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Six levels of AA Centre to go up for sale

Posted on 28 Jun 2012 | Comments Off

The first six levels of AA Centre located at 336 River Valley Road have been put up for sale in an Expression of Interest (EOI). According to marketing agent Colliers International, interested buyers have until 7 August to submit their offers.

The 14-storey building was completed in 1984 by the Automobile Association of Singapore (AA Singapore). It sits on a 33,751 sq ft freehold site and has a total gross floor area (GFA) of 127,712 sq ft.

Jointly, the six levels comprise a total strata area of 55,574 sq ft with the first four levels owned and used by the association.

Level One includes a reception area, cafeteria and multi-purpose hall, while the second to fourth floors have office and clubhouse space as well as a jackpot room and swimming pool. As for the fifth and sixth levels, they comprise of 32 vacant serviced apartments.

The remaining residential units on levels seven to 14 belong to individual owners.

“Given the subject property’s freehold tenure, superior location and unique mixed usage, we expect it to be a highly desirable property, appealing to different type of users – including serviced apartment operators/investors, community and recreational space users, corporate office users and specialised user groups such as those in education or medical tourism, among others,” said Tang Wei Leng, Executive Director of Investment Services at Colliers International.

The site is zoned for residential use under the 2008 Master Plan. It has an allowable plot ratio of 2.8 and a maximum permissible height of 10-storeys.

Source : PropertyGuru – 2012 Jun 27

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Posted in Office / Retail / Industrial, Property Market / Real Estate

Tagged AA Centre, Automobile Association of Singapore, Singapore Property

Singapore’s northeast at risk of housing oversupply

Posted on 27 Jun 2012 | Comments Off

While home prices in the northeast district are expected to be stable in the coming year, analysts say the area may potentially see an oversupply of homes in the future.

In the next few years, Punggol, Sengkang and Pasir Ris will continue to see intense construction activity, with market watchers expecting some 17,000 residential units to come onstream in the area over the next five to six years.

Later this year, developers are expected to bid for 4 sites in the northeast which are expected to yield some 2,000 executive condominium units. This will add to the 3,295 units from sites released in the area by the government in the first half of the year.

Despite this, experts predict a well-located site to see eight to 10 bids from developers.

“Pricing will be competitive in Punggol area and Pasir Ris, more so because there have been a couple of launches in the second half of last year GLS programme and also the first half of 2012,” Alan Cheong, Research Head of Savills Singapore, said.

“There will be a bit of competition among developers, but prices will remain competitively stable.”

Under the Government Land Sales, a commercial site at Punggol will be put out for tender in the second half of 2012. Still, some market watchers point out that Singapore’s northeast precinct lacks economic activity, reducing its attractiveness in residential leasing and resale.

Analysts also say the lack of education and commercial activities to anchor the area could drive buyers to consider homes in other estates.

For now, prices are expected to remain stable over the next one to two years.

According to analysts, median prices of new private homes in Sengkang are nearly S$1,000 per square foot, and nearly S$900 per square foot in Sengkang and Pasir Ris.

Source : CNA – 2012 Jun 27