Kheam Hock Gardens, a private residential project off Dunearn Road, has been put up for collective sale via a public tender by its sole and exclusive marketing agent, CBRE.
Situated at 38 Kheam Hock Road, the 41,245 sq ft site has a reserve price of $59 million, which equates to a psf price of $1,430.
The regularly-shaped plot is zoned as “residential, two-storey mixed landed” under the Urban Redevelopment Authority (URA) Master Plan 2014. Hence, it could be redeveloped into a strata project with a maximum of 25 terraced units, or mixed with detached and semi-detached homes.
It has a gross plot ratio of 1.05, and it is exempt from development charges.
At present, the freehold property consists of 19 apartments, with more than 80 percent of the owners giving the green light for the en bloc sale.
“Kheam Hock Gardens presents an extremely rare opportunity and the key attraction of the site is the matured lush greenery that embraces the site all round,” said CBRE’s Director for Investment Properties Galven Tan.
It is a short-drive from city centre and Orchard Road. The Botanic Gardens MRT station is a stone’s throw away, while the upcoming Botanic Gardens Downtown Line MRT station will further enhance accessibility to the Central Business District in Marina Bay by 2016.
The tender closes on15 September 2014.
The en bloc sale of Gilstead Court in Newton may not proceed as five owners have filed an objection with the Strata Titles Board (STB).
The freehold condominium was sold for S$150.2 million to Tuan Sing Holdings on 17 June, after 43 owners consented to the sale, enough to achieve the 80 percent requirement for the deal, media reports stated.
However, the STB is yet to approve the sale. If the board can’t find a solution to clear it within 60 days, a ‘stop order’ may be issued to block the transaction.
The five minority owners have not signed the collective sale agreement (CSA) as there were clauses that would penalise them financially. It states that sellers who consented will have to put S$2,000 into a common fund to be used in the sale effort.
But those who fail to consent by the tender’s closing date will have to contribute twice the amount, to be withheld from the net proceeds of the sale and shared equally among all consenting sellers. They were also against a clause that requires all other costs related to approval proceedings before the board to be withheld from their share of the net sale proceeds.
It was reported that each non-consenting owner would need to pay S$27,000 accounting for all the extra charges outlined in the clauses.
The collective sale effort was led by former Supreme Court judge Mr Warren Khoo, who is also the executive committee’s secretary. It is believed Mr Khoo drafted the terms and conditions of the tender and collective sale agreement, but he declined to comment due to the on-going proceedings.
Source – PropGuru – 31 Jul 2013