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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.

THE TERRENE//Rainbow Gardens

Good response to new condos 368 Thomson, The Terrene

CITY Developments Ltd (CDL) and UOL Group seem to have struck a chord with home buyers with their latest condo previews.
CDL has sold 96 of the 120 units released in the first phase of its 368 Thomson condo, as at 5pm yesterday. The average price is $1,350 per square foot for the 36-storey freehold condo in District 11. The project comprises 157 units. CDL said it is releasing more units progressively to cater to demand.
Over in the Toh Tuck/Jalan Jurong Kechil area, UOL released 85 units at The Terrene on the former Rainbow Gardens site and as at 10pm yesterday, had sold about 50 units. The average selling price for the five-storey, 999-year leasehold condo is about $1,250 psf. The project comprises 172 units. UOL is developing the condo jointly with LaSalle Investment Management.
Developers of both projects began sales to their respective staff/directors and former owners of the sites on Thursday, followed by previews to other buyers yesterday.
CDL said prices of 368 Thomson range, in absolute dollar quantum, from $918,000 for the 689 sq ft one-plus-study units to $4.4 million for the 3,391 sq ft, five-bedroom penthouses.
The 96 units sold include all 62 two-bedders in the development and about 12-15 one-bedders as well as one of the condo’s two penthouses.
DMG & Partners analyst Brandon Lee described CDL’s pricing as ‘reasonable and in line with current prices in the area’, given that newish projects in the area are fetching between $1,250 and $1,450 psf.
Agreeing, a seasoned property consultant noted that prices of new condos in the Newton area, which is closer to Orchard, are hovering around the $1,700-2,000 psf range.
A back-of-the-envelope calculation shows CDL stands to book pre-tax profit of about $70 million from 368 Thomson. This is the third condo the group is developing in the location. Its first, The Arte at Thomson, was previewed in March last year at an average price of $880 psf, followed by Cube 8 in January this year at $1,250 psf on average.
CDL said that about 75 per cent of buyers at 368 Thomson were Singaporeans, with the rest comprising permanent residents and other foreigners – mainly from Malaysia, Indonesia, China and Hong Kong.
‘With its prime District 11 location, freehold status and attractive pricing, 368 Thomson represents an excellent investment opportunity and also good rental potential,’ said CDL’s group general manager Chia Ngiang Hong.
UOL and La Salle Investment Management on the other hand are targeting primarily owner-occupiers for The Terrene.
‘The majority of units sold are two-bedroom apartments, followed by three bedders. Seven penthouses have also been sold,’ said Knight Frank managing director (residential services) Peter Ow. Buyers mostly have addresses in the surrounding area – districts 21 (such as Upper Bukit Timah) and 23 (which includes Bukit Batok and Toh Tuck) and comprise a mix of HDB flat dwellers and private home dwellers.
‘Most of the buyers are locals,’ he added. The 85 units released are priced between $920 psf and $1,480 psf. Knight Frank is marketing Terrene jointly with Jones Lang LaSalle. The project’s 172 units range from one bedders (starting from 506 sq ft) to five-bedroom penthouses (up to 3,025 sq ft).
Source : AsiaOne – 12 Jul 2010

New condos for preview this week

AT least two new condos are expected to be released this week – 368 Thomson and The Terrene @ Bukit Timah.
UOL Group and LaSalle Investment Management are jointly developing The Terrene on the former Rainbow Gardens site in the Toh Tuck/Jalan Jurong Kechil area.
The 999-year leasehold, 5-storey project will have 172 units, ranging from one bedders (starting from 506 sq ft) to five-bedroom penthouses (of up to 3,025 sq ft). It will be close to two green lungs – Bukit Timah Nature Reserve and Bukit Batok Nature Park – and about half a kilometre from the Beauty World MRT Station, which is being built.
Prices of typical units are expected to be in the $1,200-1,400 psf range. However, one bedders could touch around $1,500 psf. Ground floor apartments with private enclosed areas could be priced closer to the $1,000 psf mark, BT understands.
In October last year, UOL announced it had taken a half-share in the Rainbow Gardens site, which had been bought by the LaSalle Asia Opportunity II fund in a collective sale a few years earlier.
Terrene is being marketed by Knight Frank and Jones Lang LaSalle.
For UOL, the preview of The Terrene follows the virtual sell-out of its Waterbank at Dakota, a 616-unit condo fronting Geylang River and next to Dakota MRT Station. The 99-year leasehold condo’s launch in April was timed with the opening of the station.
Over in the Balestier/Thomson Road area, City Developments Ltd is getting ready to preview 368 Thomson later this week on the former Concorde Residence site.
Prices in the 36-storey freehold development are expected to range from $1,300-1,500 psf. The condo’s 157 units range from one-bedders to penthouses, with unit sizes of 689 sq ft to 3,391 sq ft. The project is being marketed by Huttons.
Meanwhile, over in the Bedok Reservoir location, Frasers Centrepoint and Far East Organization have sold 93 of the 150 units released since June 25 at the Waterfront Gold condo. The average price for the 99-year leasehold project is $950 psf. Waterfront Gold comprises 361 units and will be the first condo in Singapore to feature a skypark. This will be on the roof of the 15-storey project.
Property consultants say home sales are still slow, with many potential buyers still glued to the World Cup, which ends in the wee hours of Monday next week. More developers are then expected to begin releasing projects again.
‘Buyers will do their homework and evaluation, but the good thing is that the Singapore stock market has still fared relatively better than some overseas markets,’ notes DTZ executive director (consulting) Ong Choon Fah.
‘The underlying desire to buy a private residential property here is still there among owner occupiers and local investors, as there’s still a lot of liquidity. And our market is quite unique, with a large part of our population living in public housing, which provides a natural feed to the private housing market,’ she added.
 July 07, 2010

RAINBOW GARDENS

Development Name:Rainbow Garden
Property Type:Condominium
Developer:Wai Wing Properties Pte Ltd
Tenure:999-year Leasehold
Construction Year:1986
# of Units:64

Collective sale:
Application for sale to the STB: Aug 2007

Rainbow Gardens' en bloc sale was approved by the STB 0n 18 May 2008.
The following is the minority appeal to the High Court, the appeal was dismissed on 12 May 2009.
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NEW LAUNCH - TERRENE@BUKIT TIMAH (FORMERLY RAINBOW GARDENS)
Project Name: Terrene @ Bukit Timah
Description: 8 Blocks of 5-storey condominium development & 1 level basement car park.
Terrene Location: Former Rainbow Garden ~ Jalan Jurong Kechil
District: 21
Site Area: 130,117 sq ft (12088.2 sqm)
Tenure: 999 years
Expected TOP: 31 March 2014
Total Nos of Units: 172 Units

Type of Units In Terrene @ Bukit Timah:

Nos Of Bedroom Estimate Area (sq ft) Nos of Units
1 549 ~   624 22
2 915 ~ 1184 68
3 1109 ~ 1572 44
4 1550 ~ 1841 08
Penthouse:
3 1733 ~ 2034 14
4 2067 ~ 2443 11
5 2659 ~ 3025 05

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