The Vermont up for collective sale
Tender for the freehold site closes on March 3
THE owners of The Vermont at Peck Hay Road in the Cairnhill area are the latest to put up their prime district homes for collective sale, tapping the current uptick in the luxury residential market.
The indicative price for the freehold Vermont is about $76 million, translating to $750 per square foot of potential gross floor area inclusive of an estimated development charge of $9 million. Based on this, a new condo on the 40,375 sq ft freehold site could break even at about $1,100 psf, say analysts.
CB Richard Ellis, which is handling the sale of The Vermont, says recent collective sale transactions in District 9 include Emerald Lodge at $803 psf per plot ratio (psf ppr) and Habitat II at $876 psf ppr.
The Vermont site is zoned for residential use with a 2.8 plot ratio and a maximum height of 20 storeys under Master Plan 2003.
The tender for The Vermont closes on March 3.
Property agents and home owners in the prime districts have been busy launching collective sale tenders, riding on the current upturn in sentiment in the luxury housing segment. That has improved developers’ appetites for replenishing their landbanks.
Recent launches include Eng Lok Mansion near Botanic Gardens, Angullia Mansion near Orchard MRT Station and Kim Yam Mansion off River Valley Road. In addition, there is a slew of properties at various stages of readiness for an en-bloc sale launch in the prime districts like Cairnhill, Angullia Park, Orchard Boulevard, River Valley, St Thomas Walk, Ardmore Park and Nassim, say property consultants.
With a relatively huge potential supply of en-bloc sites slated for release this year, and finite demand from developers, the race is on to get collective sales organised quickly and tenders launched as soon as possible.
The Vermont comprises two apartment blocks at 9 and 11 Peck Hay Road. The project was built in the mid-1980s.
Source : Business Times - 16 Jan 2006
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