Wednesday, April 19, 2006
The Albany and No 1 Robin Road en bloc sales launched
KEEPING up the momentum in collective sale launches in the first quarter that saw 19 deals being closed, two more en bloc sales have just come into the market.
The larger of the two sales which were launched yesterday, The Albany, a 47-unit high-rise freehold development on Thomson Road has a land area of approximately 41,688 sq ft.
The potential buyer will also have the option to buy between 10,000 sq ft and 15,000 sq ft of adjoining state land, subject to approval from the relevant authority.
According to Credo Real Estate, which is marketing the two sites, The Albany site is expected to fetch between $60 million and $65 million. Together with the development charge and state land premium of between $5 million and $6 million, the asking price works out to $413 per sq ft (psf) to $445 psf per plot ratio.
This means that the break-even cost for the developer would be about $700 psf to $740 psf of potential sellable floor area.
The second site No 1 Robin Road measures about 15,070 sq ft and can accommodate a boutique residential project with a permissible gross floor area of roughly 31,646 sq ft.
The asking price is between $12 million and $12.5 million, which factors in a development charge of $3.31 million.
The site can be developed into 25 apartment units with an average size of 1,200 sq ft. The break-even price is expected to be from $820 psf to $840 psf of potential sellable floor area. Shobha Tsering Bhalla
The larger of the two sales which were launched yesterday, The Albany, a 47-unit high-rise freehold development on Thomson Road has a land area of approximately 41,688 sq ft.
The potential buyer will also have the option to buy between 10,000 sq ft and 15,000 sq ft of adjoining state land, subject to approval from the relevant authority.
According to Credo Real Estate, which is marketing the two sites, The Albany site is expected to fetch between $60 million and $65 million. Together with the development charge and state land premium of between $5 million and $6 million, the asking price works out to $413 per sq ft (psf) to $445 psf per plot ratio.
This means that the break-even cost for the developer would be about $700 psf to $740 psf of potential sellable floor area.
The second site No 1 Robin Road measures about 15,070 sq ft and can accommodate a boutique residential project with a permissible gross floor area of roughly 31,646 sq ft.
The asking price is between $12 million and $12.5 million, which factors in a development charge of $3.31 million.
The site can be developed into 25 apartment units with an average size of 1,200 sq ft. The break-even price is expected to be from $820 psf to $840 psf of potential sellable floor area. Shobha Tsering Bhalla
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// posted by Shajahan @ 10:37 AM 