Braddell Park, Telok Kurau sites go en bloc
11 Kampong Glam shophouses also among properties put on market
RIDING on the current improvement in property sentiment, several investment-sales properties came on the market yesterday.
They include two collective sales at Braddell Park and Lorong K Telok Kurau. Both are offered for sale in separate tender exercises.
As well, a six-storey serviced apartment in the Tiong Bahru/Outram area is going on the block. And in the Kampong Glam area, the Urban Redevelopment Authority (URA) is auctioning 11 unrestored conservation shophouse lots on March 8. The shophouses will have to be restored and are being sold on a 99-year leasehold tenure.
In May last year, URA auctioned 10 parcels of unrestored conservation shophouses. The sale prices ranged from $360,000 to $600,000 per parcel, or $295 per square foot to $440 psf of site area.
CB Richard Ellis, which is marketing Braddell Park, says the property is expected to achieve $42 million. This works out to about $330 psf of potential gross floor area (GFA).
No development charge will be payable to tap the full development potential of the 91,361 sq ft freehold site as the location has a high base density equivalent to a 2.072 plot ratio (ratio of potential GFA to land area).
This is much higher than the 1.4 plot ratio stated for the site in Master Plan 2003, which also zones the site for residential use. The site may be developed up to five storeys high.
Another collective sale site launched yesterday comprises two apartment buildings - K Garden and Wen Yuan Court - and a bungalow at 16 Lorong K Telok Kurau, being marketed by Jones Lang LaSalle. Developers may bid for the three properties, adding up to 46,473 sq ft in freehold land area, individually or combined.
Sources say the price expectation for the combined three is around $25 million, which works out to about $386 psf per plot ratio, including a development charge. The site is zoned for residential use with 1.4 plot ratio and a maximum height of five storeys.
Over in the Tiong Bahru area, Colliers International is marketing a six-storey serviced apartment at 3 Seng Poh Road which sources say has an indicative price of about $12.5 million. The freehold property is said to be put up for sale by mortgagee United Overseas Bank. The mortgagor was Kim Koon Garment Industries, BT understands.
The property has a land area of 9,143 sq ft and a GFA of 27,451 sq ft. The building has an eating house on the first storey, a car park on the second and third storeys, and 61 serviced apartments occupying the upper levels.
Colliers’ executive director Grace Ng, who will be auctioning the property on Feb 8, says buyers may continue operating the building as a serviced apartment or apply to convert it into a boarding house/budget hotel.
Source : Business Times - 12 Jan 2006
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