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Villa Des Flores goes en bloc

Posted on 9 Jun 2012 | Comments Off

Villa Des Flores , a large redevelopment site at Whitley Road in District 11, has been put up for sale at an indicative price of between S$160 million and S$165 million.

This works out to around S$1,533 psf to S$1,581 psf, with no development charge payable.

Marketing agent DTZ said the site is zoned for landed housing and is just a stone’s throw away from Orchard Road and several reputable schools. It is sited on a land area of approximately 104,370 sq ft and comprises of 13 townhouses ranging from 2,034 sq ft to 2,702 sq ft and 28 four-storey walk-up apartments of between 1,378 sq ft and 2,088 sq ft.

“Large sites for landed housing developments, especially in prime District 11, are rarely available for sale in contrast to apartment development sites,” said Shaun Poh, Head of Investment Advisory Services & Auction at DTZ.

Under the 2008 Master Plan, Villa Des Flores can be redeveloped into a two-storey mixed landed development. The winning developer has the option to build terrace, detached or semi-detached properties or a combination of these, either based on conventional housing types or as a cluster housing development.

As a cluster project, the site could yield around 64 strata terraces, 48 strata semi-detached homes or 24 strata bungalows.

“Prices of landed properties continue to trend up due to extremely strong demand. We therefore envisage keen interest in the property from developers,” said Poh.

Poh noted that each owner could receive between S$3.2 million and S$5.1 million if the sale is successful.

The tender for the property will close on 6 July 2012.

Source : PropertyGuru – 2012 Jun 7

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Posted in En-bloc / Collective Sales, Property Market / Real Estate

Tagged En-bloc, Enbloc, Singapore Property, Villa Des Flores

Interest in mixed-use en-bloc developments picking up

Posted on 7 Jun 2012 | Comments Off

En-bloc property sales have lost its shine so far this year.

A total of nine en-bloc properties have been successfully transacted this year to date.

This compares to 29 transactions in the same period last year.

Although developers have turned cautious as cooling measures and requirements to build and sell out all the new units in five years start to bite, experts said interest in mixed-use en-bloc developments – especially those in the outer regions – is fast picking up.

The fad in property collective sales has turned towards mixed-use properties.

These are developments that have both residential units as well as space for commercial use.

Analysts said such mixed developments like Novena Ville are gaining traction among developers.

En-bloc sale specialists Credo Real Estate said mixed-use en-bloc property sales have seen a 10 to 15 per cent rise over the past year.

Karamjit Singh, managing director of Credo Real Estate, said: “There is also another hybrid segment of the market, involving mixed use where the developer can explore options including having some retail component, commercial component.

“That is beginning to get some traction nowadays because it opens up opportunities for developers to create new products, to capitalise on changing investment patterns and also changing lifestyles.”

The declining interest in en bloc transactions is partly due to the high asking prices from sellers.

Norman Ho, partner at Rodyk & Davidson, said: “It is quite different talking about en bloc 15 years ago and today, because en bloc today…the value of the property has gone up and replacement cost has become a lot higher, so increasingly owners do not want to participate anymore.

“Because today you see the incremental value in en bloc is only 50 per cent as compared to the early days where it was 300 per cent. There were other issues (also) such as if it is a residential en bloc, developers buying it have to pay additional stamp duty. So it is quite difficult to get through an en bloc these days.

“Also, the laws have changed that states that lawyers must witness signatures, so increasingly it is more difficult to do en bloc. However, en bloc is one of the very few avenues to have freehold land, as compared to government tender. So there will always be interest in en bloc.”

Demand for mixed developments in suburban areas has risen in recent years, with more than 600 shop units sold last year, more than double the 300 units sold in 2009.

Some analysts said the yields for commercial markets ranged from 4 per cent to 6 per cent while residential properties, depending on the location and market conditions, can be as low as 2 per cent and as high as 3.5 per cent to 4 per cent.

Source : CNA – 2012 Jun 6