Saturday, September 23, 2006
[RealEdge] BT : Ho Bee makes $142m en bloc buy
| Published September 23, 2006  | |||
| Ho Bee makes $142m en bloc buy Orange Grove Condo sale subject to Strata Titles Board approval
By KALPANA RASHIWALA
HO BEE Group is expanding its presence in Orange Grove Road. It has just clinched The Orange Grove Condominium through a collective sale for $142 million or about $970 per square foot of potential gross floor area, including an estimated $11 million development charge.
The latest 98,953 sq ft freehold site is just a stone's throw from the 86,347 sq ft Fernhill Grove site the group bought in August last year for $66.3 million or an estimated $620 psf per plot ratio including the prevailing DC rate at the time. Ho Bee has since bought an adjoining state site and amalgamated it with the Fernhill Grove plot to enlarge it to 92,200 sq ft. The Orange Grove Condo, at the corner of Orange Grove and Stevens roads, will boost Ho Bee's residential landbank to around 718,200 sq ft, comprising four sites - Paradise Island and the Baywater Collection sites on Sentosa Cove, and Fernhill Grove and Orange Grove Condo. Ho Bee plans to redevelop the four plots into a total of 428 homes, says Chong Hock Chang, the company's general manager (marketing and business development) The site now houses two four-storey blocks with a total of 31 apartments and maisonettes. The floor areas of these units range from 2,917 to 7,276 sq ft, and owners are expected to receive between $4 million and $8 million per unit - about 60 per cent more than their homes would have fetched individually. Ho Bee plans to redevelop The Orange Grove Condo site into a new condo with about 90 units in mostly large apartments of 1,800 to 2,000 sq ft. The breakeven cost is estimated by analysts at $1,350-$1,400 psf. The project could be marketed in about a year's time. The collective sale of Orange Grove Condo is subject to approval by the Strata Titles Board, since unanimous consent from owners has not been secured. The site is zoned for residential use with a 1.6 plot ratio and 12-storey height limit. | |||
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