Singapore's residential collective sales market has rebounded after a virtual lull last year, and prospects of larger deals look good going forward, said real estate services firm DTZ Research. Since the start of 2010, DTZ's quarterly report said, 34 residential collective sale deals worth a total of S$1.47 billion have taken place. The burst of activity in the market followed the solitary sale of Dragon...
Collective Sales
A booming property market spurred homeowners and property developers to jump on the collective sale bandwagon this year, leading to record asking prices for landmark properties and transaction volumes that were the highest in three years. Even then, this year is just a scene-setter, analysts say. With the world awash in cheap money, local and foreign developers keen to build their land banks, and with...
The tender for Serene House has been awarded to luxury-home developer Shelford Properties for S$99 million. A total of seven bids were received for the residential freehold site. Marketing agent Colliers International said there were major and mid-tier property players who bid for the site. The winning bid of S$99 million translates to S$1,400 per square foot per plot ratio. Serene House is a...
Two freehold developments, Euro-Asia Apartments and Bartley Grove Apartments, have been put up for collective sale by public tender. Euro-Asia Apartments, a 56,476 square feet (sq ft) development along Serangoon Road, has a price tag of $142 million. It also has an estimated development charge of about $339,000 or about $899 per square foot per plot ratio (psf ppr). The property comprises of 85 units...
Tulip Garden has been put up for collective sale. Credo Real Estate which is handling the sale said the owners of the 164-unit development, are asking for a minimum of S$650 million. This tender launch is the first large scale freehold en bloc sale offering, valued above S$500 million, in 3 years. Credo said if sold, Tulip Garden stands to be the third largest successful en bloc sale by deal value in...
Larger and more collective sales are in the pipeline as home owners attempt to cash in on the hot property market - but experts say the actual number of successful sales might disappoint. Hawaii Tower along Meyer Road along with former HUDC estate Pine Grove are among those in the latest batch to have secured the necessary 80 per cent approval from residents. Also more than 53 per cent support has been...
Hawaii Tower, on Meyer Road, is expected to be launched for sale next week with an indicative price of $700 million, or approximately $1,401 psf ppr, including a $55 million development charge (DC). The site, which sits on a 192,340 sq ft plot, is zoned for residential use with a gross plot ratio of 2.8 and a height of up to 36 storeys. It can be developed into a new condominium with approximately 430...
Pine Grove residents may be sitting on an enbloc gold mine, but analysts have said realising the dream of a collective sale may be fraught with hurdles. With a hefty asking price of S$1.7 billion and with more land sites launching soon, developers may pass on the 660-unit property. Situated along Ulu Pandan Road, Pine Grove has an 80 per cent approval for its third enbloc tender. And with its location...
It could be third time lucky for Pine Grove estate along Ulu Pandan Road. MediaCorp understands that the condominium's third attempt at an en bloc sale received the necessary 80 per cent majority approval last Saturday. According to residents, the reserve price is set at S$1.7 billion, setting the stage for Pine Grove to become Singapore's largest residential collective sale, beating the 2007 record for...
Residential collective sales gaining momentum, set to continue next year Collective sale transactions have totalled $975.6 million so far this year and over 90 per cent of this total is made up of residential transactions. Renewed confidence in the Singapore home market and an increasing number of residential transactions over the past months lead us to believe that the "en bloc" trend will continue to...