And another piece of land was sold. The parcel where The Parisian was formerly sitting has been sold for S$283M.
The deal was brokered by CB Richard Ellis and was sold to China Sonangol Land, part of China Sonangol international holding company in Hong Kong.
Oversesa Union Enterprise (OUE) formerly bought the site through a collective sale for S$228.1M in December 06, which netted them S$54.9M for over 2 years. With this sale, the net tangible assets per share has risen for FY 2008.
CBRE said the purchase price of S$283 million will translate to about S$2,058 per square foot per plot ratio (psf ppr), with break even price estimated at S$2,500 to $2,600 psf. The future selling price could be around $3,500 psf depending on the launch date.
With a plot ratio of 2.8, the site could be built up to 36-storey of 52 three and four-bedroom units and two penthouses.
It may even be the largest freehold residential site sold since two years ago.
Credo has successfully brokered a piece of land size of 207,000sqft through private treaty off Sims Avenue (towards the end of Jalan Senang and Lengkong Tujuh) to Hoi Hup & Sunway Group of Malaysia at $158 Million dollars.
That works out to be $445 per square feet per plot ratio (psf ppr) of potential gross floor area and development charge payable to the Government.
This will be upcoming an upcoming condominium site comprising of 400 to 500 units of apartments, of mostly 2 and 2+study bedroom type, a spokesman from Hoi Hup mentioned.
The site has a plot ratio of 2.1 and a maximum of 12-storey height according to MP2008.
According to Mr. Kramjit Singh, Managing Director of Credo, the break even price would be 800-psf, and they would be expecting to sell at 900-psf on average.
Roxy-Pacific has agreed to acquire the site at Spottiswoode Park, but at a price below the estate’s original reserved asking price of $120 million (1,020psf ppr). The developer has offered $100.8 million (860psf ppr).
To make the en bloc a success, the sales committee will have to get 80% signature consent from the owners again to reduce the reserve price to get a fresh sale order from the Strata Titles Board. This scenario is exactly the same for Laguna Park, which has rumored to have consider reducing its reserve price down from 1.2 billion to 950million or 1 billion.
Roxy-Pacific cites that it needs to replenish its land bank, and will look at Dragon Mansion as the third land site to acquire. It has done two sites this year, both in Joo Chiat area totalling 1,966sqm of land.
Laguna Park’s en bloc tender results are unsuccessful, according to Channel News Asia.
There were two interested party in the exercise bid, namely a local company which comprises of shareholders from Indonesia and a prominent local developer.
Credo, the appointed agency for Laguna’s en bloc project gave a brief breakdown of the two parties. The local company offering bid of 1.7 billion, far exceeding the reserved price of 1.2 billion, but pulled out its offer citing difficulties with the bankers to remit the funds to process in Singapore.
The second party, prominent local developer has expressed interest to settle on a bid price after negotiations with majority owners. The majority owners have about a month to enter into any private treaty deal before the collective sale agreement expires in December.
About Laguna Park
An ex-HUDC which was privatised in 2007, the 528-unit leasehold Laguna Park has a sprawling land size of about 677,493 sqft with a plot ratio of 2.8 (under the current Master Plan 2008) can build up to 36 storeys, subject to relevant approval from the URA.
It’s confirmed. The Government will be stepping in to regulate the pool of real estate agents in Singapore.
The Straits Times announced and understands that an independent body will be formed and chaired by a neutral party appointed by the Government. It will also house a dispute resolution centre for agents and consumer mediation.
It’s about time as mentioned before that this would happen. Like Nicholas Mak mentioned, the only wish I had was that the independent body will not have any agency heads involve in the process as this will have conflicting of interest within the party.
Public consultation on the proposed reforms is due to begin this month with the findings due by December.
What Should Property Agents Do Now?
To fellow colleagues who’s rushing to take your CES or CEHA at this point, I don’t see the point of speeding up. It would be an added bonus to have the qualifications.
If you see these papers as added or refreshment to your real estate knowledge, the papers would be much easier to clear.