Tag Archives: Collective Sales

Fairhaven apartment goes en bloc

A prime freehold residential development along Sophia Road in District 9 has launched its first attempt at a collective sale, revealed marketing agent JLL.

The 15-unit Fairhaven apartment sits on approximately 16,660 sq ft of land and is zoned residential with a gross plot ratio of 2.1 in the 2014 Master Plan.

More than 80 percent of the owners, by share value and strata floor area, consented to the collective sale.

They are seeking offers in excess of $45 million, or about $1,169 psf per plot ratio on the potential gross floor area, after factoring in the 10 percent bonus balcony space for which no development charge is payable.

Commenting, Yong Choon Fah, National Director of Capital Markets at JLL said: “The site site within the Central Area (which generally comprises of areas close to Orchard Road and Marina Bay), whereby the number of dwelling units to be built in a development is not controlled by the stipulated minimum size for residential apartments. URA’s new guidelines which took effect on 4 November 2012, impose an average size requirement of 70 square metres or 100 square metres for the whole island, except for the Central Area. As a result, the supply of ‘shoe-boxes’, as they are often referred to, has been significantly curtailed.

“Potential buyers can consider building small apartments of between 40 to 50 square metres or so, to capitalise on its location and the curtailed supply of one-bedroom or small two-bedroom units.”

Since 2013, there have been no development sites made available for sale in the area, noted Yong. The last one was URA’s Mount Sophia site (currently Sophia Hills), which was hotly contested with nine bids two years ago.

Situated near Dhoby Ghaut Interchange and MRT station, there are also many established educational institutions in the vicinity, including the School of the Arts (SOTA) and Singapore Management University (SMU).

The tender for Fairhaven closes on 1 July 2015.

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Freehold residential site up for en bloc sale

A residential site at Tampines Road is up for collective sale with an indicative selling price of S$132 million to S$135 million, according to marketing agent ERA Realty Network.

The freehold  Yi Mei Garden comprises a land area of 78,030.38 sq ft and gross plot ratio of 2.1, with a selling price of about S$805 to S$810 psf per plot ratio (ppr), The Business Times reported.

Completed in 1984, the property currently houses 44 apartments and four penthouses. It could be redeveloped into two towers with a total gross floor area (GFA) of 163,863.79 sq ft.

Meanwhile, the residential collective sales market has shown signs of recovery in the last few months, with at least three properties sold in 2013. For instance, Kismis Lodge which features a pair of freehold walk-up apartments near Toh Tuck Road was sold for S$84.18 million or S$1,198 psf in March.

The sale of Ultra Mansion near Novena MRT station went for S$149.13 million or S$1,170 psf on its potential GFA.

Another deal that closed recently was The Versailles, a 55-unit freehold condominium along Guillemard Road, priced from S$105 million to S$110 million, or S$1,088 to S$1,133 psf ppr.

Source – PropGuru – 8 May 2013