Friday, April 28, 2006
Newton, Balmoral sites set to be sold
TWO prime collective sale sites that were put on the market last month look set to be sold soon, after potential buyers made bids that met asking prices for the properties.
The Straits Times understands that Newton Meadows received about six bids, while Pinetree Condominium, at Balmoral Road, attracted three bids.
The freehold estates, both of which are being marketed by Jones Lang LaSalle, had invited expressions of interest from developers until yesterday.
The 28 owners of Newton Meadows are asking about $75 million for their 42,886 sq ft estate, or about $680 per sq ft per plot ratio (psf ppr).
Each owner stands to pocket between $1.4 million and $3.5 million from the sale. The site can host a 36-storey condo with about 83 apartments of 1,300 sq ft each.
For Pinetree, which comes with a price tag of close to $59 million, or about $888 psf ppr, the estate's 50 owners are offering to forgo cash in exchange for units in the new project that will be developed on the site.
About 60 units at 1,100 sq ft each can go up on the 41,361 sq ft plot. The new units are expected to fetch about $1,400 psf, while the existing units are worth half of that.
Meanwhile, another site has been put up for collective sale, this time in the Whampoa area.
Mutual Court at Mar Thoma Road is asking for $23.2 million, or $274 psf ppr, for the 999-year leasehold site. There is a development charge of $103,000. A 36-storey condo can be built on the 30,331 sq ft plot, with 67 units of 1,200 sq ft each. The site now hosts a five-storey development with 34 apartment units.
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// posted by Shajahan @ 3:29 PM 