"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.

URBAN SUITES//Char Yong Gardens

Preview of Urban Suites draws interest

Asking price for the units said to start from $2,500 psf

PREVIEWS are open for only multiple unit purchases, yet this project is already drawing interest – pointing towards better days for the high-end residential market.

Urban Suites, located at the former Char Yong Gardens site at Hullet Road, is attracting serious buyers from overseas, according to sources.

BT understands that the asking price for these freehold units starts from around $2,500 per sq ft. It is currently available to those who will buy at least two units and there is no news as to when it will be open to those who wish to purchase only a single unit.
Urban Suites, designed by Kerry Hill Architects, comprises 165 units spread across three towers.
There are 26 two-bedders, 94 three-bedders, 40 four-bedders and five duplex and triplex penthouses. The development is expected to receive temporary occupation permit in 2013.
Joint developers CapitaLand and Wachovia Development Corporation had bought Char Yong Gardens en bloc for $1,788 psf of potential gross floor area, including development charges, when the property market was booming in 2007.

CapitaLand’s Urban Suites sees good results in preview sales

Property developer CapitaLand said on Wednesday its high-end development, Urban Suites, saw good results in its recent preview sales.
Under the first phase of the sale launched before Christmas, 60 of the 165 units were released to buyers who were prepared to purchase more than one unit.
CapitaLand said all 60 units were sold at prices ranging from S$2,400 to S$2,700 per square foot. It plans to launch the second phase, comprising some 50 units, in Jakarta next week.
Urban Suites sits on a freehold site, spanning nearly 8,700 square metres, at the former Char Yong Gardens, bounded by Cairnhill Road, Hullet Road and Saunders Road.
The 165-unit development is made up of two 20-storey towers and one 17-storey tower. There are two-, three-, and four-bedroom apartments as well as duplex and triplex penthouses.
Urban Suites is developed by CapitaLand Residential Singapore together with its joint venture partner.
Source : Channel NewsAsia – 6 Jan 2010

Urban Suites -   

Char Yong Gdns sold for record $1,788 psf ppr

August 4, 2007
Setting a new benchmark price for residential land in Singapore, CapitaLand has bought Char Yong Gardens at the corner of Cairnhill and Hullet roads at a unit land price of $1,788 psf of potential gross floor area inclusive of development charges payable to the state.
The 93,274 sq ft freehold site is next to the Silver Towers plot which CapitaLand bought in September last year for $1,107 psf per plot ratio (psf ppr). The average land cost of the two sites works out to about $1,400 psf ppr. It remains to be seen if CapitaLand will amalgamate the two plots for a single project.
Prior to yesterday’s deal, the record price for residential land was $1,735 psf ppr set by the sale of The Parisian at Angullia Park in December last year to Overseas Union Enterprise.
CapitaLand said yesterday it has signed a sale and purchase agreement to acquire Char Yong Gardens through a collective sale for $420 million. The unit land price of $1,788 psf ppr is inclusive of a $47 million development charge.
Market watchers reckoned CapitaLand’s break-even cost for a new condo on the site could be around $2,200 to $2,300 psf.
Char Yong’s unit land price is 16 per cent higher than the $1,542 psf ppr that Sing Holdings paid in March this year for the nearby Hillcourt Apartments.
Jones Lang LaSalle brokered the collective sale of Char Yong Gardens.
The sale to CapitaLand was agreed following the lapse of an earlier offer made in late April by a joint venture involving China, Indonesia and Singapore entities. But that offer is believed to have had a series of conditions.
CapitaLand’s acquisition of Char Yong Gardens is subject to approval from the Strata Titles Board. Consent from owners controlling at least 80 per cent of share values at Char Yong Gardens has been obtained, JLL regional director and head of investments Lui Seng Fatt confirmed yesterday.
CapitaLand said yesterday it is in talks with Wachovia Development Corporation to develop the Char Yong site through a 50:50 joint venture. The company is a wholly owned subsidiary of Wachovia Corporation, one of the biggest diversified financial services groups in the US, through which certain real estate activities are transacted.
For now, the plan is to redevelop the Char Yong plot into a 20-storey condo with about 130 biggish apartments. The project is slated for launch in end-2008.
CapitaLand said that since 2005, it has bought four residential sites and one mixed development plot in Singapore. These include Gillman Heights, for which it has partnered Hotel Properties and two funds. ‘The company will continue to seize opportunities to acquire prime sites to augment its existing landbank,’ it said.
Source : Business Times – 13 Jun 2007

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