Tag Archives: The Meyer Place

Don’t bank on en-bloc jackpot yet

Posted on 27 Sep 2009 | Comments Off on Don’t bank on en-bloc jackpot yet

There is a bit of action in the en-bloc sale market as individual owners scramble to get a foot into the fast-rising private home market, which has left many developers hungry for land.

The strong response shown by developers at recent tender exercises is a clear motivating factor.

But for those who are banking on an en-bloc jackpot, it is best not to count on a sure-win yet.

Unless property prices pick up quickly, a speedy success may elude these owners for now. This is because most developers are unlikely to rush for the available collective sale sites at the prices the owners want, said experts.

So far this year, five residential sites have been put up for sale en bloc, and more are expected in the next few months.

A few tenders have closed, but no sale has been concluded.

‘The en-bloc sale market won’t move very fast because owners are asking high prices,’ said property consultant Nicholas Mak, a real estate lecturer at Ngee Ann Polytechnic.

Collective sale prices tend to be on the high side as owners look to a premium above the value of their individual units. But those days of large profits made in quick sales have yet to return. Continue reading →

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Posted in En-bloc / Collective Sales, Property Price

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Bids of $300-425 psf ppr seen for Upper Thomson plot

Posted on 24 Sep 2009 | Comments Off on Bids of $300-425 psf ppr seen for Upper Thomson plot

Another site at Meyer Road offers bite-size option, with $65m price tag

DEVELOPERS hungry for land were offered two plum residential sites yesterday. One is a 99-year leasehold plot at Upper Thomson Road, opposite the Singapore Island Country Club’s Island Golf Course, which boasts views of Lower Peirce Reservoir.

Reservoir view: The Upper Thomson Road plot can be built up to 20 storeys

The 224,303 square foot plot, which was triggered for release from the government’s reserve list, can be developed into a condo of up to 20 storeys with about 400 units.

The land parcel’s minimum price is $82 million or $174 per square foot of potential gross floor area, although property consultants expect top bids to come in much higher – at $300 to $425 psf per plot ratio (psf ppr). They reckon a new condo on the site could fetch an average selling price of about $800-1,000 psf.

The second offering is a 28,167 sq ft freehold plot put on the market through a collective sale of The Meyer Place in District 15. The reserve price is said to be $65 million, which works out to about $1,150 psf ppr including an estimated $3 million development charge.

The site is zoned for residential use and has a 2.1 plot ratio under Master Plan 2008. Continue reading →

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Posted in Developers, En-bloc / Collective Sales, Property Market / Real Estate

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