratio at a Gross Plot Ratio of 1.54. The 24-unit Culford Garden has a land area of 44,094 square feet and is zoned for residential development with an allowable height of up to five stories. Each owner could get an average...
Enbloc
A FREEHOLD residential redevelopment site in the Bukit Timah area, with an expected price tag of $35.5 million, has been put up for sale. The 26-year-old Toh Tuck Apartment, formerly known as Toh Tuck Garden, currently sits on the 40,449 sq ft site, which has a plot ratio of 1.4, allowing it to be rebuilt to five storeys. Marketer HSR said the seller's expected price of $35.5 million works out to $650...
Another group of owners in Singapore is hoping to cash in on the current red-hot property by launching an en bloc sale. Toh Tuck Apartment, located off Upper Bukit Timah Road, has been put up for sale by tender. The asking price is around S$35.5 million. The freehold residential site comprises 13 apartment units with sizes averaging 223 square metres. Each owner is expected to get an average S$2.73...
MORE projects are expected to be put up for collective sale this year as the property market continues to hot up. This should bode well for developers keen to beef up their land banks, but they are not rushing into the en bloc market just yet, experts say. 'The problem in the en bloc market is the gap between what sellers want and what developers are prepared to pay,' said Ms Chua Chor Hoon, DTZ's head...
MINORITY owners will get to go ahead with their suit over the failed $500 million Horizon Towers en bloc deal. The High Court yesterday threw out an appeal by two former sales committee members who had applied to block the owners' action against them. Three sets of minority owners are suing the pair - ex-committee chairman Arjun Samtani and ex-member Tan Kah Gee - over costs incurred in the course of...
THE property market may be hot for new launches, but the fervour has not spilled over to collective sales. BT understands that two residential sites put up for sale in December last year are unlikely to find new owners soon. The tender for Mayfair Gardens at Rifle Range Road closed in January, but no winner emerged and the collective sale agreement (CSA) has lapsed. Nearby, Green Lodge at Toh Tuck Road...
SIXTEEN freehold terrace houses at Fort Road in the Tanjong Rhu area are said to be close to being sold for about $86 million. Construction and property group Chip Eng Seng is believed to have been granted an option to buy the houses. However, this is still subject to one of the sellers - a company which owns a few of the houses - securing approval from its shareholders for the sale, BT understands. The...
PENDER Court, off West Coast Highway, has been relaunched for collective sale at an asking price of about $100 million. That is about 20 per cent above the price the condominium fetched in an ultimately abortive sale in the 2007 property boom. Buyer Bravo Building Construction called off the deal in early 2008. The firm had, by then, also pulled out of two other collective sale deals - Tulip Garden near...
Collective sales of such properties tend to be slow SINCE the phenomenon of collective sales started in 1994, there have been over 400 en bloc developments sold to date. Of these, only a handful, possibly about 10 or so, were mixed developments, that is, buildings with a variety of uses like shops, offices and apartments. Most of the successful en bloc sales were purely residential developments, or those...
Two en bloc sale sites have come on the market - Culford Gardens at Siglap, with price expectations of $37-40 million, and two adjacent bungalows in Margate Road, which are expected to fetch more than $30 million. Both sites are freehold. In the Siglap/Upper East Coast vicinity, Credo Real Estate is handling the collective sale of Culford Gardens, which is on a 44,093 sq ft site. Under Master Plan 2008,...