And in the Sophia Road area, Sophia Court has been put up for en bloc sale with an asking price of $250 million or $718 psf per plot ratio inclusive of an estimated $821,000 development charge.
In the case of Rose Garden, whose sale was brokered by PropNex Realty, the purchase by Far East is subject to confirmation that no development charge is payable, says PropNex senior associate director Jeremy Chiu.
He says no DC is payable because the baseline gross floor area of 494,328.88 sq ft is higher than the 401,178 sq ft allowed under Master Plan 2003.
The 191,037 sq ft freehold site is zoned for residential use with 2.1 plot ratio (ratio of maximum potential gross floor area to land area) and 24-storey maximum height under Master Plan 2003. The deal with Far East comes after a tender for the site closed earlier this week attracting a few other bids, says Mr Chiu. Far East's offer is the highest and crossed the owners' reserve price which is slightly above $400 psf ppr, he added.
Based on the $169.8 million price, owners of the 188 apartments at Rose Garden stand to receive about $903,000 a unit, which is about 40 per cent more than what they would have got if sold individually.
Owners controlling about 85 per cent of share values have consented to the en bloc sale. Rose Garden owners paid prices ranging from $26,000 (for those who bought their units 40 years ago) to $850,000 for their units.
In January, Far East bought Amberville, a privatised HUDC estate in the vicinity of Rose Garden, for $396 psf ppr inclusive of estimated development charges and premium to top up lease from the remaining 71 years to the original 99.
This year Far East has bagged at least seven major properties - Amberville, ex-Glutton's Square site on Orchard Road, Angullia Mansion and Skyline Angullia both at Angullia Park, Pacific Court at Pasir Panjang Hill, Waterfront View in Bedok (this was a joint acquisition with Frasers Centrepoint) and Rose Garden - for a total of over $1.4 billion.
In the Sophia Road area, CB Richard Ellis has secured the approval from owners controlling 81 per cent of share values to do a collective sale of Sophia Court. The 21-year-old freehold development has a 166,140 sq ft land area and is zoned for residential use with 2.1 plot ratio.
Based on the $250 million asking price, owners stand to enjoy about 100 per cent collective sale premium.
