Two mansions up for sale

Two freehold residential sites have been put up for collective sale for the same asking price – at least $22.5 million each – while another en bloc deal has been sealed for $95 million.

The 11-storey Waldorf Mansions in the Balestier area was built in the 1990s and occupies 11,384 square feet. Under the Master Plan 2008, the site is zoned for residential development and can be built up to a height of 36 storeys.

Foh Pin Mansion, at the junction of Charlton and Upper Serangoon roads, is a 30-year-old apartment block with 21 units. It sits on a 34,154-sq-ft site which, according to the same Master Plan, can be redeveloped into a three-storey mixed landed housing development.

The launch of both tenders yesterday came as it emerged that Pender Court condominium off West Coast Highway had been sold for $95 million – making it the seventh en bloc sale of the year, according to Mr Karamjit Singh, managing director of Credo Real Estate, which marketed the site.

The amount is under the minimum asking price of $100 million, but would nonetheless reap the owners of the 48 units nearly $2 million each.

As the agent also for Waldorf Mansion, Credo said the new site could yield some 50 residential units. The $22.5 million price tag would equate to $709 psf per plot ratio inclusive of development charge – meaning the developer would expect to break-even at about $1,100 psf, Credo added.

Ngee Ann Polytechnic real estate lecturer Nicholas Mak expects the site to draw small developers because of the lack of small plots in the Government Land Sales programme; and its freehold status means they can sit on the site should the market fall.

Savills Singapore, which is handling the Foh Pin Mansion sale, expects the property – which is in an established estate – to draw a strong response in view of the keen bidding for recent Government land sales in the area.

The tender for Foh Pin Mansion closes on June 28 and that for Waldorf Mansions the day after.

Source : Today – 1 Jun 2010

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