Wednesday, September 26, 2007

[RealEdge] BT : Sale of Seletar Garden could fetch up to $75m

 

Published September 25, 2007

http://www.businesstimes.com.sg/mnt/static/image/ax/c.gif

Sale of Seletar Garden could fetch up to $75m

This works out to $683-$733 psf ppr inclusive of DC for the 73,099 sq ft site

SELETAR Garden, a mixed development at Yio Chu Kang Road, is up for sale by tender with the estimated price of between $70 million and $75 million.

http://www.businesstimes.com.sg/mnt/media/image/launched/2007-09-25/BT_IMAGES_ASENBLOC25.jpg

Reaping profits: Based on the indicative collective sale price, each owner could make a premium of at least 80 per cent over the open market price

This works out to be $684-$733 per square foot per plot ratio (psf ppr) inclusive of development charge (DC) for the 73,099 sq ft site.

The property is being marketed by PropNex, whose head of investment sales Charles Chua says there is also a possibility of the alienation of three parcels of adjoining remnant state land at an estimated additional $8.3 million. This will bring the total site area to over 100,000 sq ft and with a possible gross floor area (GFA) of over 140,000 sq ft.

Together with the state land, the site could cost between $555 and $590 psf ppr. Mr Chua believes the site, which is within a 15-minute walk of the Yio Chu Kang MRT offers potential for a boutique serviced-residence or condominium and food-and-beverage centre.

Mr Chua estimates that the current open market value for the residential units at Seletar Garden is between $850 and $850 psf.

Based on the indicative collective sale price, each owner is expected to make a premium of at least 80 per cent over the open market price, Mr Chua said. He estimates that about 40 residential units of between 1,600 and 1,800 psf can be built on the site. The break-even price for the potential new development would be about $750 psf.

 

__._,_.___

Real Estate News Provided Freely



Your email settings: Individual Email|Traditional
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch to Fully Featured
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe

__,_._,___



<< Home