May Singapore have a financial crisis with revelations that the CPF funds are a pyramid scheme leading to a loss of confidence in the SGD$ and a collapse of said same.
it won't happen in 2018 as sg is expected to thrive with more enbloc sales of private condos. many sinkies who bought condos decades ago will be multi-millionaires when they cash out. huat ah!
https://sg.yahoo.com/finance/news/sustained-land-led-consortium-buys-114224367.html
Sustained Land-led consortium buys Parkway Mansion for $1,536 psf ppr
[email protected],EdgeProp Wed, 13 Dec 3:42 AM GMT-8
A consortium led by Singapore developer Sustained Land has bought Parkway Mansion along Amber Road at $1,536 psf ppr, announced marketing agent Colliers International on Dec 13. The absolute sale price for the freehold site – $146.99 million – marks a 6.5% premium over its indicative price of $138 million.
The sale price includes an estimated $21 million development charge for intensification of land use. It is higher than the prices achieved by recent collective sale sites in the vicinity: Amber Park ($1,515 psf ppr); Nanak Mansions ($1,429 psf ppr); and The Albracca ($1,409 psf ppr).
If the sale is successful, owners will stand to receive between $4.5 million and $4.7 million in gross proceeds – for each unit, depending on the unit size.
This is the third collective sale attempt for the 38,975 sq ft site, which is located within walking distance of Tanjong Katong MRT station on the upcoming Thomson-East Coast Line. Under the 2014 Master Plan, the site is zoned ‘Residential’ with a gross plot ratio of 2.8. The existing development, which is 17 storeys high, comprises 32 units sized between 1,819 sq ft to 1,948 sq ft.
Colliers estimates 130 units with an average size of 800 sq ft can be built on the site (subject to authorities’ approval) – and that they could be sold at a price range of $2,550 psf to $2,600 psf. The winning developer does not have to undertake a Pre-Application Feasibility Study for the site, notes Colliers.
https://www.edgeprop.sg/node/2386335
Oxley buys Vista Park for $418 million, 19.4% above asking price
By
[email protected] | December 15, 2017 12:43 AM MYT
Tags:
collective saleen blocVista ParkOxley Holdings
Listed property group Oxley Holdings announced that its bid of $418 million has been accepted by the strata owners of the 209-unit Vista Park condominium on South Buona Vista Road, off Pasir Panjang Road. Vista Park sits on a 319,250 sq ft site with a 99-year lease from 1979. Oxley intends to apply to the Singapore Land Authority for a fresh 99-year lease, with the lease top-up premium estimated at $72 million. Inclusive of the lease top-up premium, the purchase price translates to $1,096 psf per plot ratio (ppr).
The site has a plot ratio of 1.4 and maximum height of five-storeys, and has the potential gross floor area (GFA) of around 446,951 sq ft. The site can therefore, be redeveloped into a new project of about 530 units, assuming an average size of 800 sq ft per unit. Teakhwa Real Estate was the marketing agent, and the site was said to have received five bids at the close of the tender on Dec 13. Vista Park was put up for sale by tender on Nov 17, with an asking price of $350 million. Hence, Oxley's purchase price of $418 million is 19.4% higher than the asking price.
This marks the third successful collective sale deal in two days. The day before, the freehold 32-unit Parkway Mansion was sold for $146.99 million ($1,536 psf ppr) to a Sustained Land-led consortium and the 18-unit Derby Court went to Roxy-Pacific Holdings for $73.88 million ($1,390 psf ppr).
https://www.edgeprop.sg/node/2385503
Cairnhill Heights owners seeking more than $80 mil in collective sale
By Angela Teo / EdgeProp | December 13, 2017 10:46 PM MYT
Tags:
collective saleen blocCairnhill HeightsCairnhillERA RealtyNewtonAnglo-Chinese School (Junior)
Cairnhill Heights is set to launch its latest collective sale attempt on Dec 19 — its last attempt being in 2007, at the height of the last collective sale fever. ERA Realty, the marketing agent, says that 91% of the owners have consented to the collective sale.
The asking price is in excess of $80 million ($2,045 psf ppr), including estimated development charges. The freehold residential site measures about 15,408 sq ft and has an existing 19-unit apartment building. Under the 2014 Master Plan, the site is zoned “Residential”, with a gross plot ratio of 2.8.
The asking price translates into an estimated breakeven price of $2,400 to $2,600 sq ft, says ERA. “The developer can consider building a boutique project with 42 units, each measuring 1,100 sq ft,” says Jeremy Rikas Chiu, group division director of ERA Realty. This is subject to authorities’ approval for the site to be redeveloped up to a gross floor area (GFA) of 47,455 sq ft, or a plot ratio of 3.08, he adds.
The site is located within the prestigious Cairnhill enclave, within walking distance of the Newton MRT station and Anglo-Chinese School (Junior).
(Credit: Samuel Isaac Chua/The Edge Singapore)