Tag Archives: Enbloc

Residential property at Paya Lebar Central up for collective sale

Posted on 29 Apr 2013 | Comments Off on Residential property at Paya Lebar Central up for collective sale

Versailles , a 55-unit residential development on Guillemard Road off Paya Lebar Road, is up for sale by tender. The freehold site has a land area of 53,073 sq ft and a gross plot ratio of 2.1. Zoned “residential”, with a potential gross floor area (GFA) of 122,598 sq ft, the site can yield 148 new condominium units. The existing property is a four-storey condo built in the 1990s.

This is Versailles’ first attempt at a collective sale, says Jones Lang LaSalle (JLL), the sole marketing agent for the site. It is located within walking distance to the upcoming Paya Lebar Central, where about 12ha of land around Sims Avenue have been set aside for the development of a commercial hub, according to Yong Choon Fah, JLL’s national director of investments.

Versailles’ owners are expecting offers of $105 million to $110 million for the site, which translates into $1,088 to $1,133 psf per plot ratio (psf ppr), including development charge on the potential GFA.

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Bright Chambers sold en bloc for S$45 million

Posted on 27 Apr 2013 | Comments Off on Bright Chambers sold en bloc for S$45 million

Bright Chambers, a nine-storey commercial building at the junction of Middle Road and Victoria Street, has been sold en bloc for S$45 million to Arjuno Holdings, a special purpose vehicle run by Pamfleet Asset Management, marketing agent Jones Lang LaSalle said yesterday.

Bright Chambers, zoned for commercial use, sits on a land area of 5,263 sq ft and has an existing plot ratio of 7.943, exceeding the 4.2 plot ratio under the Master Plan 2008.

The building, with a remaining lease term of about 60.5 years, comprises strata-titled units for retail use on the ground and mezzanine level and offices from the third to ninth storeys.

The sale price translates to about S$1,076 per square foot over the existing gross floor area, or S$1,287 psf over total strata area, Jones Lang LaSalle said.

Mr Karamjit Singh, Head of Investments & Residential at Jones Lang LaSalle, which handled the collective sales of Midlink Plaza in Middle Road in 2011 and San Centre in Chin Swee Road last month, said the company anticipated more of such sales.

“These are all strata-titled leasehold commercial projects located in or around the Central Business District, for which buying interest has been strong for their redevelopment or repositioning value,” he said.

Source : Today – 26 Apr 2013

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