Yi Mei Garden on Tampines Road in Singapore recently sold for S$136 million (US$107 million) to Roxy Pacific Holdings. The price was inclusive a development charge of S$4 million (US$3 million).
The freehold property is S$856 (US$678) per sq ft and is spread over a land area of 78,030 sq ft. Under Master Plan 2008 the site is earmarked for residential use with a 2.1 plot ratio – the maximum gross floor area to land area.
Built in 1984, Yi Mei Garden is currently a 14-storey residential block comprising of 44 apartments and four penthouses.
Roxy Pacific Holdings said in a statutory filling with Singapore Exchange yesterday that the acquisition is subject to approval of the collective sale by the Strata Titles Board of the High Court
It could potentially yield an achievable proposed gross floor area of 163,863 sq ft, which could be redeveloped in to two towers.
The development is located near the Kovan MRT Station, just minutes drive from Orchard Road shopping district.
The site was put up for collective sale by public tender last month.
Source PropReport – 19 Jun 2013
A residential site at Tampines Road is up for collective sale with an indicative selling price of S$132 million to S$135 million, according to marketing agent ERA Realty Network.
The freehold Yi Mei Garden comprises a land area of 78,030.38 sq ft and gross plot ratio of 2.1, with a selling price of about S$805 to S$810 psf per plot ratio (ppr), The Business Times reported.
Completed in 1984, the property currently houses 44 apartments and four penthouses. It could be redeveloped into two towers with a total gross floor area (GFA) of 163,863.79 sq ft.
Meanwhile, the residential collective sales market has shown signs of recovery in the last few months, with at least three properties sold in 2013. For instance, Kismis Lodge which features a pair of freehold walk-up apartments near Toh Tuck Road was sold for S$84.18 million or S$1,198 psf in March.
The sale of Ultra Mansion near Novena MRT station went for S$149.13 million or S$1,170 psf on its potential GFA.
Another deal that closed recently was The Versailles, a 55-unit freehold condominium along Guillemard Road, priced from S$105 million to S$110 million, or S$1,088 to S$1,133 psf ppr.
Source – PropGuru – 8 May 2013