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Amenities Near New Condo at Orchard Road- At point of Cairnhill Road

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EX-ZOUK LAND SITE SOLD FOR UPCOMING MIXED DEVELOPMENT ALONG KIM SENG ROAD

1) The land parcel at Jiak Kim Street, which is the former site of popular nightclub Zouk, drew a total of 10 offers while the site at Fourth Avenue drew a total of seven bids. 

The sites at Jiak Kim Street and Fourth Avenue were launched for public tender on Oct 19 and Nov 2, respectively. Both sites were offered for sale on 99-year leases.

The highest bid for the 13,482 sq m site at Jiak Kim Street, which works out to S$1,732.55 per square foot per plot ratio (psf ppr), came from Frasers Centrepoint Limited. It comes with commercial use on the first floor. FCL's bid for this site translates to $1,732.55 per square foot per plot ratio (psf ppr), only 0.6 per cent above the second bid from Hong Leong Holdings and Hong Realty, which are controlled by Singapore tycoon Kwek Leng Beng.

GLS LAND PARCEL SITE IN CUSCADEN ROAD SOLD TO AMBERDEEN, FEC PROPERTIES and ORCHARD SQUARE

2) The tender exercises for three residential sites closed on Wednesday (26 Apr) with relatively bullish bidding from developers, with the top bid for the Cuscaden Road site setting a new benchmark for a 99-year leasehold site.

At nearly $410 million, the top bid of $2,377 psf per plot ratio (psf ppr) by Amberden, FEC Properties and Orchard Square “smashes all records for a residential government land sale, as well as earlier market expectations of $1,800 to $2,300 psf ppr”, said Tricia Song, Colliers International’s research head for Singapore.

It also exceeded the previous GLS record of $1,733 psf ppr for Jiak Kim Street by 37 percent. With this land price, Song estimates a breakeven price of $3,100 psf and a selling price of between $3,500 and $3,700 psf.

“While bullish, it is probably achievable as nearby freehold luxury new launches such New Futura and Le Nouvel Ardmore have achieved average prices of $3,200 to $4,000 psf, while the 99-year leasehold Wallich Residence in Tanjong Pagar has sold some units at $3,700 psf.”

The 67,061 sq ft site at Mattar Road, on the other hand, received the most number of bids (10), with the $223.019 million top bid, or $1,109 psf ppr submitted by FSKH Development being higher than expected.

“The narrow margin of 5.5 percent among the top five bidders shows how keen the competition was among them,” noted Ong Teck Hui, JLL’s national director for research and consultancy.

In fact, keen bidding for both the Cuscaden Road and Mattar Road land parcels indicates that “demand for attractive residential sites is still buoyant”.

“With such keen demand for sites, the en bloc market is likely to stay firm as it continues to be the main source of residential land supply over GLS,” added Ong.

Meanwhile, the Silat Avenue site attracted a sole bid of $1.035 billion, or $1,138 psf ppr from UOL Venture Investments, UIC Homes and Kheng Leong Company.

While it is an appealing site within two kilometres from the CBD, “we think the underwhelming tender outcome could be due to the large size of the site (which could accommodate 1,125 homes) and relatively untested location, away from MRT stations”, explained Song.

The presence of five conservation buildings on the site, which are to be retained and restored, may have also posed constraints to developers, said Ong.

PARK HOUSE SOLD TO SHUAN TAK HOLDINGS AT A RECORD PRICE IN SINGAPORE

3) The freehold development along Orchard Boulevard was sold to a unit of Hong Kong-listed Shun Tak Holdings for $375.5 million. (Photo: CBRE)

Park House, a freehold 60-unit development along Orchard Boulevard in District 10 has been sold for $375.5 million, which works out to a record $2,910 psf per plot ratio (psf ppr), revealed marketing agent CBRE on Wednesday (13 May).

Setting a new price benchmark in Singapore, this exceeds the previous peak price of $2,526 psf ppr that Hong Kong’s Swire Properties paid for the Hampton Court en bloc sale site in 2013.

The public tender for Park House was awarded on 1 June to Shun Tak Cuscaden Residential, a fully owned subsidiary of Hong Kong-listed Shun Tak Holdings.

The 46,084 sq ft site is zoned residential with a plot ratio of 2.8 under the 2014 Master Plan. Shun Tak Holdings plans to redevelop the site into a luxury residential project which it expects to complete by 2023.

CBRE noted that each of the 56 apartment and four shop unit owners stand to receive gross sale proceeds of around $6.1 million and $8.1 million respectively.

“The response from local and foreign developers was overwhelming; we conducted more than 20 site inspections with developers from Hong Kong, Malaysia, Singapore, China and Indonesia,” said CBRE managing director of capital markets Jeremy Lake.

“All of them immediately recognised the positive attributes of Park House including its very prominent yet exclusive location on Orchard Boulevard, the accessibility to the Orchard Road shopping belt and the short walking distance to Orchard Boulevard MRT when it is completed in 2021.”

Meanwhile, Lakeside Apartments in the Jurong Lake District has been put up for en bloc sale carrying a reserve price of $240 million, reported the Business Times.

An enhancement premium of $55.56 million will have to be paid for both the lease top-up premium and land use intensification of the site.

With 59 years left on its 99-year lease, the 134,176 sq ft site is zoned residential with a plot ratio of 2.1. The 120-unit development comprises two 15-storey tower blocks.

LOCATED IN HEART OF KEY GROWTH AREA

City Central Region, Singapore URA Master Plan 2014

Singapore Urban Redevelopment Authority URA Master Plan 2014 envisions some exciting developments for the whole of Singapore's central area including Tanjong Pagar, The Greater Southern Waterfront District,  City Hall, Marina Bay, Suntec and Bugis-Rochor area. The new prime City Central area will be a place for the people to engage community and arts, showcase Singapore's creative and artistic expression and links to Singapore's past and future aspirations. There will be more pedestrian- friendly precincts, public spaces and parks, night lightings and trees.

City Centre at Marina Bay is a unique and dynamic waterfront district, Garden City by the Bay, extending seamlessly from the CBD and it is zoned to be

• the next CBD, focusing on financial and business related activities
• More Commercial, residential buildings, hotel and entertainment spots are to be built.
• It will be a lifesytle destination for variety of water-based activities and events.
• Exensive road and rail network in the pipeline and 
• Padestrain bridges that loops attractions and open spaces around the Bay.

Marina South will have

• a new population catchment as it will have a residential district of 9,000 new homes, with mix-development plan of hotels, offices and entertainment
• elevated landscape walkway that links the Bay South Garden to Marina South seafront
• 800 metres padestrain walkway beween the upcoming Marina South and Gardens by the Bay MRT Station
• underground carpark that allows motorists to drive between buildings that reduce ground level traffic
• feaures that can collect rain water and harness wind energy
• continuous waterfront promenade will be creaed from Marina South to Labrador for joggers and cyclists.

Beach Road/ Ophir- Rochor will have abundant conveniences being in the heart of City.

• It will be further of the CBD with extension of convention, offices and hotel hub of Marina Centre
• There will be more developments of office cluster for financial business institutions.
• It will be turned into an exciting Commercial hub, blending with entertainment, cultural and lifestyle.
• It will be turned into a strategic transport hub, the area will be well connected by rail and road network to many parts of Singapore.

CAIRNHILL HEIGHTS and CAIRNHILL MANSIONS SOLD THROUGH COLLECTIVE SALES

4) A joint venture between construction and engineering firm Tiong Seng Holdings and civil engineering company Ocean Sky International has agreed to acquire Cairnhill Heights condominium for $72.6 million, less than the sellers' initial asking price of more than $80 million.

Tiong Seng holds a 60 per cent stake in the joint venture company TSky Development, while Ocean Sky holds the remainder.

TSky had earlier acquired Sloane Court Hotel and a small adjoining parcel in Balmoral Road last year for $80.5 million. It is developing a 12-storey, 80-unit condominium on the land.

Tiong Seng and Ocean Sky, both Singapore-listed companies, said in separate regulatory filings yesterday that they will, through TSky, set up a project company to undertake the redevelopment of the Cairnhill Heights site.

Located in the prime District 9 next to the Orchard Road shopping belt, the freehold site of Cairnhill Heights spans 1,431.4 sq m, with a gross plot ratio of 2.8. It may be redeveloped into a residential development of about 42 units based on an average size of 95 sq m.

Owners of the condominium had last December agreed to put the project up for collective sale, and had asked for over $80 million. This was estimated to result in a land rate of $2,045 per sq ft per plot ratio (psf ppr), inclusive of a development charge payable at that time.

ZACD Group executive director Nicholas Mak estimated that the purchase price of $72.6 million would translate to a break-even price of $2,680 psf to $2,760 psf.

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5) Cairnhill Mansions will be redeveloped to yield 200 units.

Cairnhill Mansion was sold en bloc for $362m to Low Keng Huat (Singapore) Limited (LKHS) on 14 February 2018.

According to an announcement, the freehold property will add 43,103 sqft to LKHS's landbank for residential properties in Singapore.

The property will be redeveloped into a high-rise residential condo that is expected to yield 200 units.

About 5% of the consideration price has been paid to the vendors of the property.

PACIFIC MANSIONS ALONG RIVER VALLEY ROAD SOLD TO GUOCOLAND AND HONG LEONG HOLDINGS and RIVIERA POINT SOLD THROUGH COLLECTIVE SALES

6) Entities controlled by Singapore property tycoon Kwek Leng Beng and his Malaysian billionaire cousin Quek Leng Chan have joined forces for the $980 million purchase of a freehold site in Singapore's upscale River Valley precinct.

Their acquisition of Pacific Mansion in District 9 marks the biggest collective sale in more than a decade and the second-highest on record, according to CBRE, which brokered the deal.

Singapore-listed GuocoLand, controlled by Mr Quek, announced yesterday that it has successfully tendered for the site with Intrepid Investments and Hong Realty.

Both Intrepid Investments and Hong Realty are majority-owned by Hong Leong Investment Holdings (HLIH), which is effectively controlled by Mr Kwek, though other family members also own stakes in these companies.

GuocoLand and Intrepid Investments each hold a 40 per cent stake in the project, while Hong Realty owns a 20 per cent interest.

The latest deal marks the largest transaction in the current collective sale cycle, exceeding Tampines Court's $970 million and Amber Park's $907 million, and is surpassed only by the sale of Farrer Court for $1.34 billion in 2007.

CBRE director of capital markets Galven Tan said that the tender for Pacific Mansion drew interest from a handful of local and foreign developers.

Consultants estimate that the land cost for the Pacific Mansion site may translate to a break-even price of $2,530 to $2,800 per sq ft (psf), and a potential selling price of $3,000 to $3,200 psf for the upcoming project.

In just the first three months of this year, 14 collective sales have clocked total proceeds of $5.6 billion, which is already 64 per cent of the total proceeds of $8.7 billion from 30 collective sale sites for the whole of last year.

As HLIH is deemed a substantial shareholder of GuocoLand, Intrepid Investments and Hong Realty are deemed interested persons of GuocoLand under Singapore Exchange's listing rules.

Pacific Mansion comprises 288 apartments and two commercial units. Owners representing more than 80 per cent of the strata area and share value of the development have consented to the collective sale. Each residential unit owner will stand to receive a gross payout of $3.26 million to $3.48 million. The shop units will receive between $2.2 million and $4.5 million.

Retiree Peter Chia, 60, who has been living in Pacific Mansion for the past 10 years, welcomed the news of the collective sale.

"It is a good price," he said, adding that he has not decided where he will live in the future.

He said a new development could help breathe new life into the area, noting that the ageing property was not well-maintained.

But not everyone is glad. A resident, who wanted to be known only as Mr Lim, said he bought a three-bedroom apartment in Pacific Mansion in 2016 and would incur a 12 per cent seller's stamp duty (SSD).

He said he has failed to get an SSD waiver from the authorities even though he did not sign on the collective sales agreement. The SSD, estimated to be $384,000, would have to be paid even before he receives the sale proceeds. "This defeats the purpose of the SSD because I am not a speculator," said Mr Lim, adding that he spent $40,000 to $50,000 on renovations.

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7) Residential site Riviera Point, located at 2 Kim Yam Road, has been sold for $72m or $1,461 psf ppr to real estate firm Macly Group's subsidiary. According to CBRE, this is Rivieria Point’s fourth collective sale attempt, with previous attempts in 2007, 2011, and 2013.

The site area is approximately 14,579 sq ft. Based upon the Masterplan 2014 zoning, the use is residential with plot ratio 2.8 and a height control of 36 storeys.

The verified existing gross floor area (GFA) is approximately 49,265 sqft, translating to a plot ratio of 3.379.

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