Another Orchard site heads for collective sale
ANOTHER choice site in the Orchard Road area is set to be sold en bloc, hot on the heels of two record-breaking collective sales this year.
Skyline Angullia, a 14-storey development with 24 apartments, is located behind The Parisian, which is across the road from Wheelock Place.
Property consultancy DTZ Debenham Tie Leung believes Skyline Angullia’s prime position will result in another jackpot price for the owners, similar to that fetched by Angullia Mansion.
Angullia Mansion, which is opposite the Skyline Angullia, was sold early last month for $120 million, or $1,060 per sq ft per plot ratio (psf ppr). This was above the $1,020 psf ppr price achieved for the prime Orchard Turn plot.
‘Prices are likely to better Angullia Mansion…Skyline Angullia should fetch at least $100 million after allowing an amount of $7.6 million for development charge,’ said Ms Tang Wei Leng, DTZ Debenham Tie Leung’s director for investment advisory services.
‘Given the strong bidding at Eng Lok Mansion, Skyline Angullia presents another choice site that developers should not miss out on.’
The freehold Eng Lok Mansion in Napier Road made history as the priciest collective sale ever when it was sold early this month for a hefty $1,218 psf ppr or $138 million.
Skyline Angullia has a site area of 35,810 sq ft and a maximum plot ratio of 2.8.
The successful bidder can develop a 36-storey condominium with about 45 units of 2,000 sq ft each.
Skyline Angullia, whose tender will close on April 11, is one of many collective sale sites aiming to be sold en bloc.
Collective sales and launches have continued at a furious pace this year following the record transactions last year.
Twelve collective sale sites have been sold since Jan 1, with developer Bukit Sembawang snapping up two last week.
It bought The Vermont off Cairnhill Road for $75 million, or $750 psf ppr, after paying $54 million, or $625 psf ppr for Chez Bright Apartments at St Thomas Walk.
Huge former HUDC estates such as Pine Grove in Ulu Pandan are keenly preparing to go for sale en bloc, while the 583-unit Waterfront View in Bedok Reservoir is getting the required signatures from owners so that it can launch a tender for sale.
It revised its reserve price downwards after the one written offer and two verbal ones from listed developers were below its initial asking price of $450 million.
Source : Straits Times - 13 Mar 2006
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