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"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.

SILVERSEA // Amberville (ex-HUDC)

Sold:   $396  psf ppr

New Development: $1486 psf

(As of Dec 2011)

 
See Developers Windfall

Far East buys Katong’s Amberville for $183m

July 19, 2007
FAR East Organization has made its first residential land acquisition in Singapore’s private sector since the property market peak in 1996-97.
It has bought Amberville at Katong – making it the first privatised HUDC estate to be sold in a collective sale – for $183 million.
This works out to a higher-than-expected $396 per square foot per plot ratio inclusive of an estimated development charge of $35.2 million and $23.8 million to top up the site’s lease from the remaining 71 years to the original 99 years.
Market watchers see Far East’s move – after such a long absence from the private residential scene – as significant.
‘The giant has finally woken up,’ says Knight Frank executive director Foo Suan Peng, whose firm brokered the Amberville sale. ‘It’s an indication from an experienced developer monitoring the market for some time that the current recovery will be for real – not short-lived like we saw in 1999.’
Owners in other HUDC privatised estates will no doubt be hoping that the Amberville purchase will boost their chances of en bloc sales too.
Two sites are currently on the market – Minton Rise at Hougang and Waterfront View, which faces Bedok Reservoir. Several others are in various stages of preparation including Pine Grove, Gillman Heights and Farrer Court.
The owners’ chances of success will depend on two key factors, besides setting realistic asking prices, says Mr Foo. ‘Number one, how prime the location is. And number two, the size of the site. Many former HUDC estates are on huge sites that could generate 1,000 or more new apartments upon redevelopment. Developers may not want to put all their eggs in one basket, in one location.’
The 218,435 sq ft Amberville site can be redeveloped into a new condo of at least 20 storeys, with around 530 units averaging 1,200 sq ft.
Far East’s breakeven cost is likely to be around $600 psf, observers say.
The site is zoned for residential use with a 2.8 plot ratio – the ratio of potential maximum gross floor area to land area.
The new condo will boast unblocked views of the sea, and the site is next to a foot tunnel that connects with the beach.
The tender for Amberville had attracted four bids when it closed on Tuesday this week. Far East’s offer was the highest.
The other contenders were City Developments, MCL Land and Wing Tai, sources say.
The owners of Amberville’s existing 168 apartments will each receive $1.09 million on average – at least 85 per cent more than what their units would have fetched had they been sold individually.
The sale to Far East is subject to several conditions – including confirmation of the baseline gross floor area, the buyer obtaining outline planning permission for a residential development with a 2.8 plot ratio, in-principle approval from Singapore Land Authority to top up the lease to 99 years, and the nod from the Strata Titles Board.
Source : Business Times - 19 Jan 2006

Amberville sold en bloc for $183m

July 19, 2007
AMBERVILLE was snapped up yesterday for the bumper price of $183 million and in the process became the first former HUDC estate to be sold collectively.
Its 168 owners have plenty to celebrate. The price exceeded their reserve of $171 million and each will get an average $1.089 million for their unit, at least 85 per cent above market value, said sale manager Knight Frank.
‘For a 99-year site, it’s a record price,’ said Ms Tang Wei Leng, director of property consultancy DTZ Debenham Tie Leung.
Far East Organization outbid rivals City Developments, Wing Tai and MCL Land for the Katong site in a tender process that closed on Tuesday.
Its price translates into $396 per square foot per plot ratio (psf ppr), after accounting for a development charge of about $35.2 million and a differential premium of $23.8 million to top up the lease from 71 years to 99 years.
Knight Frank said the price indicates ‘developers’ confidence in the property market’. The price also surpassed recent prices of nearby sites. Centrepoint paid $280 psf ppr in 2001 for a nearby 99-year leasehold site, which is now home to the 612-unit Cote d’Azur next to Parkway Parade.
Recent freehold collective sales in the Katong area were also made at lower levels: Maryland Point site went for $351 psf ppr and the Sea View condominium site for about $370 psf ppr.
Knight Frank said the Amberville site is a ‘rare and substantial’ one where Far East can capitalise on the unblocked views of the sea and East Coast Park.
Amberville is likely to break even above $600 psf to $650 psf. Knight Frank said it can accommodate a condominium of up to 36 storeys, with 474 units of 1,200 sq ft on average each.
The firm also brokered the sale of Eng Cheong Tower, the first 99-year leasehold property to be sold en bloc, and the deal that sparked interest in collective sales of such leasehold properties.
Other ex-HUDC estates, such as Pine Grove and Farrer Court, also hope to land a collective sale.
Next week, the tender closes for the 342-unit Minton Rise – the first ex-HUDC estate to get in-principle approval for a lease top-up to 99 years.
Source : Straits Times - 19 Jan 2006

Green light for Amberville sale

July 20, 2007 THE Strata Titles Board (STB) yesterday gave the order for sale of Amberville in the Katong area.
This marks the first collective sale of a privatised HUDC estate to be approved by STB, which has to give its nod for all en bloc sales that do not have owners’ unanimous consent. Rodyk & Davidson represented the majority owners/sellers of Amberville. The estate comprises 168 units, and owners of eight units had objected to the collective sale to Far East Organization for $183 million.
The deal, announced in January, works out to a higher-than-expected unit land price of $396 per square foot per plot ratio, inclusive of two payments Far East will have to make to the state – an estimated development charge of $35.2 million and a further payment of $23.8 million to top up the site’s lease from the remaining 71 years to the original 99 years.
Since Amberville, the only other privatised HUDC estate to be sold is Waterfront View facing the Bedok Reservoir. It has been sold to a joint venture between Far East and Frasers Centrepoint, although this will be subject to STB’s approval.
The collective sale of Gillman Heights in the Depot/Alexandra roads location is being launched today.
Other privatised HUDC estates where collective sales are being worked on at various stages include Minton Rise, Farrer Court, Pine Grove, Laguna Park, Lakeview and Tampines Court, say property agents.
Source : Business Times – 19 Jul 2006

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