Far East bags Pasir Panjang en bloc site for $27m
FAR East Organization (FEO) clinched another redevelopment site yesterday, bringing the number of sites it has bought to four in the first two months of this year.
The latest transaction is an en bloc sale of a low-rise residential development in Pasir Panjang called Pacific Court. At $27.2 million, the deal is modest compared with FEO’s other acquisitions, but signals a confidence in the overall property market nonetheless.
The other sites FEO bought include Amberville in Katong ($183 million), Angullia Mansion, off Orchard Boulevard ($120 million) and Glutton Square at Somerset ($421.1 million).
The Pacific Court site has a plot ratio of 1.4 and can be built up to five storeys with a maximum gross floor area (GFA) of 89,190 sq ft. Including the development charge, the price of the site in terms of its maximum GFA is $377 per square foot per plot ratio. Breakeven cost for a new residential development is expected to be around $670 psf.
Jones Lang LaSalle handled the sale. Its regional director and head of investments Lui Seng Fatt said he was amazed by the speed at which the deal was struck. ‘Pacific Court hit the record as the swiftest successful en bloc transaction in Singapore. It took just two months for the owners to decide on commissioning the sale by tender to awarding the tender to Far East Organization,’ he added.
The 32 apartment unit owners of Pacific Court will each get about $850,000, about an 80 per cent premium over the current market price.
Source : Business Times - 1 Mar 2006
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