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A GOOD class bungalow at 15 White House Park has become mainland Singapore’s most expensive, after it was sold for a record $1,308 per sq ft (psf) - eight years after the historic property was restored and put on sale.

The 22,000 sq ft conservation bungalow - called Glencaird - was sold to a Singaporean for $28.8 million, Wheelock Properties said in a statement yesterday.

Wheelock has been managing the property for Oroll, a wholly-owned unit of The Wharf (Holdings), which is also owned by Wheelock’s parent, Wheelock and Company.

Glencaird is one of 12 luxury bungalows that make up The Glencaird Residences and the only conservation bungalow in the series.

Oroll developed the bungalows.

The other 11 bungalows have already been sold at an average price of $838 psf.

Before it finally found a buyer, Glencaird - a restored, 105-year- old Victorian bungalow with five bedrooms - had sat empty since its completion in 1999.

‘We received several offers for Glencaird over the years,’ said Mr David Lawrence, Wheelock’s chief executive officer, in the statement.

‘However, we felt they were not reflective of the value, given that this is a very unique conservation piece in an excellent location.’

Prior to Glencaird’s sale, the record for mainland Singapore’s priciest bungalow was held by 63 Dalvey Road - sold in March for $16.45 million, or $1,091 psf.

On Sentosa, the highest price fetched by a bungalow plot is $1,473 psf.

Good class bungalows, Singapore’s most prestigious homes, are now enjoying astronomical asking prices amid the property boom.

Source : Straits Times - 30 Aug 2007

HDB also invites bids for sale of commercial plot at Toa Payoh Lorong 6

THE Urban Redevelopment Authority yesterday asked for tenders for a 99-year leasehold residential plot at Alexandra Road, close to the Redhill MRT station and opposite the Metropolitan, after receiving a minimum bid price that triggered the launch from the Reserve List.

The site occupies some 8,559 square metres with a gross plot ratio of 4.9, which can generate a maximum permissible gross floor area of 41,939 square metres.

It is zoned for development of condominium or serviced apartments. Property consultancies said the site could be developed into a 40-storey condominium.

Knight Frank managing director Tan Tiong Cheng said that he expects the project to have some 380 units averaging 1,200 square feet in size, given that its height and plot ratio are similar to those of the Metropolitan - a joint project between CapitaLand and Lippo Group.

Mr Tan reckons that bids for the site could have been in the region of $400 per square feet per plot ratio (psf ppr) or a lump sum of $180 million and expects the units to fetch average prices of $950-1,000 psf when they are put on the market, given that units in the nearby Metropolitan are fetching some $924 psf in resale prices in the third quarter.

CB Richard Ellis executive director Li Hiaw Ho estimates that the site could have drawn bids in a higher range of $650-750 psf ppr.

‘This will translate to an average selling price of between $1,200 psf and $1,300 psf, which could be attainable in the second half of 2008,’ he said, expecting strong demand to come from upgraders and investors who are looking to rent out the units given its proximity to the city and amenities.

In comparison, the Metropolitan site was purchased by the developers at $350 psf ppr in November 2005.

Based on the strong demand seen in Metropolitan where all 382 units were sold within six months, market watchers said that they expect the Alexandra site to draw strong interest from developers given that it is located at the fringe of the established Tanglin housing district which is within a five to 10 minute drive to Orchard Road, the Central Business District, Marina Bay, and the southern waterfront area.

Yesterday, the Housing & Development Board invited tenders for the sale of a commercial site at Toa Payoh Lorong 6, under the Confirmed List of the Government Land Sales Programme.

The 99-year leasehold site has a land area of 1,396.8 square metres with maximum allowable gross floor area of 4,190.4 square metres, and is located near the HDB Hub.

Its tender will close on Oct 16 and the project is expected to be completed by 66 months from the date of tender acceptance.

Mr Li from CBRE estimates that the site could yield about 34,000 square feet of net lettable area of commercial space and can be developed for a variety of uses including retail, F&B, office and entertainment facilities such as cinemas, bowling alleys and fitness centres.

‘It is likely that the successful bidder would devote 100 per cent of the maximum gross floor area for retail use, so as to tap on the large population catchment within the Toa Payoh housing estate as well as workers and visitors at HDB Hub,’ he added.

‘We expect bids to range between $600 and $700 psf ppr. Assuming that the mall is able to fetch a monthly rent of about $7-9 psf per month, this would provide the developer with a stabilised yield of about 5.5-6 per cent.’

Source : Business Times - 30 Aug 2007

Property to take on Citadines brand, will open in 2009

THE Ascott Group has agreed to buy a 99-year leasehold serviced residence in town for $79.3 million, the company announced yesterday.

Wilkie Edge

The property, located at Wilkie Road, is part of lifestyle complex Wilkie Edge, which is under construction. Wilkie Edge is a mixed development consisting of offices, retail, and food and beverage outlets.

The acquisition, to be funded from internal resources and external borrowings, will bring Ascott’s property portfolio in Singapore to 11, with a combined 1,042 units. It will be named Citadines Singapore Mount Sophia and open in the first half of 2009.

‘Citadines Singapore Mount Sophia is strategically located in the heart of Singapore’s upcoming arts, learning and entertainment hub in the Bras Basah-Bugis area,’ said Ascott president and CEO Jennie Chua. ‘It is in the city centre with excellent access to the central business district and the shopping and entertainment attractions of Orchard Road.’

The Ascott Group had earlier inked a memorandum of understanding to manage Wilkie Edge’s serviced residences for an initial 10-year term with an option to extend it for another 10 years.

‘Strong demand for extended-stay accommodation, the vibrant real estate market, and the property’s attractive location are reasons for Ascott to acquire leasehold interests in the serviced residence instead of only managing the property for fee income,’ added Ms Chua. ‘This will enable us to maximise shareholder returns.’

The new property will have 154 units and be Ascott’s first Citadines-branded serviced residence in Singapore. It will cater to the young and trendy, expatriates working in the creative services community as well as foreign students and academics from the nearby Singapore Management University, Nanyang Academy of Fine Arts and LaSalle College of The Arts.

The acquisition agreement is inked between Ascott’s indirect wholly owned subsidiary Ascott Scotts Pte Ltd, CapitaLand Selegie Pte Ltd and HSBC Institutional Trust Services, which is the trustee of CapitaCommercial Trust (CCT).

Just last month, CCT had announced that it is buying Wilkie Edge for $262 million. The pact comes with an option to lease the serviced apartments for a $79.3 million consideration. When this option is exercised, CCT’s purchase price for Wilkie Edge will be reduced to $182.7 million.

Source : Business Times - 30 Aug 2007

Area poised to be next dining hot spot with cafes, pubs and eateries

HEARTLAND shops in the once sleepy neighbourhood centre of Sunset Way have undergone a bold transformation to become Singapore’s next hot dining spot.

Not long ago, these 50 or so Housing Board (HDB) shops were almost forgotten as a number of struggling businesses took a payout to leave. Now, the area is buzzing with new life, as crowds throng trendy new wine shops, cafes, pubs and restaurants - all in a relaxed, alfresco setting.

Sunset Way’s new look will only get better: its town council and the HDB will pump in another $1.5 million to complete its makeover, said Mr Andrew Lim, chairman of the Sunset Way Trades Association (SWTA).

The estate is fast challenging hot spots such as Holland Village and Dempsey Road, due to its lush greenery and charm - and much cheaper rental prices for retailers.

Some new food and beverage retailers told The Straits Times they looked at Tanglin Village before settling on Sunset Way, forking out an average $250,000 to set up shop.

One tenant, who did not want to be named, said he was paying rent of about $5.50 per sq ft (psf).

That is far cheaper than the rent at Holland Village of $15 psf, and those at Tanglin Village of about $8 to $10 psf, as well as nearby Rochester Park of about $12 psf, estimated Sunset Way’s master tenant, Mr Victor Koh of Circles International Solutions. ‘I did my research before deciding on the prices here. It’s important to be affordable when the estate’s just starting again.’

The rejuvenated HDB neighbourhood centre - comprising about 50 shops from Block 105 to 109 in Clementi - is the first success story under the HDB’s Restructuring Programme for Shops.

Launched in 2005, it gives struggling retailers in a location a way out with an ex-gratia $60,000 payment if more than half opted to quit.

This trigger point was revised recently to 30 per cent.

When over half the retailers at Sunset Way’s Block 106 quit two years ago, the remaining business faltered as crowds thinned out.

Under the scheme, HDB converts the empty shops into spaces for communal uses.

But Sunset Way’s potential was too good to ignore.

Shopkeepers began talks with HDB and the ward’s MP, Mr Christopher de Souza, to save the centre.Outlets that have seized the opportunity include steak house Grill-Out, a cafe specialising in New Zealand wine and food, and a bistro, peaberry & pretzel.

Even Rocky’s Pizza is back. It was synonymous with the area for 15 years before it was edged out by a new condo. Owner Daniel Cooley decided to return as soon as he learnt of a vacancy.

Resident Madam Celestine Yuan, 35, is pleased. ‘Now I don’t have to go far to get a unique, casual yet sophisticated dining experience.’

Mr de Souza said Sunset Way paves the way for more HDB estates to revamp themselves. ‘This involves very careful consideration of the area’s trade mix and different ways to attract crowds.’

He has been invited to officially open the revamped centre next month. Shopkeepers will soon launch a marketing campaign to raise its profile.

‘Now I don’t have to go far to get a unique, casual yet sophisticated dining experience.’

MADAM YUAN, a resident of Sunset Way

‘Business is already booming, and hardly anyone knows about us yet.’ MR COOLEY, owner of Rocky’s Pizza

Source : Straits Times - 30 Aug 2007

The Ascott Group has splashed out $79.3 million on a 99-year leasehold service residence in Wilkie Road.

Asia’s largest service-residence operator acquired the 154-unit development from Capita- Commercial Trust and CapitaLand Selegie.

The two companies - both, like Ascott, are owned by property giant CapitaLand - are developing Wilkie Edge, a sprawling lifestyle project comprising offices, retail, food and beverage outlets.

The new Ascott acquisition - to be called Citadines Singapore Mount Sophia - will be the residential component at Wilkie Edge. It will take in its first guests in the first half of 2009.

The Citadines brand is one of three chains which Ascott operates. It differs from the other two - Ascott and Somerset - in that it caters to the ‘young and trendy’, said the company.

Ascott expects the Wilkie Edge development - which will be Citadines’ first in Singapore - to appeal to such a market, including academics, foreign students and expatriates working in the creative services industries.

Ascott has 15 Citadines residences across Asia, including those in Xian, Shanghai and Bangkok.

There are 44 Citadines developments in Europe, where the chain first started.

Ascott acquired the Citadines brand from its European operator in 2004 and expanded the brand to Asia.

Citadines Mount Sophia will be Ascott’s seventh service residence in Singapore. The group has an ‘Ascott’ development in Raffles Place due to open next year and five Somerset developments around the island.

The acquisition is subject to approval from Ascott’s shareholders and those from other authorities.

Source : Straits Times - 30 Aug 2007