The en bloc sale market has been feverishly picking up activity this year. Apart from more en bloc properties being offered for sale, analysts say that the average prices for the sites have also increased by more than 50 per cent compared to a year ago. However, the offer prices have yet to surpass the levels seen by the market at the peak of the property boom in 2007. Since the start of this year, some...
Collective Sales
One of Singapore's first generation apartment developments from the post-colonial era has been put up for collective sale. The 40-unit development on 402 River Valley Road in district 10 was built in the early 1960s and has a land area of over 22,000 square feet. It is effectively a freehold site as it has a unique tenure of close to a million years. More than 80 per cent of the owners have signed a...
Nearly three weeks after the close of what was marketed as Singapore's largest en bloc tender, Pine Grove's marketing agent Jones Lang LaSalle has kept quiet about the outcome. But MediaCorp understands the development off Ulu Pandan, which has an independent valuation of S$1.25 billion, has received at least one private offer. Ms Christina Sim, director of Investment at Cushman & Wakefield, said: "A...
La Meyer at 66 Meyer Road has been for offered for en-bloc sale by tender, property consultants Cushman & Wakefield, handling the sale, said in a statement. The freehold site in the exclusive Meyer Road vicinity has a land area of 50,560 square feet and is expected to fetch a price above S$98 million. The statement said developers can build up to a gross floor area of about 78,000 square feet, based...
Three residential en bloc sites in prime locations have been put up for sale by their sole marketing agent Knight Frank. The first site is the freehold Dynasty Garden, located on Sixth Avenue in District 10. It has a land area of about 73,300 square feet. Under the 2008 Master Plan, the site is a "three-storey mixed landed". There are currently 33 walk-up apartments with unit sizes ranging from 1,044.1...
Chong Kim Apartment, a freehold development at Bassein Road, will be launched for collective sale by public tender on Thursday. It is expected to fetch around S$40 million, including the estimated development charge of about S$3.7 million. This works out to some S$842 per square foot of potential gross floor area. Each owner of the 25-unit development may get between S$1.23 million and S$2.9 million...
Despite the en bloc fever, some prime sites have been bypassed as the recent property market cooling measures make developers picky about their land acquisitions. These sites include the S$700 million Hawaii Tower at Meyer Road as well as the S$92 million Grand Tower, located near Novena MRT Station. The estimated S$70 million Holland Tower, which is a short drive from Orchard Road, has yet to find a...
Pearlbank Apartments, a 37-storey development on Pearl’s Hill near Chinatown, has been offered for en bloc sale with an indicative price of S$750 million. This is the third time the 99-year leasehold development has been launched for en bloc sale. It was last marketed in 2008 at similar selling price but had no takers then. The selling price translates to a land price of S$1,495 psf ppr, including an...
Specialty property and hospitality group Roxy-Pacific Holdings Ltd on Tuesday said that its wholly-owned subsidiary RL Central Pte Ltd has agreed to buy a freehold site comprised at 131 Mackenzie Road for about S$24.6 million. The site has a total land area of 1,198 square meters and a maximum plot ratio of 2.1 for residential development, the mainboard-listed company said in a statement. It said the...
Cairnhill Mansions, a freehold residential site in District 9, has been released for collective sale with an indicative price of S$361.5 million (around S$2,308 psf) and no development charge (DC). Its current price tag is lower than the S$443.6 million (S$2,833 psf) guide price set for the property in an earlier collective sale attempt in late 2007. The property is zoned for residential use with a...