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Chancery Garden and Kimis Lodge up for collective sale

Posted on 17 Jul 2012 | Comments Off

Chancery Garden, a prime freehold mixed landed development at District 11 has been put up for collective sale by tender.

Located near Orchard Road, Chancery Garden offers a site area of 29,468 sq ft and could house six strata semi-detached plus 10 strata terraces, 18 strata terraces or any other configuration subject to approval.

The property’s owners expect a minimum price of S$45 million and it is likely to attract interest from medium-sized developers and high-net-worth individuals.

“We see continued strong interests for strata landed development sites in prime districts 10 and 11. Within the Whitley locality, the latest transaction of 121C Whitley Road was 16 percent higher than Whitley Heights transacted merely nine months ago in September 2011,” said Alex Oh, Assistant Director at OrangeTee Investments, which is marketing Chancery Garden.

The tender for the site will close on 23 August.

Separately, Credo Real Estate has launched the collective sale of Kismis Lodge, located off Toh Tuck Road.

Comprising 64 walk-up apartments, the site has a land area of 70,283 sq ft. Credo revealed that the owners expect offers of around S$90 million to S$95 million or S$1,281 to S$1,352 psf.

It is zoned for a “three-storey mixed landed” development under the 2008 Master Plan.

“Based on URA’s (Urban Redevelopment Authority) prevailing guidelines for strata landed developments, the purchaser of Kismis Lodge could possibly build as many as 43 strata terrace houses, or 32 strata semi-detached houses, or alternatively, choose to build a combination of up to 22 conventional and 20 strata terraces, subject to approval,” said Yong Choon Fah, Executive Director of Credo Real Estate.

The site tender will close on 15 August.

Source PropertyGuru – 2012 Jul 17

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Posted in En-bloc / Collective Sales

Tagged CHANCERY GARDEN, CHANCERY GARDEN ENBLOC, Collective Sales, Enbloc, Kismis Lodge

Why Braddell View owners may not all vote to privatise

Posted on 10 Jul 2012 | Comments Off

Braddell View residents may favour privatisation but feel compelled to vote against it if the premiums are too high, said Member of Parliament (MP) Hri Kumar Nair yesterday.

Changes to the HUDC Housing Estates Act were passed in Parliament yesterday to allow HUDC owners the flexibility to vary the fees that each owner has to pay for privatisation. Previously, the fee had to be divided equally among all the owners.

Mr Hri Kumar, the MP for the area, said he supported the amendments, which would make it easier for Braddell View residents to privatise their estate.

Braddell View, the last HUDC estate that has yet to be privatised or earmarked for privatisation, was developed in two phases. The amendments would allow owners in each phase to pay a different fee, as determined by the Chief Valuer.

However, Mr Hri Kumar noted that some would face practical difficulties. “Chief among these will be the premium they must pay,” he said, pointing to the fact that a large number of homeowners were retirees who would have difficulty forking out the “thousands of dollars it will cost to privatise”.

He added: “This will be exacerbated by the sum some of them may have to pay, to top up the lease for Phase One of the estate to make up for the difference in the two phases.”

Minister of State (National Development) Lee Yi Shyan said flat owners can use savings from their Central Provident Fund (CPF) Ordinary Accounts.

Owners who are 55 and above can use savings from their Retirement Accounts as long as the minimum sum is maintained. They can also add their children as owners and use their children’s CPF.

In addition, the estate’s sinking funds can go towards paying the premium.

Mr Lee estimated that owners have about six months to pay the premium and the revised Act makes a provision for the Housing and Development Board to grant an extension if necessary. Sumita Sreedharan

Source : Today – 2012 Jul 10