"I am a BLOGGER NOT an expert. This is a BLOG not a 'go-to' website for official information. I represent no one's view save my own. I have neither legal nor financial training, nor do I have anything to do with the real estate industry. My understanding of the Collective Sale Process is from a layman's position only. My calculations, computations and tables are homespun and may contain errors. Please note that nothing in this blog constitutes any legal or financial advice to anyone reading it. You should refer to your lawyer, CSC or financial adviser for expert advice before making any decision. This disclaimer is applicable to every post and comment on the blog. Read at your own risk."
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There is one thing worse than an Enbloc ----- and that is an Enbloc done badly. Since the majority have the necessary mandate to sell, then they owe it to all SPs to make a success of it. Minority SPs can only watch and wait, if they sell then lets pray it's at a price we can move on with, if they don't sell, then we are happy to stay for a few more years.


Eng Tai Mansion sold for $76.5m

July 22, 2007 NOVELTY Group is buying the freehold Eng Tai Mansion at St Thomas Walk for $76.5 million, or about $810 per square foot of potential gross floor area inclusive of an estimated $10.4 million development charges (DC), BT understands.

Jones Lang LaSalle brokered the collective sale. The property consultancy had marketed the property through a tender which closed on Nov 9.

Novelty can redevelop the 38,300 sq ft site into a 36-storey condo with about 60 units averaging 1,800 sq ft.

The breakeven cost for a new condo could be around $1,200 psf, say market watchers.
The District 9 site is zoned for residential use with a 2.8 plot ratio (ratio of potential gross floor area to land area) and a maximum height of 36 storeys.

Eng Tai currently comprises two blocks with a total of 50 apartments owned by more than 40 owners.
Last month, City Developments bought Futura at Leonie Hill Road – also in the River Valley area – for a unit land price of $1,179 psf per plot ratio or an absolute sum of $287.3 million.
Novelty Group is involved in the department store business besides property development.
Its projects include Bluwaters condo in Pasir Ris and The Murano in Pasir Panjang.

Earlier this year, the group bought White House Park Apartments for $22 million from Asia General Holdings group.

The price paid for the freehold property in the Stevens/White House Park roads area, worked out to about $650 psf of existing strata area.

Novelty is expected to refurbish the 14 apartments and five townhouses in the four-storey development before selling them, according to a BT report in July this year.
Source : Business Times – 14 Nov 2006

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