Cavenagh Mansions, a freehold residential redevelopment site along Cavenagh Road, has been put up for sale by tender.
Its marketing agent Knight Frank said the guiding sale price is S$55 million to S$60 million.
This translates to a land price of S$1,258 to S$1,367 per square foot per plot ratio.
This is based on the potential gross floor area of about 45,768 square feet, inclusive of the additional 10 per cent space for balconies.
For the asking price, each owner stands to get between S$2.62 and S$2.86 million.
The site has a land area of 19,813 square feet.
Under the 2008 Master Plan, it is zoned for residential use at a plot ratio of 2.1 and has a building height control of 24 meters above mean sea level.
It currently comprises 21 apartment units with sizes ranging from 90 square metres to 153 square metres.
There is an additional estimated development charge of S$2.567 million for the option of 10 per cent balcony space.
Knight Frank said the site can be redeveloped into a project with 57 apartments of 800 square feet on average.
It added that the bidding developer may expect to breakeven at about S$1,750 to S$1,850 psf per plot ratio.
Cavenagh Mansions is fully owned by the original developer, Teck Jin, and thus, there is no need for Strata Titles Board and High Court approval.
The tender will close on July 8 at 3 pm.
Source : Channel NewsAsia – 8 Jun 2010
Tuesday, June 8, 2010
Land parcel in Sembawang sees highest bid of S$131.7m
Two residential sites located near the Kovan MRT Station and in Orchard Road were launched separately for collective sale yesterday.
Property consultant Credo Real Estate announced the sale of Goodrich Park in Simon Lane with offers likely to be around $80 million to $85 million.
More than 80 per cent of the owners have agreed to the sale and each may gain between $1.54 million and $1.63 million for the sale, Credo said.
Developers MCC Land has put in the top bid of S$131.7 million for a land parcel at the corner of Sembawang Road and Canberra Drive.
The bid works out to S$387 per square foot per plot ratio.
The second highest bid from SP Setia International came in at S$122.6 million.
Nam Hee Contractor and OPH Marymount submitted the third highest bid of S$111 million.
The lowest bid of S$85 million came from Frasers Centrepoint.
All in, the Housing and Development Board received seven bids.
Analysts said projects at the site would have a breakeven cost of between S$650 and S$750 psf, with the units possibly selling at between S$700 and S$820 psf.
Research Director at Colliers International, Tay Huey Ying, said the bids showed developers were still keen on land banking, with the prices reflecting an optimistic sentiment.
“It still trends on the bullish side considering the potential influx in supply of homes as a result of the ramped-up 2H 2010 Government Land Sale programme,” said Tay.
CB Richard Ellis Research executive director, Li Hiaw Ho, added that the site’s good response was helped by the location.
“The site is situated at the junction of Sembawang Road and Canberra Drive, surrounded by greenery and landed estates. It is also close to Sembawang Shopping Centre and is not far away from Sembawang MRT Station, Sembawang Interchange and Sun Plaza,” said Li.
The site was put on sale in April, with 290 units expected from any proposed development on the site.
Source : Channel NewsAsia – 8 Jun 2010
Property consultant Credo Real Estate announced the sale of Goodrich Park in Simon Lane with offers likely to be around $80 million to $85 million.
More than 80 per cent of the owners have agreed to the sale and each may gain between $1.54 million and $1.63 million for the sale, Credo said.
Developers MCC Land has put in the top bid of S$131.7 million for a land parcel at the corner of Sembawang Road and Canberra Drive.
The bid works out to S$387 per square foot per plot ratio.
The second highest bid from SP Setia International came in at S$122.6 million.
Nam Hee Contractor and OPH Marymount submitted the third highest bid of S$111 million.
The lowest bid of S$85 million came from Frasers Centrepoint.
All in, the Housing and Development Board received seven bids.
Analysts said projects at the site would have a breakeven cost of between S$650 and S$750 psf, with the units possibly selling at between S$700 and S$820 psf.
Research Director at Colliers International, Tay Huey Ying, said the bids showed developers were still keen on land banking, with the prices reflecting an optimistic sentiment.
“It still trends on the bullish side considering the potential influx in supply of homes as a result of the ramped-up 2H 2010 Government Land Sale programme,” said Tay.
CB Richard Ellis Research executive director, Li Hiaw Ho, added that the site’s good response was helped by the location.
“The site is situated at the junction of Sembawang Road and Canberra Drive, surrounded by greenery and landed estates. It is also close to Sembawang Shopping Centre and is not far away from Sembawang MRT Station, Sembawang Interchange and Sun Plaza,” said Li.
The site was put on sale in April, with 290 units expected from any proposed development on the site.
Source : Channel NewsAsia – 8 Jun 2010
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