Bt Timah-Keng Chin Rd Houses Up For Sale Again
The properties next to Naga Court have an expected price tag of about $51m
PROMINENT neighbours in Bukit Timah are teaming up again to sell their freehold properties next to Naga Court, with an expected price tag of about $51 million.
The latest property offer sees Hock Tong Bee, Singapore’s oldest family-owned wine merchant, joining forces with descendants of the late Seah Eck Jim - a pioneering local architect. The properties are at the corner of Bukit Timah and Keng Chin roads.
In July 2004, the two sides put up their properties for sale, but the four sites totalling about 35,381 square feet and with four bungalows standing on them were not sold then as the offers were not high enough for the owners.
This time, they have included a neighbour’s bungalow plot and a road reserve which was originally thought to belong to the state but has since been confirmed as being part of the estate of Mr Seah’s widow.
Including these two plots has resulted in a bigger combined land area of 44,976 sq ft. The $51 million which the owners are hoping for works out to about $703 per square foot (psf) of potential gross floor area, including an estimated development charge (DC) of $15.5 million. This unit land price is 68 per cent higher than the $419 psf per plot ratio (ppr) including DC that market watchers had expected in 2004. The 2004 unit land price expectation factored in the cost of buying the adjoining road reserve from the state.
DTZ Debenham Tie Leung, which is marketing the 44,976 sq ft site, says that it is zoned for residential use with a 2.1 plot ratio and 24-storey height limit under Master Plan 2003. The site can be redeveloped into a new condominium with about 60 units averaging 1,500 sq ft.
The current price expectation is pegged at the $703 psf ppr including DC that Keppel Land paid for Naga Court next door in a collective sale in 1999. In 2001, KepLand wrote down the value of the 49,168-sq-ft freehold site to $409 psf ppr.
Sentiment in the property market has certainly picked up markedly since then. DTZ director for investment advisory services Tang Wei Leng says: ‘Given the better outlook, we anticipate this site to fetch at least the same price if not better than the $703 psf ppr Naga Court price.’
The latest site comprises six parcels, including Nos 347 and 351 Bukit Timah Road belonging to Hock Tong Bee, No 349 Bukit Timah Road belonging to Kwok Weng Fai (grandson of the late Mr Seah), No 353 Bukit Timah Road owned by his sister, Dawn Kwok, and her husband, Wee Kok Wah, group president of Stamford Tyres.
The other two plots are the road reserve, which belongs to the estate of Lim Buck Sim (Mr Seah’s widow), and No 2 Keng Chin Road, owned by a neighbour. The six plots combined form a regular-shaped rectangular plot which should appeal to developers.
Li-Ann Wee, daughter of Dawn Kwok, said the two bungalow plots being sold by her parents and her uncle Kwok Weng Fai are the last two land parcels owned by the family in the area.
The Seah family rode out the Japanese Occupation in the area, and there were stories of how the family had to really struggle, hiding family members to prevent them from being killed by the Japanese,’ said Dr Wee, who grew up in No 353 Bukit Timah Road. ‘They planted vegetables like tapioca in the gardens to survive. So the properties do have a lot of memories for us. But we’ve been waiting for the market upturn and we think it’s a good time to sell now.’
The tender for the site closes on July 18.
DTZ also clarified that the nearly $70 million price for the expressions of interest exercise for the Balmoral Condominium collective sale which it launched earlier this week is an indicative price, and not asking price.
Two more collective sale sites have been put on the market. CB Richard Ellis has launched an expressions of interest for the freehold Makeway View, off Newton Road. The asking price of $66 million works out to about $622 psf ppr inclusive of an estimated $6.32 million DC. The 41,560-sq-ft site has a 2.8 plot ratio.
Credo Real Estate has launched the tender for the freehold Emerald Mansion, at the corner of Emerald Hill and Saunders roads, with an indicative land price of $73 million to $75 million. This works out to about $846 to $870 psf ppr. This is based on a redevelopment scheme with 86,240 sq ft gross floor area and assuming no DC is payable
Source : Business Times - 22 Jun 2006
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