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Fragrance Court up for en bloc sale

Posted on 27 Oct 2014 | Comments Off

FRAGRANCE Court has been put up for collective sale at a reserve price of S$70 million, about S$1,235 per square foot per plot ratio, property consultancy CBRE said on Wednesday.

The freehold site at Pasir Panjang, zoned for residential purposes, has an area of approximately 38,220 square feet. It has a plot ratio of 1.4 under the Masterplan 2014. The existing development is made up of 32 apartments. The owners, who represent more than the requisite 80 per cent of share value and strata area, have consented to the collective sale.

Development charge of about S$2.7 million is only payable if the developers choose to build the additional 10 per cent balcony space.

The site is close to the Pasir Panjang MRT station, which makes it “highly sought after by developers”, said Galven Tan, director, investment properties, at CBRE, in a press release.

It is also a short drive away from the Central Business District (CBD), Mapletree Business City and Resorts World Sentosa. “The matured neighbourhood of Pasir Panjang will further benefit from the future Greater Southern Waterfront City, planned by the URA,” added Mr Tan.

The plans for the Greater Southern Waterfront City involve having about 1,000 hectares of land freed up for development. This would come after the City Terminals and Pasir Panjang Terminal move to Tuas from their current locations starting 2027.

“Given that the neighbouring project – Bijou – achieved an average sale price of S$2,120 psf in August 2014, we envisage keen interest from developers. The development size is also very manageable and will draw in a wide pool of buyers,” said Mr Tan.

CBRE is the sole and exclusive marketing agent for the sale. The tender will close at 3pm on Nov 19.

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Tagged En-bloc / Collective Sales, FRAGRANCE Court, Pasir Panjang

Cairnhill Mansions in collective sale bid

Posted on 27 Oct 2014 | Comments Off

THE owners of an ageing District 9 residential property are launching their fourth attempt at a collective sale.

Cairnhill Mansions’ 61 owners will begin the process next June with the aim of getting the requisite 80 per cent backing before the option expires a year later.

The 50-year-old freehold building, which sits on a prime site near Goodwood Park Hotel, has 60 apartments and a penthouse.

The last attempt at a collective sale coincided with the rollout of property market cooling measures in 2011.

The owners failed to find a buyer at the reserve price of $361.5 million, or about $2,308 per sq ft of potential gross floor area. Earlier collective sale attempts were in 2005 and 2007.

Sale committee chairman Charles Ho said the building’s ageing infrastructure is costly to maintain and can be a hazard: A resident was recently trapped in the lift for four hours.

“Old electrical wirings are hazards. Carpark shortages, inefficient use of space, water seepage during heavy rain are all inconveniences. Replacement costs are high and have to be funded by owners. Even if the place is upgraded, there is a limit to how much it can be brought up to date,” he added.

Retiree Andy Lim, 65, who has lived at Cairnhill Mansions for about 20 years, said its antiquated design features can be inconvenient. “The lift lobby is on the second floor, instead of the ground floor,” said Mr Lim, adding that he plans to buy a smaller unit in the same area if the en-bloc sale is successful.

Developers are constantly on the lookout for prime freehold sites and collective sales are one of the few ways to acquire such a parcel, said Ms Elaine Chow, executive director and head of research at Chestertons Singapore.

However, “given the lacklustre luxury residential market, developers will not be able to bid as aggressively as before”.