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8 more properties launched for en bloc sale

(Source: sg.news.yahoo.com)

Singapore’s red-hot collective sales market continues to sizzle with more homeowners jumping on the en bloc bandwagon…

Cairnhill Astoria (the red building) in prime District 9 has joined a growing list of properties launched for en bloc sale. (Photo: Colliers International)

Singapore’s red-hot collective sales market continues to sizzle with more homeowners jumping on the en bloc bandwagon.

Cairnhill Astoria in Cairnhill Rise and Trendale Tower in Cairnhill Road were launched for sale at reserve prices of $196 million and $163.52 million, which work out to land rates of $1,964 psf per plot ratio (psf ppr) and $2,250 psf ppr respectively.

More: Developers’ En Bloc Appetite Diminishing: RHB

The 36-unit Cairnhill Astoria sits on a 38,615 sq ft site and has a gross plot ratio of 2.8. Marketing agent Colliers International revealed that a development charge of about $16.34 million is payable for the site. If the sale goes through, each owner could potentially receive between $2.275 million and $14.261 million, depending on the size of their units.

Cairnhill Astoria can be redeveloped into a project with around 200 apartments with an average size of 540 sq ft, subject to the relevant authorities’ approval.

The 18-unit Trendale Tower, on the other hand, sits on a 21,708 sq ft site with a gross plot ratio of 2.8. Subject to obtaining relevant approvals, it may be redeveloped into 36-storey tower with an allowable gross floor area of 72,690 sq ft, said marketing agent Savills Singapore.

The tender exercises for Trendale Tower and Cairnhill Astoria will close on 25 and 27 June respectively.

Meanwhile, JLL also launched five residential sites with a total value of $1.2 billion.

They are Flynn Park in the Pasir Panjang, Cavenagh Gardens off Orchard Road, La Ville at Tanjong Rhu Road, Rosalia Park near Serangoon Central as well as the joint sale of three single-storey detached houses at Lorong H Telok Kurau.

JLL regional director Tan Hong Boon expects the sites to attract keen interest from local and foreign developers and investors, given their varying locations, distinctive characteristics and respective investment quantum.

“While many developers and investors have successfully acquired sites over the past year, there is still strong demand for residential lands given that the prices of private residential properties have reached the lowest point and they look set for further upswing over the medium term,” Tan said.

“Developers, encouraged by their recent strong sale performances at new price levels, will continue their land acquisition efforts.”

Browse the latest news articles on en bloc properties in Singapore.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

More Info: sg.news.yahoo.com