"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.

CUBE 8//The Albany and Thomson Mansion

Home buyers turn up in droves for Cube 8 apartment

UNITS at City Developments’ Cube 8 in Thomson Road have been selling like hot cakes since the developer opened its doors for previews on Thursday.

The Straits Times understands that all 80 units released in Phase One have been snapped up. A further 40 released in Phase Two have mostly been sold as well.

The average price of the units sold is $1,250 per sq ft, valuing the three-bedroom units at $1.6 million to $1.8 million, while the four-bedders cost around $2.5 million. The penthouses or sky villas will set buyers back by $3.6 million to $3.8 million.

City Developments will be releasing more units this weekend.
‘The actual units sold would have crossed 100 already,’ said Mr Joseph Tan, executive director for residential at CB Richard Ellis, the project’s marketing agent.’From the look of things, maybe around 20 per cent of the buyers are foreigners, with the rest locals. We also see an equal 50-50 mix of owner-occupiers and investors.
‘All the one-bedroom apartments have been sold, as have most of the two-bedders.’
The freehold project in Thomson Road is on the site of the former The Albany and Thomson Mansion and next to City Developments’ The Arte at Thomson, which was launched for sale in March last year.
While the two projects are adjacent, The Arte is in District 12 while Cube 8 is in District 11.
City Developments opened the doors to Cube 8 on Thursday to former owners of The Albany and Thomson Mansion. Staff and directors were also invited to the private preview.
The public preview started yesterday.

The 36-storey Cube 8 has 177 apartments, comprising 39 one-bedroom units, 58 two-bedders, 67 three-bedders, nine four-bedroom apartments and four sky villas.
Sizes range from about 560 sq ft for a one-bedder to 893 sq ft to 926 sq ft for two-bedroom units. and 1,335 sq ft to 1,475 sq ft for three-bedders. The four-bedroom apartments will be around 1,905 sq ft, while the sky villas will be 3,025 sq ft to 3,229 sq ft.
Ms Tay Huey Ying, director of research and consultancy at Colliers International, said: ‘The strong demand for Cube 8 does not come as a surprise.

‘The market has been rather quiet over the last few months in terms of launch activity. Now that people have come back from their holidays, they are ready to look into serious commitments such as home purchases again.
‘With the economy looking up, job prospects looking up, and wages going up… all these contribute to the positive sentiment.’
Ms Tay added that if the economic recovery remains on track and there are no external events or new government cooling measures, buying should stay healthy this year, although new sales volume is unlikely to repeat last year’s bumper figure.
She expects 7,000 to 9,000 new sales this year, as opposed to the 14,688 new units sold last year.
Source : Straits Times – 23 Jan 2010

CityDev buys The Albany

July 28, 2007
City Developments is expanding its presence in the Thomson/Balestier Road area, having bought The Albany for $65 million or $558 psf of potential gross floor area including an estimated $174,000 development charge.
Assuming CityDev buys a strip of adjoining state land, its unit land price will be lowered to $449 psf per plot ratio. The Albany has a freehold land area of 41,688 sq ft and the state plot is 15,177 sq ft. CityDev said yesterday the combined site can potentially be redeveloped into a 36-storey condo with about 135 units.
However, market watchers reckon CityDev could choose to combine The Albany site with an adjoining property it bought last year – comprising Lock Cho Apartments, Comfort Mansion and a four-storey walk-up apartment block that together totalled 137,479 sq ft.
Assuming CityDev had also bought a state plot of 40,526 sq ft that adjoined the earlier site, the group would have a combined site area of 234,870 sq ft in the location.
The combined site could be redeveloped into a new project with a potential maximum gross floor area of 657,636 sq ft – enough for a condo with about 540 units averaging 1,200 sq ft. BT reported last year that CityDev’s unit land price for the earlier acquisition including the 40,526 sq ft state plot was $344 psf per plot ratio. Credo Real Estate brokered the collective sale of The Albany, as well as the earlier sale of Lock Cho Apartments, Comfort Mansion and the walk-up apartments.
Source : Business Times – 8 Feb 2007

No comments:

Post a Comment