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4 Land Sites sold for
Condo Redevelopments

Former En-Bloc sites of 
- Chancery Court 
- Dunearn Gardens
- Makeway View and
- GLS Kampong Java Road

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PROJECT DETAILS

 
 

Four parcel sites which are located at the Central Region of Singapore, that are near to newton MRT Station, were sold for New and Upcoming Condo developments in last quarters of 2017 and 2018, through collective sales.

The four land sites namely,
- Dunearn Gardens
- Chancery Court
- Makeway View and
- GLS site of Kampong Java Road

Dunearn-Gardens

El Development submitted the top bid of S$468 million for Dunearn Gardens, this translates to a land rate of S$1914 psf ppr after top up of S$43.6 million to intensify the piece of land.

Chancery Court

A undisclosed developer submitted the top bid of S$401.77 million for Chancery Court, with a addition of S$182.4 million to top up the lease to 99 years and intensification for the land, this translates into S$1610psf ppr

kampong java road

Chip Eng Seng submitted the top bid of S$418 million for Government Land site at Kampong Java Road, and this translates into S$1,192psf ppr.

Makewa View

Bukit Sembawang submitted the top bid of S$168 million for Makeway View. The sale price reflects a land rate of S$1,626 per sq ft per plot ratio (psf ppr), including an estimated development charge of about S$21.26 million.


New Condo at Newton is approximately 200 m away from Newton Train Station where its future residents will be able to access to the North South Line and Downtown Line Services. Come 2021, New Condo at Newton’s future residents can also easily transit to the Thomson Line service at the Orchard Train Station which is 1 station away from Newton Station. For those driving, New Condo at Newton is approximately 7 minutes away from the Central Business District (CBD) and Orchard Road is just a mere 4 minutes’ drive away. New Condo at Newton are also well linked to the Central Expressway (CTE) and the Pan Island Expressway (PIE) which allow breeze driving to any parts of Singapore.

 

When it comes to amenities such as retail, eating, leisure and entertainment facilities, New Condo at Newton's future residents will find it within their reach as the United Square Shopping Mall, Novena Square and Square 2 is just a stone’s throw away. For more choices, New Condo at Newton's future residents can also head down to the nearby Orchard Shopping District that is located less than 1.4 km away. In terms of local delights, New Condo at Newton’s future residents can head down to one of the food centres within its vicinity such as Newton Food Centre, Pek Kio Market And Food Court Centre, Tekka Market, Whampoa Drive Market & Food Centre and Berseh Food Centre.

 

Local schools that are nearby to New Condo at Newton are Saint Joseph’s Institution Junior, Anglo-Chinese Junior School, Anglo-Chinese Primary School, Farrer Park Primary School, Balestier Hill Primary School, Saint Margaret’s Primary School, Singapore Chinese Girls’ School, CHIJ Primary School, Hong Wen School, Anglo-Chinese School (Barker Road), Balestier Hill Secondary School, Raffles Girls’ Secondary School, CHIJ Secondary School and also Catholic Junior College.


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Project  New Condo at Dunearn Road, former site of Chancery Court
Developer  To be announced
Location  Chancery Lane, Dunearn Road
District  11
Tenure  99 years leasehold
Site Area  24,074 square metres/ 259,134 square feet
GFA:
Plot Ratio  1.4
Expected TOP:
Total Units  Approximately residential apartments
Total Carpark
Development  Private condominium comprising of communal facilities
Unit Type:
Architect
Eligibility SC, SPR and Foreigners can buy
Project  New Condo Dunearn Road at former site of Dunearn Gardens
Developer  EL Development, Evan Lim Group
Location  Dunearn Road, Bukit Timah Road
District  11
Tenure  Freehold
Site Area  8,866.9 square metres/ 95,442 square feet
GFA:
Plot Ratio  2.8
Expected TOP:
Total Units  Approximatley  residential apartments
Total Carpark
Development  Private Condominium comprising of communal facilities
Unit Type:
Architect
Eligibility SC, SPR and Foreigner can buy
Project  Kampong Java New Condo
Developer  Chip Eng Seng
Location  Kampong Java
District  11
Tenure  99 years lease
Site Area  square metres/ 125,326 square feet
GFA:   square metres/ 350,914 square feet
Plot Ratio
Expected TOP:
Total Units  Approximately 436 residential apartments
Total Carpark
Development  Private Condo comprising of communal facilities
Unit Type:
Architect
Eligibility SC, SPR and Foreigner can buy
Project  New Condo at former site of Makeway View
Developer  Bukit Sembawang
Location  Kampong Java Road
District  11
Tenure  Freehold
Site Area  square metres/ 41,582 square feet
GFA:   square metres/ square feet
Plot Ratio
Expected TOP:
Total Units  Approximately residential apartments
Total Carpark
Development  Private Condo comprising of communal facilities
Unit Type:
Architect
Eligibility SC, SPR and Foreigner can buy

LOCATION MAP and AMENITIES

FACILITIES SITE PLAN E-BROCHURE

The Facilities and Site plan of new condo launch at Newton Road are currently seeking approval from relevant authorities.

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AVAILABLE UNITS/ SOLD/ CHEAPEST PRICES PSF

BUKIT SEMBAWANG BOUGHT MAKEWAY VIEW FOR s$168 MILLION

1) A UNIT of Bukit Sembawang Estates has successfully tendered for the en bloc sale of the freehold Makeway View for S$168 million.

This was also the asking price when the collective sale tender was launched on Jan 23. The sale price reflects a land rate of S$1,626 per square foot per plot ratio (psf ppr), including an estimated development charge of about S$21.26 million, said marketing agent Edmund Tie and Company in a statement.

Owners of the estate's 28 apartments and four penthouses are expected to receive gross sale proceeds of between S$3.86 million and S$10.74 million per unit.

The 10-storey freehold development in District 9 was built in the late 1980s, on a 41,582 square ft[/SQ FT] plot with an allowable gross plot ratio of 2.8.

It is located across the road from Newton Food Centre and close to Anglo-Chinese School (Barker Road), Anglo-Chinese School (Junior) and St Joseph's Institution Junior. Newton MRT station is about 400 metres away.

Bukit Sembawang Estates, which tendered for Makeway View through its unit Bukit Sembawang Land, intends to redevelop the area into residential apartments with communal facilities, it said in a Singapore Exchange announcement on the evening of March 22.

Edmund Tie and Company said that subject to authorities' approval, the site can be developed into a high-rise apartment block of about 21 to 22 storeys with around 154 units assuming an average apartment size of 70 sq m.

"Units in the new development will potentially enjoy 180-degree unobstructed panoramic views of the city and lush greenery in its surroundings," said senior director of investment advisory Swee Shou Fern.

Bukit Sembawang Estates will fund the acquisition and redevelopment through internal resources and bank borrowings.

CHIP ENG SENG WON THE TOP BID FOR GLS LAND AT KAMPONG JAVA ROAD

2) Kampong Java Road residential site clinched for $418.38m

However, last year's cooling measures may have resulted in its subdued land rate of $1,192.

The residential site in Kampong Java has closed its tender and has been won by CELH Development at $418m, the Urban Redevelopment Authority (URA) revealed. Considering the price tag, the land rate falls to about $1,192 psf/pr.

CELH surpassed GLL’s bid by about $1m to secure the site. In total, seven bids competed as of tender closing.

Easily accessible via Dunearn Road, Kampong Java Road, Central Expressway (CTE) and Newton MRT Interchange Station, the land parcel is also near amenities and institutions such as the Anglo-Chinese School and Newton Food Centre. Meanwhile, shopping malls such as Velocity@Novena Square, United Square and ION Orchard are a short MRT ride away.

“The upcoming development on the land parcel will appeal to investors, as it has a strong catchment of tenants who work in the Novena medical cluster, CBD and Orchard Road,” Lee Nai Jia, Senior Director and Head of Research, Knight Frank Singapore commented. “Breakeven is expected to be approximately $1,600 per sqft, depending on the building materials used.”

Meanwhile, Ong Teck Hui, Senior Director, Research & Consultancy noted that the wide gap between the top bid of the site compared to sites sold before the cooling measures shows that residential prices within the area has ultimately softened. Such projects include Makeway View sold at $1,626 psf/pr, Dunear Gardens sold at $1,914 psf/pr, and Chancery Court sold at $1,610 psf/pr.

“There may be uncertainty as to whether the top bid of $1,192 psf/pr meets the URA’s reserve price,” Ong commented. “However, it reflects current market sentiments as it takes into account the unfavourable supply and demand conditions affecting the market.”

Source: Straits Times 

CHANCERY COURT SOLD FOR S$401.78 MILLION EN BLOC SALES

3) CHANCERY Court, a privatised HUDC estate across the road from Anglo-Chinese School (Barker Road), has fetched S$401.78 million in a collective sale tender or 6 per cent higher than its reserve price, its sole marketing agent OrangeTee Advisory said on Thursday.

The winning bid for the Dunearn Road site translates to a land price of about S$1,610 per square foot per plot ratio (psf ppr), after factoring in a differential premium and lease upgrading premium of some S$182.4 million. This is to redevelop the site to a gross plot ratio (GPR) of 1.4, based on the maximum permissible gross floor area (GFA) of 362,788 sq ft, and to top up the lease to a fresh 99 years.

The estate comprises a 16-storey tower block and seven blocks of four-storey walk-up maisonettes on a site area of approximately
259,134 sq ft.

The owners of the 136 apartments and 8 commercial units stand to receive a gross sale proceeds of S$1.8 million to S$3.5 million and S$934,000 to S$4.7 million respectively.

The 99-year leasehold site in prime District 11 is also a five-minute walk to Newton MRT station, near landed estates and Good Class Bungalows, within 1km of St Joseph's Institution Junior and less than 2kmof Singapore Chinese Girls' Primary School.

Subject to authorities’ approval, the site can be redeveloped into a 5-storey residential development with a maximum of 481 units, based on average size of 70 square metres, said OrangeTee Advisory.

"A pre-application feasibility study on traffic impact was commissioned by us and it has provided certainty to developers during the bidding process," said the firm.

It added that the recent collective sale sites sold along Bukit Timah Road, Dunearn Road and Balmoral Road have exhibited developers’ confidence in the prime locality.

Source: Business Times

EL DEVELOPMENT WON TOP BID FOR DUNEARN GARDENS THROUGH EN BLOC SALES

4) SINGAPORE — Dunearn Gardens has been sold collectively for S$468 million to a fully owned subsidiary of EL Development.

Announcing the sale of the 114-unit freehold residential development off Newton Road on Monday (April 23), Knight Frank said a development charge of approximately S$43.6 million is payable to redevelop the site to a gross plot ratio of 2.8 based on the maximum permission gross floor area of approximately 267,239 sq ft. This translates to a land price of approximately S$1,914 per sq ft per plot ratio (psf ppr).

However, taking into account a 10 per cent bonus balcony, which will bring the proposed plot ratio to 3.08, the land price works out to approximately S$1,841 psf ppr, subject to the authorities’ approval.

The 95,442 sq ft development comprises three adjoining residential blocks ranging from 75 sq m to 306 sq m. This is its third attempt at a collective sale.

Each owner stands to receive between S$2.69 million and S$7.98 million from the sale.

EL Development’s managing director Lim Yew Soon said: “We intend to redevelop the site into a 34-storey luxury condominium comprising 348 units of one- to four-bedroom units.”

Knight Frank’s executive director and head of investment and capital markets Ian Loh expects the new development to appeal to owner-occupiers as well as investors “given its choice location right at the city fringe”.

Earlier this month, global real estate services company Colliers International predicted that the total value of this year’s en-bloc sale transactions is likely to trump that of 2017 — which was S$8.13 billion from 27 transactions.

Its data showed that 17 successful residential en bloc sales, valued at S$5.83 billion, had already been chalked up in the first three months of this year, amounting to over 70 per cent of the total value of collective sale deals for the whole of last year.

This month, besides Dunearn Gardens, other en bloc deals included the sale of Farrer Road freehold development Tulip Garden for S$906.9 million, the second-largest en bloc sale for the year.

Source: Todayonline

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