{"id":103483,"date":"2019-01-30T12:52:52","date_gmt":"2019-01-30T05:52:52","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-projects-seek-to-revive-en-bloc-attempt-at-lower-prices\/"},"modified":"2019-01-30T13:03:18","modified_gmt":"2019-01-30T06:03:18","slug":"two-projects-seek-to-revive-en-bloc-attempt-at-lower-prices","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-projects-seek-to-revive-en-bloc-attempt-at-lower-prices\/","title":{"rendered":"Two projects seek to revive en bloc attempt at lower prices"},"content":{"rendered":"


\nGilstead Court, a residential development at the Novena-Newton area in District 11, has been relaunched for collective sale via tender at a potentially lower reserve price, revealed marketing agent JLL on Tuesday (29 Jan).
\nThe project\u2019s Collective Sale Committee (CSC) has proposed slashing the reserve price to $153 million from $168 million previously, given the new property cooling measures.
\nAlthough the Urban Redevelopment Authority\u2019s higher average unit size for non-landed homes outside Singapore\u2019s central region also impacts Gilstead Court, said the property consultancy, the Land Transport Authority (LTA) doesn\u2019t require a Pre-Application Feasibility Study (PAFS) on traffic impact for the site\u2019s redevelopment.
\nHowever, the lower reserve price requires the approval of at least 80 percent of the development\u2019s owners in terms of overall share value and total floor area. JLL revealed that at press time, over 60 percent of the owners have signed the supplemental agreement to reduce the reserve price to $153 million.
\nCompleted in 1978, Gilstead Court consists of 48 apartments spread across three four-storey apartment blocks. Half of the units measure 1388.54 sq ft (129 sq m), while the remaining 24 apartments have a larger built-up area of 1,463.89 sq ft (136 sq m).
\nIf the lower price is approved, the revised land rate works out to around $1,448 psf per plot ratio (psf ppr), or $1,353 psf ppr inclusive of the 7.0 percent bonus balcony plot ratio. Subject to approval, the winning developer may potentially configure the allowable gross floor area to 113,067 sq ft and build 98 apartments with a minimum size of 100 sq m.
\nApart from being near amenities like the world-class medical facility Health City Novena, the development is within 1km of St Joseph\u2019s Primary Institution (Junior), Anglo-Chinese School (Junior), and Anglo-Chinese School (Baker).
\nLocated just 250 metres from the Novena MRT Station, the development is merely two stops from Orchard and three stops to Botanic Gardens. By car, Marina Bay and Raffles Place are just a 15-minute drive.
\n\u201cGilstead Court, with its prestigious address, freehold tenure and proximity to three very popular primary schools, stands out amidst the many collective sale sites that are presently being marketed\u201d, said JLL\u2019s Executive Director Tan Hong Boon.
\n\u201cWe expect good interest for this site due to the reasonable pricing and the recent strong interest received for the nearby Kampong Java GLS site with seven bidders. With no development charge payable, it is insulated from the half-yearly development charge rate revisions by the Chief Valuer, with the next review expected on 1 March 2019\u201d, added. Tan.Meanwhile, marketing agent SLP International revealed that the 120-unit Lakeside Apartments in Yuan Ching Road in District 22 will be relaunching collective sale tender on 30 January.
\nIts CSC has also proposed to cut the reserve price from $240 million to $205 million. At present, 70 percent of the owners have consented to reducing the price, shy of the 80 percent required.
\nSituated within the Jurong Lake District, the 99-year leasehold development with a land area of 12,465 sq m is close to the Lakeside MRT station and offers panoramic views of Jurong Lake.
\nThe tender exercises for Gilstead Court and Lakeside Apartments will both close on 27 February 2019.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Two projects seek to revive en bloc attempt at lower prices<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Gilstead Court, a residential development at the Novena-Newton area in District 11, has been relaunched...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-103483","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-qV5","jetpack-related-posts":[{"id":100496,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gilstead-mansion-relaunched-for-collective-sale-at-lower-price\/","url_meta":{"origin":103483,"position":0},"title":"Gilstead Mansion relaunched for collective sale at lower price","date":"October 25, 2018","format":false,"excerpt":"\r The 24-unit residential development has been relaunched for collective sale at a guide price of $65 million. (Photo: Teakhwa Real Estate) In a bid to beat the clock before the new rules on unit sizes outside the central area kick in as well as the chill of property cooling\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":90742,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gilstead-court-elizabeth-towers-launched-for-collective-sale\/","url_meta":{"origin":103483,"position":1},"title":"Gilstead Court, Elizabeth Towers launched for collective sale","date":"June 7, 2018","format":false,"excerpt":"\r Elizabeth Towers off Orchard Road in District 9 has a reserve price of $610 million or $2,416 psf ppr. (Photo: Knight Frank Singapore) The en bloc fever continues to heat up with two more freehold sites \u2013 Gilstead Court and Elizabeth Towers \u2013 launched for sale. The owners of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122166,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gilstead-road-residential-site-up-for-sale-for-91-8mil\/","url_meta":{"origin":103483,"position":2},"title":"Gilstead Road residential site up for sale for $91.8mil","date":"September 23, 2021","format":false,"excerpt":"\r Gilstead Road residential site up for sale for $91.8milSole marketing agent Edmund Tie said the price works out to a land rate of about $2,001 per sq ft per plot ratio (psf ppr), including the estimated development charge. Photo: Edmund Tie A freehold residential site at Gilstead Road in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/09\/32_34-Gilstead-Rd_00019-crop.jpg?fit=819%2C411&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":124494,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/kheng-leong-acquires-gilstead-road-sites-for-70mil-young-singaporeans-want-greener-more-inclusive-living-environment-and-more\/","url_meta":{"origin":103483,"position":3},"title":"Kheng Leong acquires Gilstead Road sites for $70mil, young Singaporeans want greener, more inclusive living environment and more","date":"February 7, 2022","format":false,"excerpt":"\r 1st February to 7th February Two freehold residential redevelopment sites in Gilstead Road changed hands, with Peak Vista, which Kheng Leong Company wholly owns, buying two bungalows for $70 million. Meanwhile, Singapore\u2019s youth want their future living environment to be sustainable with more trees, nature parks and urban-centred greenery.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/02\/singapore-bay-area-1.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":89989,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gilstead-mansion-in-district-11-up-for-sale-for-at-least-68m\/","url_meta":{"origin":103483,"position":4},"title":"Gilstead Mansion in District 11 up for sale for at least $68m","date":"May 31, 2018","format":false,"excerpt":"\r The freehold project sits on a 35,751 sq ft site and is close to the Newton, Novena and Little India MRT stations. (Photo: Teakhwa Real Estate) Gilstead Mansion, a 24-unit freehold condominium in District 11, has been launched for collective sale via public tender, with the owners hoping to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102319,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/over-30-en-bloc-sites-fail-to-secure-buyers\/","url_meta":{"origin":103483,"position":5},"title":"Over 30 en bloc sites fail to secure buyers","date":"December 17, 2018","format":false,"excerpt":"\r The owners of Windy Heights in Kembangan are undergoing a re-signing process to cut the reserve price to $750 million. Singapore\u2019s en bloc residential market has slowed down, with over 30 sites failing to secure buyers after the government introduced fresh property curbs in July, reported Channel NewsAsia. \u201cAfter\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/103483"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=103483"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/103483\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=103483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=103483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=103483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}