Westwood Apartments - En bloc Site Goes On Sale For $2,800 PSF PPR

Source : The Business Times, October 11, 2007

WESTWOOD Apartments, the first luxury collective sale site to be launched after the recent changes to collective sales rules and the US sub-prime crisis, has an indicative price tag of $488 million.

Westwood Apartments: If the indicative price is achieved, the site could set a new benchmark price for collective sales here

This works out to $2,800 per square foot per plot ratio (psf ppr) for the 62,179 sq ft site on Orchard Boulevard.

Marketed by Savills Singapore, its director of investment, Steven Ming, believes the price reflects the site's proximity to Orchard Road and the surrounding luxury residences such as the St Regis Residences, Parkview Eclat, and Orchard Residences which have seen prices transacted in excess of $4,000 psf in recent months.

The site can be built up to 20 storeys and yield around 69 units of condominium apartments of 2,500 sq ft, added Mr Ming.

If the indicative price is achieved, Westwood Apartments could set a new benchmark price for collective sales here.

The present record holder is The Ardmore, acquired by SC Global in June for $262 million or $2,337 psf ppr.

Savills Singapore is also marketing Welkin Mansions in River Valley. Director of investment projects, Suzie Mok, expects the 26,000 sq ft site to fetch $1,800 psf ppr. This works out to be around $130 million.

The site can be built up to 36 storeys and yield about 48 units of around 1,500 sq ft.

Another unusual site that has been put up for sale is Northshore Bungalows in Ponggol.

The existing development comprises 20 units of bungalows and two plots of bungalow land with swimming pool and a clubhouse.

The 129,585 sq ft site has a plot ratio of 2.1 and is zoned for 2-storey bungalows.

Marketed by United Premas Ltd, Northshore Bungalows has an indicative price of $92.4 million, excluding development charges of $14 million.

United Premas reckons that the site can potentially accommodate about 72 units of resort-style strata titled bungalows which can be built up to two storeys with an attic, a basement and two basement car park lots.