Disclaimer






"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.

WATERFRONT GOLD //Waterfront View

SOLD: $241 psf ppr

NEW DEVELOPMENT:  $1002 psf
(as of Dec 2010)


See Developers Windfall


Frasers Centrepoint and Far East Organization have sold 68 of the 150 units for sale at the  Waterfront Gold  condo fronting Bedok Reservoir as of yesterday.

These were units released by the developers last Friday.

The 99-year leasehold condo, which has a total 361 units, is priced at $950 psf on average.

Over 70 per cent of units sold were smallish apartments - one bedders, one bedroom with study units and two bedders.

Buyers were predominantly Singaporeans and there was a roughly equal split between those with HDB and private addresses. In absolute price terms, the cheapest unit sold was about $555,000, for a 581 square foot, one-bedder on the second level. Both penthouses released (about 2,000 sq ft each) were sold at an average price of about $1,025 psf or $2.1 million each.

While Waterfront Gold's sales seem tepid compared with launches earlier this year, Frasers Centrepoint Homes chief operating officer Cheang Kok Kheong said the outcome was 'within our expectation and quite remarkable given today's market sentiment'.

'We are testing the upper end of prices in the upgraders' market and because of the location and facilities, we are positioning Waterfront Gold as an upper-mid market condo rather than a mass-market product.

'For instance, we have a sky park with a dedicated express bubble lift and toilets in the development will have marble floors,' he added.

Mr Cheang also said the developers are offering two of the project's five blocks, or 150 units, as part of 'a deliberate attempt not to sell out the project'.

'We wish to sell progressively and keep the remaining three blocks until the location of the Bedok Reservoir Station on Downtown Line 3 is announced.'

Market watchers recall that during March/April, when home buying sentiment was stronger, developers used to achieve sales of about 300 units in the first weekend of a project's release.

Knight Frank managing director (residential services) Peter Ow attributed Waterfront Gold's sales result to a 'combination of challenging pricing and a slower market'.

Waterfront Gold is the third in a series of four condos that Frasers Centrepoint and Far East are developing on the former Waterfront View site.

Waterfront Waves was first released in January 2008 at an average price of about $750 psf, followed by the launch of Waterfront Key in July last year at $735 psf on average.

The developers have been raising prices in these two projects.

Waterfront Waves is now fully sold and the remaining 100-odd apartments at Waterfront Key are now selling at average prices of $850 psf for poolview units and $950 psf for reservoir-facing units.

Source : The Business Times

Info:
Site area:  14,496.40 square metres at a plot ratio of 2.5.

Waterfront Gold is a 361-unit residential development with a site area of over 156,000 sq ft. Comprising 5 main blocks of 15 storeys, close to 40% of the unit offerings comprise of 1- and 2-bedroom units ranging from 581 sq ft to 893 sq ft. The rest of the units comprise of compact 3-bedroom units of 1,012 sq and 1,055 sq ft, and larger ones from 1195 sq ft to 1,399 sq ft. The spacious 4-bedroom units and exclusive penthouses will offer panaromic views.

68 units sold at Waterfront Gold
Jun 28, 2010

Frasers Centrepoint and Far East Organization have sold 68 of the 150 units for sale at the Waterfront Gold condo fronting Bedok Reservoir as of yesterday.

These were units released by the developers last Friday.

The 99-year leasehold condo, which has a total 361 units, is priced at $950 psf on average.

Over 70 per cent of units sold were smallish apartments - one bedders, one bedroom with study units and two bedders.

Buyers were predominantly Singaporeans and there was a roughly equal split between those with HDB and private addresses. In absolute price terms, the cheapest unit sold was about $555,000, for a 581 square foot, one-bedder on the second level. Both penthouses released (about 2,000 sq ft each) were sold at an average price of about $1,025 psf or $2.1 million each.

While Waterfront Gold's sales seem tepid compared with launches earlier this year, Frasers Centrepoint Homes chief operating officer Cheang Kok Kheong said the outcome was 'within our expectation and quite remarkable given today's market sentiment'.

'We are testing the upper end of prices in the upgraders' market and because of the location and facilities, we are positioning Waterfront Gold as an upper-mid market condo rather than a mass-market product.

'For instance, we have a sky park with a dedicated express bubble lift and toilets in the development will have marble floors,' he added.

Mr Cheang also said the developers are offering two of the project's five blocks, or 150 units, as part of 'a deliberate attempt not to sell out the project'.

'We wish to sell progressively and keep the remaining three blocks until the location of the Bedok Reservoir Station on Downtown Line 3 is announced.'

Market watchers recall that during March/April, when home buying sentiment was stronger, developers used to achieve sales of about 300 units in the first weekend of a project's release.

Knight Frank managing director (residential services) Peter Ow attributed Waterfront Gold's sales result to a 'combination of challenging pricing and a slower market'.

Waterfront Gold is the third in a series of four condos that Frasers Centrepoint and Far East are developing on the former Waterfront View site.

Waterfront Waves was first released in January 2008 at an average price of about $750 psf, followed by the launch of Waterfront Key in July last year at $735 psf on average.

The developers have been raising prices in these two projects.

Waterfront Waves is now fully sold and the remaining 100-odd apartments at Waterfront Key are now selling at average prices of $850 psf for poolview units and $950 psf for reservoir-facing units.

Source : The Business Times


FROM WEBSITE HERE :-



Description:
Waterfront gold is a joint venture between Far East Organisation and Frasers Centrepoint. It is a 99 years tenure. Targeted TOP is May 2015. Targeted to be launched on 25 June 2010.

Waterfront Gold is a new waterfront development that consist of 5 blocks of 15 storeys each. Full condo facilities located opposite Bedok Reservoir.

Waterfront Gold is the key to an exciting lifestyle by the water's edge; the key to modern elegant homes with lovely reservoir, park and pool vistas; the key to the essentials and conveniences of a luxurious lifestyle.

Shopping, dining and entertainment choices abound at the nearby Tampines Mall, Tampines 1, Century Square, the upcoming mall at Bedok Central, IKEA, Courts and Giant Hypermart.

Nearby schools include Red Swastika School, Yu Neng Primary School, Temasek Polytechnic, Future United World College SEA, Victoria Junior College.

Indicative price range from $1000-1200 psf

1- Bedroom (15 units) 624sqft
2- Bedroom Compact (56 units) 710sqft
2-Bedroom (73 units) 904 - 915sqft
3-Bedroom Compact (43 units) 1,044 - 1,076sqft
3-Bedroom (126 units) 1,238 - 1,346sqft
4-Bedroom (44 units) 1,421 - 1,647sqft
4-Bedroom Penthouse (5 units) 2,002 - 3,025sqft

Phase 1 release

Tower C - NO. 754


Stack 11 (2nd flr to 15th flr) : $898,480 ($888psf) - $975,040 ($94psf) (3 Bedroom Compact units)

Stack 12 (2nd flr to 15th flr) : $555,280 ($956psf) - $606,320 ($1,044psf) (1 Bedroom units)

Stack 13 (2nd flr to 15th flr) : $799,040 ($895psf) - $858,000 ($961psf) (2 Bedroom units)

Stack 14 (2nd flr to 14th flr) : $970,640 ($920psf) - $1,130,800 ($1,072psf) (3 Bedroom Compact units)

Stack 15 (2nd flr to 14th flr) : $655,600 ($983psf) - $764,720 ($1,147psf) (1 Bedroom + Study units)

Stack 16 (2nd flr to 14th flr) : $655,600 ($983psf) - $764,720 ($1,147psf) (1 Bedroom + Study units)

Stack 17 (2nd flr to 14th flr) : $1,073,600 ($899psf) - $1,233,760 ($1,033psf) (3 Bedroom units)


Tower E - NO. 758


Stack 22 (2nd flr to 15th flr) : $1,170,400 ($850psf) - $1,283,920 ($932psf) (4 Bedroom units)

Stack 23 (2nd flr to 15th flr) : $797,280 ($893psf) - $867,680 ($972psf) (2 Bedroom units)

Stack 24 (2nd flr to 15th flr) : $1,032,240 ($842psf) - $1,114,960 ($909psf) (3 Bedroom units)

Stack 25 (5th flr to 14th flr) : $1,018,160 ($838psf) - $1,070,960 ($881psf) (3 Bedroom units)


Penthouse

#15-14 : $1,997,600 ($1,037psf) (Penthouse unit)

#15-17 : $2,161,280 ($1,004psf) (Penthouse unit)

 

Far East, Frasers Centrepoint buy Waterfront View

July 20, 2007 In a move seen as reducing the risks of undertaking a massive development, Far East Organization and Frasers Centrepoint have set up their maiden joint venture, which has bagged Waterfront View, a privatised former HUDC estate facing Bedok Reservoir, for $385 million.
The price for the private treaty deal sealed late Tuesday night before the planned tender close for the property this Friday works out to a land price of $241 psf per plot ratio inclusive of an estimated $102.2 million payment to the state for lifting title restriction to enhance the site’s plot ratio, and upgrading the site’s lease from a remaining 78 years to 99 years.
The 809,037 sq ft site can be developed into a new condominium with a whopping gross floor area of over two million sq ft – enough for a massive project with about 1,600 units.
This is the biggest residential collective sale to date in terms of number of units involved (there are 583 units in the existing development), land area as well as dollar quantum, says DTZ Debenham Tie Leung, which brokered the sale.
Far East’s and Frasers Centrepoint’s breakeven cost could be about $450 psf, say analysts. Currently, 99-year condos in the area are going for above $500 psf for units that face the reservoir and below $500 psf for those that don’t.
Depending on how Far East and Frasers Centrepoint come up with their design scheme, about 80 per cent of units in the new development may face the reservoir.
Industry watchers reckon that instead of competing with each other for Waterfront View at the tender, Far East and Frasers Centrepoint figured it made more sense to team up.
This reduces their risks in terms of exposure to such a huge development – and eliminating at least one competitor in the process. The duo are said to have made their offer, good for only a day, late Tuesday afternoon, accompanied by a $19.25 million cheque (for a 5 per cent deposit).
The collective sale agreement signed by Waterfront View’s owners give the sales committee the mandate to negotiate a private treaty deal as long as the reserve price is met. This is understood to have been $370 million.
‘The sales committee could either take the offer on the table, good for only a day – or take the risk of waiting and hoping for a higher offer at the tender that may or may not come,’ said a source.
Waterfront View’s sales committee chairman Matthew Yu said: ‘We are very happy. It’s a good price. The outcome came earlier and is better than we expected.’
DTZ’s director for investment advisory services Tang Wei Leng said: ‘Given the size of the development, there were really only a few parties who have demonstrated genuine interest. The sales committee was decisive, having considered all the options carefully. We are very happy for the owners.’
The $385 million price is above an independent valuation for the property which DTZ did not disclose. Owners controlling 82.33 per cent of share values in Waterfront View have agreed to the collective sale, which will be subject to approval from the Strata Titles Board. Owners of the existing 583 apartments and maisonettes have equal share values, which means they will each receive about $660,377 per unit, which is over 60 per cent more than what the units would fetch if sold individually today.
The site is zoned for residential use with a 2.5 plot ratio.
While the deal involves the maiden tie-up between Far East and Frasers Centrepoint, it is not the first time that the men helming the two organisations have joined hands. Far East is headed by property magnate Ng Teng Fong while Frasers Centrepoint is the property arm of listed Fraser & Neave group, which is now headed by Han Cheng Fong who, during his days as group CEO of the former DBS Land, oversaw many tie-ups with Mr Ng’s Singapore unit Far East and Hong Kong arm Sino Land.
Market watchers are wondering if the two sides will team up for other acquisitions, including the second Somerset site being offered by the state. Far East clinched the first Somerset plot, the former Glutton’s Square site, in January.
Waterfront View is the fifth site Far East has bought here this year. The five total $1.2 billion.
Source : Business Times – 25 May 2006

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