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Laguna Park ‘too expensive’

Posted on 8 Sep 2009 | Comments Off

Singapore property giant CapitaLand has ruled itself out of bidding for the Laguna Park estate, which was put up for collective sale earlier this week.

CapitaLand’s chief executive Liew Mun Leong said yesterday that the reserve price tag of some $1.2 billion for the estate is “too high to yield affordable homes”. He was speaking on the sidelines of an event to unveil the design of The Interlace, an upcoming CapitaLand project at the site of the former Gillman Heights estate.

Laguna Park, a former HUDC estate at Marine Parade, was launched for tender two years after the idea of an enbloc sale was first mooted. Its marketing agent, Credo Real Estate, said it expects keen competition for the plot, but developer CapitaLand said the asking price is simply too high.

“I’m not very sure that at the end of the day, after paying over $800 per plot ratio, plus construction costs, plus your cost of financing, your break-even cost would be something like $1,500 or $1,600 (per square foot). “Are buyers prepared to pay for it at that location and that price? I am less sanguine than them,” said Mr Liew. Continue reading →

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Posted in Developers, En-bloc / Collective Sales

Tagged Capitaland, Collective Sales, Enbloc, Laguna Park, Land Sales

Close neighbours seek en bloc sale

Posted on 6 Sep 2009 | Comments Off

Mr Kirpalani, his wife Karishma and daughters Simran (left), 13, and Kajal, 11 in their bungalow. They, along with two other owners are selling their four strata bungalows, which sit on 24,443 sq ft of land in Bournemouth Road in Katong. The asking price is $24 million to $26 million. — ST PHOTO: CAROLINE CHIA

They are close neighbours and their children play together every day.

Which is why the sellers in the latest en bloc initiative hope that a large family or extended families, rather than a developer, will pick up their four strata bungalows for $24 million to $26 million.

They sit on 24,443 sq ft of land in Bournemouth Road in Katong, one of the biggest plots in the area earmarked for detached houses.

‘It was a purely collective decision,’ said Mr Andy Kirpalani, 39, one of the three owners, on the move to cash in on the current property boom.

Originally called Sayang Villa, the gated compound used to be owned by a family with several siblings living in the four houses.

The current owners, all Singaporeans, did not know one another when they bought the units, each with a built-up area of 4,200 sq ft. They bought the houses between 21/2 and five years ago. Continue reading →