{"id":94037,"date":"2018-07-17T10:31:23","date_gmt":"2018-07-17T03:31:23","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-freehold-condos-launched-for-en-bloc-sale\/"},"modified":"2018-07-17T18:03:10","modified_gmt":"2018-07-17T11:03:10","slug":"two-freehold-condos-launched-for-en-bloc-sale","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-freehold-condos-launched-for-en-bloc-sale\/","title":{"rendered":"Two freehold condos launched for en bloc sale"},"content":{"rendered":"


\nTwo freehold condominiums in Singapore\u2019s central area have been launched for collective sale despite the new property cooling measures, reported the Business Times.
\nThe 24-unit Summer Green in Balestier Road is up for grabs at a reserve price of $48 million, which works to around $1,178 psf per plot ratio (ppr). This includes a development charge of about $320,000, and each owner could pocket approximately $2 million if they secure a buyer, according to marketing agent Knight Frank.
\n\u201cThe reserve price for Summer Green is comparable to recent transactions of Kemaman Point at S$1,173 psf ppr (S$143.88 million) and Ampas Apartment at S$1,122 psf ppr (S$95 million),\u201d said the property consultancy\u2019s executive director and head of investment and capital markets, Ian Loh.
\nSubject to obtaining approval from the relevant authorities, the 14,646 sq ft residential site with a plot ratio of 2.8 can be intensified to a gross floor area (GFA) of 41,010 sq ft containing a total of 54 apartments averaging 753 sq ft.
\nA redevelopment of Summer Green is expected to benefit from the area\u2019s revitalisation. \u201cBalestier is currently undergoing successful rejuvenation with the opening of Zhongshan Mall, Ibis Singapore Novena and Health City Novena,\u201d Loh noted.
\nMeanwhile, Knight Frank put up Chancery Esquire for en bloc sale earlier this month, with the owners anticipating offers surpassing their reserve price of $86.6 million ($1,797 psf ppr).
\nUnit owners at the 31-unit project at Chancery Lane are estimated to get $1.94 million to $3.76 million.
\nThe 29,022 sq ft plot has an existing gross floor area (GFA) of 48,188.6 sq ft. Assuming an average apartment size of 753 sq ft, the site can be redeveloped into a 63-unit condo. No development charge is payable subject to a development baseline search by the Urban Redevelopment Authority (URA).
\nBoth sites will not require a pre-application feasibility study (PAFS). And the tender exercise for Chancery Esquire and Summer Green will close on 2 and 20 August respectively.
\nLoh highlighted that small sites with up to 100 homes are easier to sell. This means there is less risk for the developer being fined for not completing and selling all unit within five years of buying the land under the additional buyer\u2019s stamp duty (ABSD) rules.
\nZACD Group\u2019s executive director Nicholas Mak agrees that such plots are less risky and ness less capital. However, these sites may also lack economies of scale and are less appealing to big developers with ample capital.
\n\u201cWell-located sites that are competitively priced \u2013 taking into consideration new market realities \u2013 should still garner some interest,\u201d added Colliers International managing director Tang Wei Leng.
\n\u201cUltimately, whether a developer acquires a small or large site is also dependent on other factors including its development pipeline, growth strategy and financial capabilities.\u201d
\n\u00a0
\nSenior Content Producer, Christopher Chitty, edited this story
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Two freehold condos launched for en bloc sale<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Two freehold condominiums in Singapore\u2019s central area have been launched for collective sale despite the...<\/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-94037","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-osJ","jetpack-related-posts":[{"id":83363,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/olina-lodge-verdun-house-launched-for-collective-sale\/","url_meta":{"origin":94037,"position":0},"title":"Olina Lodge, Verdun House launched for collective sale","date":"March 22, 2018","format":false,"excerpt":"\r Completed in 1990, the freehold Olina Lodge has a reserve price of $220 million. (Photo: SRI) The collective sales fever continues to heat up with the recent launch of two freehold developments \u2013 Olina Lodge and Verdun House, revealed marketing agent Singapore Realtors Inc (SRI). Located at 15 Holland\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":87006,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-freehold-properties-launched-for-en-bloc-sale\/","url_meta":{"origin":94037,"position":1},"title":"Two freehold properties launched for en bloc sale","date":"May 3, 2018","format":false,"excerpt":"\r Holland Tower in District 10 was put up for sale with a reserve price of $65 million. (Photo: SRI) More homeowners are trying their luck at collective sales, with two freehold developments launched at a combined price of $103 million. The Holland Tower condominium in District 10 was put\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102684,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cavenagh-gardens-up-for-en-bloc-sale-at-480m\/","url_meta":{"origin":94037,"position":2},"title":"Cavenagh Gardens up for en bloc sale at $480m","date":"January 4, 2019","format":false,"excerpt":"\r The reserve price for the freehold development in District 9 works out to a land rate of $1,695 psf ppr. (Photo: JLL) Cavenagh Gardens, a freehold residential development along Cavenagh Road in District 9, has been launched for en bloc sale with a reserve price of $480 million, revealed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":86134,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/freehold-olina-lodge-sold-for-230-9m\/","url_meta":{"origin":94037,"position":3},"title":"Freehold Olina Lodge sold for $230.9m","date":"April 23, 2018","format":false,"excerpt":"\r The sale price is 5.0 percent higher than the owners\u2019 reserve price of $220 million, and works out to a land rate of $1,712 psf ppr. (Photo: SRI) The freehold Olina Lodge at 15 Holland Hill has been successfully sold for $230.9 million to Peak Opal, a unit of\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":94037,"position":4},"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":99490,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/la-ville-condo-relaunched-with-lower-asking-price-of-140-6m\/","url_meta":{"origin":94037,"position":5},"title":"La Ville condo relaunched with lower asking price of $140.6m","date":"October 10, 2018","format":false,"excerpt":"\r La Ville is a 40-unit freehold condominium at Tanjong Rhu Road. (JLL) $1,424 psf ppr, or $1,361 psf ppr after taking into account the 10 percent bonus balcony space. A development charge of about $7.2 million is payable as well. Marketing agent JLL revealed on Tuesday (9 Oct) that\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\/94037"}],"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=94037"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/94037\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=94037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=94037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=94037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}