Thomson en bloc sale fetches $156.3m
THE collective sale fever continues, this time outside the downtown prime areas.
Owners of three properties in the Thomson area - Lock Cho Apartment, Comfort Mansion and a 4-storey walk-up apartment - fetched $156.3 million after they joined forces to collectively sell their properties by tender.
At that price tag, the freehold land works out to be about $344 per square foot per plot ratio (psf ppr), after factoring in the purchase price of a plot of state land next to it for about $14.8 million and half a million dollars in development charge.
The price fetched is a tad lower than the $160 million, or around $350 psf ppr, that the owners had hoped for.
Property heavyweight City Developments (CityDev) beat two other developers to win the site in a tender, said Credo Real Estate, which handled the deal.
The three developments, at Jalan Datoh and Jalan Raja Udang, currently have a total of 165 units.
They have a combined land area of about 137,479 sq ft and 40,526 sq ft of state land. With a plot ratio of 2.8, it could yield about half a million sq ft of gross floor area (GFA), with a height control of up to 36 storeys - making it one of the largest collective sale projects launched this year in terms of GFA.
Credo reckons that CityDev could break even at around $600 psf and expects around 400 condominium units, each about 1,200 sq ft.
‘These three adjoining sites were extremely attractive because collectively, it will provide us with the opportunity to amalgamate the sites to create a sizable land area for redevelopment.
‘Such collective en bloc opportunities are rare,’ said CityDev’s group general manager Chia Ngiang Hong in a statement.
Each seller stands to get between $840,000 and $1.3 million, Credo said, which is a 60 to 90 per cent premium over their current market values.
Credo’s executive director Tan Hong Boon said that including this sale, the total collective sale tally for the first quarter of this year is $1.2 billion, with 17 projects sold. Mr Tan said that figure is already more than half of 2005’s total of $2.26 billion.
Source : Business Times - 1 Apr 2006
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