Five Properties Put Up For En Bloc Sale

Source : The Business Times, October 30, 2007

TENDERS for collective sales continue to be launched. The latest offerings include Dunearn Gardens near the Newton/ Scotts roads area, The Village in Pasir Panjang, and Riviera Point along River Valley Road.

Dunearn Gardens: Guide price for the 95,443 sq ft freehold site is $578.5m or $2,288 psf per plot ratio

CB Richard Ellis, which is marketing Dunearn Gardens, says the guide price for the 95,443 sq ft freehold site, is $578.5 million, which translates to about $2,288 per square foot per plot ratio, inclusive of an estimated $32.9 million development charge (DC). A new condo on the site would break even at about $2,900 to $3,000 psf, market watchers say.

The site is zoned for residential use with a 2.8 plot ratio (ratio of maximum potential gross floor area to land area). The maximum height allowed for the site is about 33 storeys. The plot can be redeveloped into a new condo with about 134 units averaging 2,000 sq ft each.

Credo Real Estate, the marketing agent for The Village, expects the freehold 102,642 sq ft site to fetch $75 million to $80 million. This reflects a unit land price of $646 to $680 psf per plot ratio, including an estimated DC of $17.75 million. Credo pointed to the possibility of the developer buying up to 20,000 sq ft of adjoining state land parcels, thus potentially enhancing the land size to 122,642 sq ft. In such a scenario, the developer's unit land price would be lowered to $578 to $607 psf ppr - based on the $75 million-$80 million price tag set by The Village's owners.

The site is zoned for residential use with a 1.4 plot ratio and five-storey maximum height.

Newman & Goh is marketing a few small sites. One of them is Riviera Point, a 14,580 sq ft plot at River Valley Road with a 2.8 plot ratio and 36-storey maximum height. Its owners are asking for $73.5 million, which works out to $1,800 psf ppr. No DC is payable.

Off Thomson Road, the property agent is marketing View Point and the nextdoor Shiba Apartments with asking prices of $20.5 million and $16.9 million respectively. These work out to around $792 psf ppr including DC.