Thursday, April 20, 2006
Balmoral View wants $52m for selling en bloc
DESPITE the current collective sale craze, not all estates have been able to obtain the minimum requirement of 80 per cent consensus from their owners to go en bloc.
 PUSHING AHEAD: Prospective sellers at Balmoral View are inviting expressions of interest for the estate despite getting less than the required 80 per cent consensus from owners. |
At Balmoral View, for instance, only 17 of the 22 owners, or about 77 per cent, have agreed to put their estate up for collective sale. That means the sale cannot go ahead under law.
But that has not stopped the prospective sellers - who stand to get 55 per cent more from a collective sale than from selling their units individually - from inviting expressions of interest for the Balmoral Road property.
They are apparently confident of winning over a crucial owner or two to pass the 80 per cent threshold.
The owners are asking $52 million for the estate, which works out to about $733 per sq ft (psf) per plot ratio (ppr), including an estimated development charge of $7.89 million.
In terms of unit land price, this price tag is slightly higher than nearby Casa Rosita at Bukit Timah Rd, which was sold earlier this month to GuocoLand for $280 million, or $707 psf ppr.
Casa Rosita is one of the latest of 14 collective sales worth some $1.8 billion to be concluded since the start of the year.
The 51,080 sq ft Balmoral View site has a plot ratio of 1.6 and can be redeveloped into a 12-storey condominium with 55 units of about 1,500 sq ft each, said CB Richard Ellis, which launched expressions of interest for it yesterday.
The estimated break-even cost is about $1,000 psf for the site, which currently hosts four townhouses, 10 lower maisonettes and eight upper maisonettes. Interested developers can offer expressions of interest until May 25.
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// posted by Shajahan @ 3:20 PM 