"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."
Drop Down MenusCSS Drop Down MenuPure CSS Dropdown Menu
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.

THE INTERLACE//Gillman Height

CapitaLand, meanwhile, sells 110 Interlace units over the weekend

Over the Good Friday weekend, CapitaLand sold a total 110 units at The InterLace in the Alexandra Road area at $850-1,300 psf. The property giant has sold more than 390 of the 490 units it has released to date in the 1,040-unit, 99-year leasehold condo.

A CapitaLand spokeswoman said yesterday that units in the latest phase are priced about 3-5 per cent higher than the phase one units released in September last year (at $850-1,150 psf) as there are more units in the recent batch on higher floors or with better facing.

TID Pte Ltd – a joint venture between Hong Leong Group Singapore and Japan’s Mitsui Fudosan – also found buyers for 23 of the 40 units it released last week at its 65-unit Nathan Suites. The units fetched prices ranging from slightly below $2,000 psf to $2,300 psf; the average price achieved is $2,100 psf.

The 24-storey freehold project at Nathan Road, opposite the Malaysian High Commission, comprises two, three and four-bedroom apartments as well as penthouses ranging from about 915 sq ft to 4,800 sq ft.

Meanwhile, at Sentosa Cove, Ho Bee and IOI sold six units at The Seascape last week, taking total sales in the project to 31, while City Developments Ltd (CDL) sold another five units of The Residences at W Singapore Sentosa Cove, taking sales to 19 units. CDL is selling its development at $2,500-3,000 psf while units at Seascape cost $2,619-2,880 psf, based on earlier reports.

Next week, Tiong Aik group is expected to preview Starlight Suites at River Valley Close. The freehold 35-storey condo could be priced at about $2,000 psf on average. Starlight Suites has a total of 105 units, comprising one bedders to a four-bedroom penthouse. Unit sizes range from 560 sq ft to 3,401 sq ft.

This week, though, the spotlight will fall along Geylang River, where UOL will preview its Waterbank at Dakota, which is next to the Dakota MRT Station that is slated to open later this month.

Market watchers say that this would be probably the first residential project to come on the market without bay windows and planter boxes, leaving more net liveable area for residents.
A ruling that took effect on Jan 1, 2009, scrapped the exemption of these features from gross floor area for submissions for provisional permission.

UOL is expected to release about 200 of the project’s total of 616 units initially. Unit sizes range from 484 sq ft for a one bedder to 2,820 sq ft for a penthouse.

Next door, NTUC Choice Homes and Ho Bee are left with about 50 units at Dakota Residences comprising mostly four bedders facing the river. The developers began selling the project, which has a total of 348 units, in June 2008 at about $970 psf on average but trimmed prices by 5-8 per cent during last year’s relaunch.

Joseph Tan, CB Richard Ellis executive director (residential), notes that developers have revved up overseas marketing campaigns in places such as Hong Kong, Jakarta, Shanghai and Beijing of late to ride on a pick-up in foreign buying interest.

DTZ executive director (consulting) Ong Choon Fah says that developers’ launch strategies in the coming months will differ depending on the market segment they cater to.
For instance, demand from foreign buyers is more significant at the high end than in the other segments. Developers of such projects are more likely to calibrate launches, ensuring that supply keeps pace with a much smaller pool of buyers.

For mass and mid-market projects, on the other hand, developers would be more inclined to push out projects as buying interest remains strong in these segments.

Developers also face greater competition in the mass market category as the government releases new sites, whereas in the luxury sector, new land supply will be introduced at a slower clip, given the huge price gap between buyers’ and sellers’ expectations for en bloc sales.
Source : Business Times – 6 Apr 2010

Interlace @ Gillman Heights

September 10, 2009

1040 units + 8 retail shops

Where Urban Living meets Nature… The Best of Both World
The Interlace is one of the largest and most ambitious residential developments in Singapore. It will present a radically new approach to contemporary living in a lush tropical environment.
The site is located at the junction of Alexandra Road and Depot Road and is bounded by the Ayer Rajah Expressway to the north. To the south, the Southern Ridges connects The Interlace to the Kent Ridge, Telok Blangah Hill and Mount Faber parks. Together with Gillman Village, residents can enjoy a variety of nature trails and restaurants within walking distance of the site.
Proximity to the West Coast Highway and Ayer Rajah Expressway allows residents to enjoy easy access to numerous points of interest: a five-minute drive to VivoCity, Sentosa and the integrated resort as well as the National University of Singapore; a 10-minute drive to the Central Business District (CBD); and 15 minutes to Orchard Road. In addition, The Interlace is also accessible to various MRT lines via the Queenstown, Redhill, HarbourFront and future Labrador Park MRT stations.
The 23 six-story blocks are arranged on four main ‘Superlevels’ comprising 24 stories, although most Superlevel blocks range from six to18 stories to form a stepped building topography. By alternating the Superlevel blocks as they are stacked, multi-story openings through the massing allow light and air to weave into the architecture and landscape. Extensive cascading terraces and balconies continue the landscaping features up to the green roofs and shared public terraces between blocks.

Location : Alexandra Road/ Depot Road
Tenure : 99 years leasehold wef 11 Feb 2009
Developer : Ankerite Pte Ltd
Site Area : approx 869,320 sqft
Expected Completion : 31 March 2015
Car Park Lots : 1,132 (inclusive of 10 handicap lots) and 76 strata lots (2 lots per garden house)
Facilities :50 metre Lap Pool, Fun Pool, Jacuzzi, Landscape courtyard, Fitness Station, Clubhouse with function room, Gymnasium, Fitness station, Children play area, Gardening zone, Lotus pond, Tennis court, Party pavillions

Total Units : 1,040 + 8 retail shops
Unit Types :
2 bedroom ~ 807 -1,604 sqft
3 bedroom ~ 1,259 – 3,789 sqft
3 + study ~ 1,593 – 5,253 sqft
4 bedroom/ Multi generation ~ 1,938 – 5,694 sqft
Townhouse ~ 2,874 -3,886 sqft
Penthouse ~ 3,154 – 6,308 sqft

CapitaLand pays $548m for Gillman Heights

July 28, 2007 The huge Gillman Heights estate, which failed to find a buyer at its tender last August, was picked up by property giant CapitaLand yesterday for a whopping $548 million.
The amount is $19 million above the estate’s reserve price, which is also what its owners demanded last year.
The National University of Singapore, which owns 305 units at the former HUDC estate along Alexander Road, will reap more than $250 million from the sale.
It uses the Gillman Heights apartments for off-campus accommodation for staff and graduate students.
Other owners will each get about $890,000 for the apartments and about $950,000 for the bigger two-storey units.
The sale is the largest residential collective sale in terms of value, land size and number of units, said Ms Tang Wei Leng of DTZ Debenham Tie Leung, which represented CapitaLand in the negotiations.
The estate, which covers 836,432 sq ft, has 607 apartments and one shop.
CapitaLand will build a 24-storey project with about 1,200 units. ‘We plan to have the first phase ready for launch in 2008,’ said Ms Patricia Chia, chief executive of CapitaLand Residential Singapore.
The sale was done via private negotiation, with DTZ Debenham Tie Leung (SEA) representing the buyer and NRA Real Estate representing the sellers.
DTZ entered the picture after the huge estate failed to attract any buyers at its tender last August.
However, the property market has picked up significantly since then, enabling it to attract the higher offer.
The Gillman Heights price translates to about $363 per sq ft per plot ratio. This includes a $90 million payment to top up the lease to 99 years, from about 77 years, and increase the plot ratio to 2.1.
Waterfront View, at 809,037 sq ft and with 583 units, had held the title as the largest former HUDC collective sale. It sold for $385 million in the middle of last year.
Meanwhile, owners of other privatised HUDC estates such as Tampines Court, Lakeview, Pine Grove and Farrer Court continue to work towards collective sales.
About 70 per cent of Farrer Court owners have backed a collective sale for $900 million, excluding additional costs such as a hefty development charge.
Tomorrow, Mount Everest Properties will launch One Balmoral at $130 million for sale by tender.
Source : Straits Times – 7 Feb 2007

No comments:

Post a Comment