Source : The Business Times, September 20, 2007
This is lower than indicative price for nearby Pinetree Condo
THE owners of The Aspine at 5 Balmoral Road are teaming up to sell their homes collectively, with an asking price of $145 million or $1,966 psf per plot ratio - lower than the $2,100 psf ppr indicative price announced last week for nearby Pinetree Condo.
No development charge is payable for both sites.
Newman & Goh head of investment sales Jeffrey Goh, whose firm is marketing The Aspine, said: 'In today's market with the sub-prime mortgage fiasco still up in the air, one should not be too gung-ho in demanding exorbitant asking prices. Our asking price is a good fit for the developer but at the same time clears the hurdle of the owners' minimum reserve price.'
Based on the $1,966 psf ppr unit land price, the breakeven cost for a new condo on the District 10 site off Stevens Road would be around $2,400 to $2,500 psf, market watchers reckon.
And if The Aspine achieves its asking price, owners of the existing 35 apartments in the development stand to receive sums ranging from $3.7 million to $4.3 million for each unit - about 80 per cent more than if they sold their units individually, acccording to Mr Goh.
Owners controlling more than 80 per cent of share values in The Aspine have signed the collective sale agreement. The development is about 15 years old.
The Aspine has a freehold land area of 46,104 sq ft land area and is designated for residential use with a 1.6 plot ratio (ratio of maximum potential gross floor area to land area) and 12-storey maximum height.
In March this year, Hong Leong Group paid $1,188 psf ppr, including DC, for One Balmoral. No 3 Balmoral Road, with a land area of about 23,820 sq ft, is understood to have changed hands a few months later at between $1,300 and $1,400 psf ppr.
The tender for The Aspine closes on Oct 17.
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