Friday, September 08, 2006
[RealEdge] BT : Hong Leong Garden Condo enters en-bloc market
| Published September 8, 2006  | |
| Hong Leong Garden Condo enters en-bloc market
By CONRAD RAJ
EN-BLOC fever continues to grip those wanting to get more money for their homes and other properties by selling collectively rather than as individuals. The latest to put their properties on the block are the residents of Hong Leong Garden Condominium, using real estate agent Ivy Lee Realty to market the property through an open tender that is being called today. The relatively large 24,719 sq m (266,076 sq ft), 956-year leasehold site currently houses 180 residential units in three blocks of four storey apartments, two of six storeys, and a nine-storey block. The maximum allowable gross plot ratio is 1.6, meaning the 266,076 sq ft site can yield 425,721 sq ft of liveable space or gross floor area. The residents are asking for a minimum $138 million including an estimated development charge of $20.5 million, or $324 psf of potential gross flow area. Ivy Lee Realty chief executive Ivy Lee said: 'We expect good demand from developers as fewer and fewer of these large sites are becoming available.' Six years ago, City Developments - whose parent, the Hong Leong group, developed Hong Leong Garden 25 years ago - bought the nearby Tat Lee Court site in the West Coast area for $122 million or $333 psf of potential gross floor area. And earlier this year, construction and property group Chip Eng Seng clinched the Westpeak Condominium site for $206.09 million or $348 psf of potential gross floor area, including an estimated development charge of $21.5 million. Westpeak has a site area of 311,829 sq ft with a plot ratio of 2.1 and a height limit of 24 storeys. Last year, mainboard-listed Sim Lian Group bought the 237,939 sq ft Hin Seng Garden freehold site, also in the West Coast area, for $95 million or $370 psf per plot ratio. 'So we should have no problem getting the minimum asking price of $138 million as property prices now are considerably higher than six years ago,' Ms Lee said. She also aims to market the adjacent Hong Leong Garden Shopping Centre, which sits on a 150,818 sq ft site with a potential floor yield of 241,380 sq ft on a plot ratio of 1.6. The shopping centre site is designated for residential cum commercial use. Ms Lee hopes to get the necessary minimum approval from 80 per cent of owners in a 'couple' of months and put it on the market by year-end. |
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch format to Traditional
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe
__,_._,___
