{"id":35632,"date":"2016-11-24T11:31:07","date_gmt":"2016-11-24T04:31:07","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/three-apartment-buildings-near-orchard-road-sold-for-190-5m\/"},"modified":"2016-11-24T11:46:22","modified_gmt":"2016-11-24T04:46:22","slug":"three-apartment-buildings-near-orchard-road-sold-for-190-5m","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/three-apartment-buildings-near-orchard-road-sold-for-190-5m\/","title":{"rendered":"Three apartment buildings near Orchard Road sold for $190.5m"},"content":{"rendered":"


\nNo.3 Cuscaden Walk was sold to a consortium led by Sustained Land for $103.8 million. Source: CBRE and JLL
\nThree prime residential buildings near Orchard Road have been sold to different developers for a total of $190.5 million, marketing agents CBRE and JLL said on Thursday (24 November).
\nThe freehold properties at No.3 Cuscaden Walk, No.120 Grange Road and No.8 Hullet Road were launched for sale in October with a guide price of $185 million. The tenders closed earlier this month.
\nPropertyGuru understands that the owners were looking to sell the three buildings individually or as one lot.
\nThe 21,560 sq ft site at No.3 Cuscaden Walk was sold to SL Capital (2), a consortium led by Sustained Land, for $103.8 million. This works out to a land rate of about $1,826 psf per plot ratio on the potential gross floor area, including an estimated development charge of $6.43 million payable upon redevelopment.
\nNo.120 Grange Road was sold to a subsidiary of Roxy-Pacific Holdings for $48.5 million, or $1,841 psf on the existing strata area. The 18-unit property sits on 15,780 sq ft of land and has a total strata area of 26,350 sq ft.
\nMeanwhile, a consortium led by Patrick Kho of Lian Huat Group bought the site at No.8 Hullet Road for $38.2 million, which translates to $2,073 psf on the existing strata area. With a land area of 10,733 sq ft, it is the smallest of the three properties. Built in the early 2000s, it comprises 18 apartments with a total strata area of 18,428 sq ft.
\nJeremy Lake, Executive Director, Investment Properties at CBRE Singapore, said: \u201cSentiment towards the prime residential market has improved since the middle of the year, and some developers have been asking if there are sites for sale. These three sites are very well located, which combined with their palatable deal sizes, resulted in a very competitive bidding process.\u201d
\n\u201cThese properties attracted interest from a wide variety of parties, including long-term investors and those looking to build serviced apartments, aside from developers. The results reflect an underlying confidence in the stability of the high-end residential market, which prior to this year, saw a steady decline in values over the preceding four years,\u201d said Karamjit Singh, International Director and Head of Residential at JLL.
\nIn addition, the owners have also engaged JLL to market two apartments at The Claymore by private treaty. The sizes of the apartments are 2,680 sq ft and 3,348 sq ft, respectively.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Three apartment buildings near Orchard Road sold for 0.5m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

No.3 Cuscaden Walk was sold to a consortium led by Sustained Land for $103.8 million....<\/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-35632","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\/p75ss1-9gI","jetpack-related-posts":[{"id":27706,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/3-prime-residential-buildings-up-for-sale\/","url_meta":{"origin":35632,"position":0},"title":"3 prime residential buildings up for sale","date":"September 29, 2016","format":false,"excerpt":"\r \u00a0 JLL and CBRE are jointly marketing three prime residential properties around the Orchard Road area. Three prime residential properties located near Orchard Road have been put up for sale by public tender, with JLL and CBRE appointed as joint marketing agents. Owned by a group of investment holding\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/09\/jll-cuscaden-walk-683x1024.jpg?fit=683%2C1024&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":111050,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-tales-at-recent-condo-launches\/","url_meta":{"origin":35632,"position":1},"title":"Two tales at recent condo launches","date":"September 25, 2019","format":false,"excerpt":"\r Despite the slim profit margin, the developers of Cuscaden Reserve and The Antares probably deemed it better to launch the projects now considering the significant supply.\u00a0However, both GuocoLand and Low Keng Huat had enough room to price their projects more attractively and sell more units at launch.\u00a0 Four new\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":108496,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cuscaden-reserve-to-preview-in-q3-2019\/","url_meta":{"origin":35632,"position":2},"title":"Cuscaden Reserve To Preview In Q3 2019","date":"June 27, 2019","format":false,"excerpt":"\r Cuscaden Reserve, a luxury condominium project of SC Global Developments, New World Development and Far East Consortium at the heart of Orchard Road, is expected to open for private previews in the third quarter of 2019. At 117 metres tall, the 192-unit project at 8 Cuscaden Road features one-,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":86625,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cuscaden-road-site-sets-new-gls-record-of-2377-psf-ppr\/","url_meta":{"origin":35632,"position":3},"title":"Cuscaden Road site sets new GLS record of $2,377 psf ppr","date":"April 27, 2018","format":false,"excerpt":"\r Location map of the Cuscaden Road site. (Photo: URA) The tender exercises for three residential sites closed on Wednesday (26 Apr) with relatively bullish bidding from developers, with the top bid for the Cuscaden Road site setting a new benchmark for a 99-year leasehold site. At nearly $410 million,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":81271,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-launches-prime-site-at-cuscaden-road-for-sale\/","url_meta":{"origin":35632,"position":4},"title":"URA launches prime site at Cuscaden Road for sale","date":"February 28, 2018","format":false,"excerpt":"\r Map showing the location of the Cuscaden Road site. Source: URA A plum residential site at Cuscaden Road in the Orchard area was launched for sale on Tuesday (27 Feb) under the confirmed list of the first half 2018 Government Land Sales (GLS) Programme, said the Urban Redevelopment Authority\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2018\/02\/Land-parcel-at-Cuscaden-Road.jpg?fit=794%2C436&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":88636,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-awards-tenders-for-three-gls-sites\/","url_meta":{"origin":35632,"position":5},"title":"URA awards tenders for three GLS sites","date":"May 18, 2018","format":false,"excerpt":"\r Map showing the location of the Cuscaden Road site. Source: URA The tenders for three sites at Cuscaden Road, Mattar Road and Silat Avenue have been awarded to the highest bidders, or in the case of Silat Avenue, its sole bidder, the Urban Redevelopment Authority said on Thursday (17\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\/35632"}],"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=35632"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/35632\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=35632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=35632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=35632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}