Tuesday, October 10, 2006
[RealEdge] BT : Prime residential sites up for en bloc sale
| Published October 10, 2006  | |||
| Prime residential sites up for en bloc sale
By UMA SHANKARI
ENG Tai Mansion, a freehold residential site near Somerset MRT station, is up for collective sale at $90.4 million.
The 38,300 sq ft site - at St Thomas Walk in prime District 9 beside Orchard Road - could fetch about $80 million, market watchers say. An estimated development charge of $10.4 million is payable. The maximum building height is 36 storeys and the plot ratio is 2.8, allowing for a maximum floor area of 107,300 sq ft. At $90.4 million, the cost translates to $840 per sq ft per plot ratio (ppr). The site can be redeveloped into a high-rise condominium of up to 80 apartments averaging 1,200 sq ft each, says marketing agent Jones Lang LaSalle (JLL). Eng Tai Mansion now comprises two blocks with a total of 50 apartments, owned by more than now 40 owners. Close to 90 per cent of unit-owners have already agreed to sell, says JLL. Owners get an average of $1.6 million per unit if the $80 million asking price is achieved. This translates to an en bloc premium of about 100 per cent, says JLL's regional director and head of investments Lui Seng Fatt. 'The take-up of prime residential development sites in the Orchard area has been very strong,' says Mr Lui, who expects the Eng Tai Mansion project to garner strong interest from local and overseas high net worth individuals. The tender closes at 2pm on Nov 9. Elsewhere, a freehold property in Upper East Coast Road, East Coast Ville, is also up for collective sale. The site is 96,600 sq ft and the plot ratio is 1.4 plot ratio, allowing a gross floor area of 135,300 sq ft. The owners of the 60 existing units are asking for $60 million - including an estimated development charge of $4.6 million - which works out to $440 psf ppr. Dennis Wee Realty, which is handling the sale, said a buyer can redevelop the property into an estimated 120 residential units of various sizes. | |||
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