Suffolk Apts owners ask for $29m collectively
ANOTHER group of homeowners have jumped on the increasingly popular collective-sale bandwagon.
This time, it’s the folks at Suffolk Apartments, off Newton Road, who are asking for $29 million collectively through a public tender.
At present, the freehold site has 24 apartment units. Sitting on 20,384 square feet of land, it has a gross plot ratio of 2.8 and a height restriction of 36 storeys.
CB Richard Ellis (CBRE), the marketing agent for the project, said the owners are asking for around $510 per sq ft per plot ratio (psf ppr), inclusive of a development charge of $108,698.
Over 80 per cent of the owners of Suffolk Apartments have agreed to the collective sale, the property’s first attempt.
If they are successful, CBRE’s associate director of investment properties Charles Hoon estimates that the price fetched will be a 55 per cent premium over what each owner would get if they had sold their apartments individually. On average, each owner would receive around $1.2 million.
Mr Hoon reckons that the winning bidder for the site could develop a 36-storey condominium with some 50 units of about 1,100 sq ft each.
He also told BT that the winning developer could break even at about $800 psf, based on the $29 million price.
With the property’s proximity to the Newton and Novena MRT stations in the popular Novena area, Mr Hoon said there have been ‘quite a few enquiries’ about the site from interested developers, though he declined to name them.
Recent collective sale successes around the prime Orchard Road area have generated attention.
Angullia Mansion at Angullia Park, for instance, went to Far East Organization earlier this month at a land cost of $1,058 psf ppr inclusive of development charges.
The tender for Suffolk Apartments will close on March 24.
Source : Business Times - 22 Feb 2006
Loading ...
Post a Comment
Tell me a bit about yourself; who you are, where you're from, what information you would like to see on this site. As I continue to provide you with Singapore property happenings, your feedback will encourage me to post more frequently. Thank you.