Tag Archives: Pasir Panjang

Fragrance Court up for en bloc sale

FRAGRANCE Court has been put up for collective sale at a reserve price of S$70 million, about S$1,235 per square foot per plot ratio, property consultancy CBRE said on Wednesday.

The freehold site at Pasir Panjang, zoned for residential purposes, has an area of approximately 38,220 square feet. It has a plot ratio of 1.4 under the Masterplan 2014. The existing development is made up of 32 apartments. The owners, who represent more than the requisite 80 per cent of share value and strata area, have consented to the collective sale.

Development charge of about S$2.7 million is only payable if the developers choose to build the additional 10 per cent balcony space.

The site is close to the Pasir Panjang MRT station, which makes it “highly sought after by developers”, said Galven Tan, director, investment properties, at CBRE, in a press release.

It is also a short drive away from the Central Business District (CBD), Mapletree Business City and Resorts World Sentosa. “The matured neighbourhood of Pasir Panjang will further benefit from the future Greater Southern Waterfront City, planned by the URA,” added Mr Tan.

The plans for the Greater Southern Waterfront City involve having about 1,000 hectares of land freed up for development. This would come after the City Terminals and Pasir Panjang Terminal move to Tuas from their current locations starting 2027.

“Given that the neighbouring project – Bijou – achieved an average sale price of S$2,120 psf in August 2014, we envisage keen interest from developers. The development size is also very manageable and will draw in a wide pool of buyers,” said Mr Tan.

CBRE is the sole and exclusive marketing agent for the sale. The tender will close at 3pm on Nov 19.


New property launches in May

To take advantage of the private housing market rebound in March, developers are launching a slew of new projects set to come on to the market this month.

Launches include The Siena, Ferra, Hallmark Residences, The Flow@East Coast, Cluny Park Residence, KAP & KAP Residences, Whitehaven@Pasir Panjang and Midtown & Midtown Residences.

Located at the former GRTH building site at 66 East Coast Road, the Flow@East Coast comprises 56 commercial units including clinics, shops, a food court and restaurant. The freehold commercial site was acquired by Oxley Holdings for S$76.1 million or S$1,298 psf ppr, inclusive of development charges.

Hallmark Residences is located at 21 Ewe Boon Road on the site of the former Nob Hill Condominium and two adjacent bungalows which were purchased by MCL Land for S$95 million or S$1,100 psf.

Over at the former Westvale condominium site in Pasir Panjang, Roxy-Pacific is developing Whitehaven@Pasir Panjang, featuring 120 residential units ranging from one- to four-bedroom units, lofts and penthouses. The developer acquired the site for S$77.5 million or S$883 psf ppr.

Source : GURU – 13 May 2013