{"id":71967,"date":"2017-11-16T10:51:43","date_gmt":"2017-11-16T03:51:43","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/four-condos-up-for-en-bloc-sale\/"},"modified":"2017-11-16T11:03:15","modified_gmt":"2017-11-16T04:03:15","slug":"four-condos-up-for-en-bloc-sale","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/four-condos-up-for-en-bloc-sale\/","title":{"rendered":"Four condos up for en bloc sale"},"content":{"rendered":"


\nDerby Court is a freehold condominium development located at 5, Derbyshire Road in District 11 near Novena MRT station. (Photo: JLL)
\nFour residential developments, including the iconic Pearlbank Apartments in Outram, have been put up in separate tenders for en bloc sale. The others are Parkway Mansion in Katong, Riviera Point along River Valley Road and Derby Court near Novena.
\nWith a 99-year leasehold tenure that started in June 1970, Pearlbank Apartments has 288 units, which includes eight commercial units.
\nThe horseshoe-shaped development carries a reserve price of $728 million, which works out to a land cost of around $1,505 per sq ft per plot ratio (psf ppr), after factoring in an upgrading premium of about $195 million for the lease top-up. No development charge is payable for the site.
\nApartment owners, whose unit sizes range between 123 sq m and 371 sq m, \u201cstand to receive minimum gross prices of between $1.8 million and $4.9 million\u201d, while commercial unit owners, with sizes ranging from 65 sq m to 523 sq m, could receive $1.2 million to $6.9 million, said marketing agent Colliers International, which is also the agent for Parkway Mansion.
\nThe 32-unit Parkway Mansion has an indicative price of $138 million, which excludes an estimated development charge of about $21 million \u201cpayable to the state for the intensification of land use\u201d.
\nBut when taken together, the combined amount translates to a land rate of $1,454 psf ppr. \u201cThis compares favourably against the land rate of $1,515 psf ppr for Amber Park,\u201d noted Colliers.
\nWith this, each owner could receive $4.2 million to $4.4 million in gross proceeds from the sale, depending on the size of their unit.
\nColliers revealed that the two developments have undergone various en bloc attempts, with Pearlbank now at its fourth bid and third for Parkway Mansion.
\n\u201cWe expect the two tenders to attract keen interest among both local and foreign developers amid the strong demand for development sites via the Government Land Sales programme and the collective sale market,\u201d said Colliers managing director Tang Wei Leng.
\nMeanwhile, Riviera Point has a reserve price of $75 million, while 20-unit Derby Court has set a reserve price of $62 million.
\nDerby Court\u2019s reserve price translates to a land rate of about $1,168 psf ppr, based on the development\u2019s \u201cas-built\u201d gross plot ratio of about 2.869.
\n\u201cFactoring in the 10 percent bonus balcony plot ratio, the effective land rate is only $1,062 psf ppr. Development charge is not payable for the proposed redevelopment even with this additional bonus 10 percent balcony GFA,\u201d said Tan Hong Boon, regional director at JLL, which is the property\u2019s marketing agent.
\nThe tenders for all developments will close in December.
\n\u00a0
\nThis article was edited by Keshia Faculin.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Four condos up for en bloc sale<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Derby Court is a freehold condominium development located at 5, Derbyshire Road in District 11...<\/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-71967","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-iIL","jetpack-related-posts":[{"id":100987,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/collective-sale-of-pearlbank-apartments-finally-completed\/","url_meta":{"origin":71967,"position":0},"title":"Collective sale of Pearlbank Apartments finally completed","date":"November 7, 2018","format":false,"excerpt":"\r The iconic horseshoe-shaped building in Outram was sold to CapitaLand for $728 million. (Photo: Colliers International) Following several failed attempts over the past 10 years, the collective sale of Pearlbank Apartments was finally completed on 1 November \u2013 which was marked by a celebratory event held on Monday (5\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":70402,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearlbank-apartments-tries-to-en-bloc-again-at-728-million\/","url_meta":{"origin":71967,"position":1},"title":"Pearlbank Apartments tries to en bloc again at $728 million","date":"October 30, 2017","format":false,"excerpt":"\r The 37-storey horse-shoe shaped building comprises 280 apartments and eight commercial units. (Photo: Colliers International) Pearlbank Apartments in Outram is making its fourth collective sale attempt at a reserve price of $728 million, after more than 80 percent of the owners consented to the sale, marketing agent Colliers International\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":79734,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearlbank-apartments-sold-to-capitaland-for-728m\/","url_meta":{"origin":71967,"position":2},"title":"Pearlbank Apartments sold to CapitaLand for $728m","date":"February 13, 2018","format":false,"excerpt":"\r CapitaLand intends to redevelop the site into a high-rise residential development comprising around 800 units. (Photo: Colliers International) Pearlbank Apartments, a 37-storey development in Outram, has been sold via private treaty to CapitaLand for $728 million, following the close of its collective sale tender on 19 December 2017, revealed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":71705,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/land-sales-to-hit-14b-a-sign-of-property-market-resurgence\/","url_meta":{"origin":71967,"position":3},"title":"Land sales to hit $14b, a sign of property market resurgence","date":"November 14, 2017","format":false,"excerpt":"\r Pearlbank Apartments in Outram is a 37-storey horse-shoe shaped building that comprises 280 apartments and eight commercial units. (Photo: Colliers International) More than $3.3 billion worth of land deals, including en bloc sales, are expected to be completed in Singapore during this quarter, boosting the total for the whole\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":80709,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-february-2018\/","url_meta":{"origin":71967,"position":4},"title":"News Roundup (February 2018)","date":"February 22, 2018","format":false,"excerpt":"\r Our top Singapore property stories. Budget 2018: Govt raises buyer\u2019s stamp duty for residential properties priced above $1 million\u00a0 Effective from 20 February, the top marginal Buyer\u2019s Stamp Duty (BSD) rate for residential properties priced above $1 million has been\u00a0raised to 4.0 percent from 3.0 percent previously, revealed Finance\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2018\/02\/Pearlbank-Apartments-crop.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":103030,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/newton-lodge-up-for-en-bloc-sale-at-44m\/","url_meta":{"origin":71967,"position":5},"title":"Newton Lodge up for en bloc sale at $44m","date":"January 17, 2019","format":false,"excerpt":"\r Newton Lodge is located close to Novena MRT station and the future healthcare hub. Newton Lodge, a 16-unit residential development at Newton Road, has been launched for collective sale with the owners expecting a minimum offer of $44 million, revealed marketing agent JLL. This works out to a land\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\/71967"}],"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=71967"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/71967\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=71967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=71967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=71967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}