Category Archives: En-bloc / Collective Sales

Laguna Park on en bloc sale

Posted on 24 May 2011 | Comments Off on Laguna Park on en bloc sale

Laguna Park, a residential redevelopment site in District 15, is up for En Bloc sale at an expected price of S$1.33 billion.

This is the second time the 33-year-old development has been put up for sale, with a previous attempt in October 2009.

Sole marketing agent Knight Frank said the prime leasehold site is located along Marine Parade Road and has a land area of nearly 63,000 square metres.

The land is zoned for residential use at a plot ratio of 2.8.

Laguna Park currently comprises 516 residential apartments and 12 commercial units with sizes ranging from 135 square metres to nearly 315 square metres.

Knight Frank said this translates to a land price of S$975 per square foot per plot ratio, based on the potential gross floor area of about 176,000 square metres and the expected price of S$1.33 billion.

Laguna Park residents will be pocketing about S$2.2 million each from the successful sale of the property.

Knight Frank added that the site is a rare one with unblocked sea views spanning 300 metres and a clear city skyline.

The tender will close on July 5.

Source : CNA – 23 May 2011

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Elizabeth Tower up for en bloc sale

Posted on 18 May 2011 | Comments Off on Elizabeth Tower up for en bloc sale

Elizabeth Tower, located in the heart of Orchard Road’s shopping belt, is up for en bloc sale at an asking price of S$630 million.

Marketing agent Credo Real Estate said the freehold development would be a perfect fit for a luxury homes branded developer.

The development has a land area of above 54,000 square feet, with 80 units ranging from just under 2,000 square feet to above 3,100 square feet.

As such, Credo said unit owners stand to receive minimum gross prices of between S$6.3 million and S$9.7 million, while the penthouse owners could walk away with at least $14.2 million.

Elizabeth Tower has been designated with a gross plot ratio of 2.8 under the Master Plan, but Credo said the Urban Redevelopment Authority (URA) has confirmed that the development baseline plot ratio is actually 4.84.

Gross floor area is around 278,000 square feet, including the additional 10 per cent gross floor area of balcony.

As such, Credo said the new development may be configured into 132 apartments with an average size of 2,000 square feet.

It added that Elizabeth Tower is part of the ultra-prime residential sites off Orchard Road where there are only two dozen sites.

In 2006 and 2007, there were 14 of such sites that were sold to developers, but since then, no sites had been put up for sale.

Observers said Singapore, with its booming economy and as the financial capital of the region, should see growth in luxury home prices.

Credo expects the break-even price to be at about S$3,000 to S$3,100 per square foot based on the asking price of S$630 million.

Some units at the nearby freehold The Ritz-Carlton Residences had fetched $3,762 per square foot, and $4,307 per square foot, in February.

The tender will close in the afternoon on June 22.

Source : Channel NewsAsia – 18 May 2011

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