All about enbloc

[camrysfe]

  On 6/2/2022 at 11:13 AM, mersaylee said:

Euro Asia is still so new...only 32 years...it replaced the row of shop houses near the Sinaco plant...

There are many more much older condos and apartments further into St Michael's road...any enbloc from those? 

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Euro asia is considered old already. the rest of the older one in the area are built in the mid 90s, st michael condo and mar thoma mansions? 

[mersaylee]

  On 6/20/2022 at 9:11 AM, camrysfe said:

Euro asia is considered old already. the rest of the older one in the area are built in the mid 90s, st michael condo and mar thoma mansions? 

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Not sure about those two...definitely have many seemed to be built in the 70s 😁

[Volvobrick]

  On 6/20/2022 at 9:10 AM, camrysfe said:

Chuan Park gets $860m offer, below $938m en bloc reserve price

UPDATED 15 MINS AGO
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SINGAPORE - The collective sale committee (CSC) of Chuan Park condominium, a 99-year leasehold project in Lorong Chuan, has received an expression of interest (EOI) from a developer for $860 million, below its reserve price of $938 million.

Marketing agent ERA Realty, in a June 17 letter seen by The Straits Times, urged owners of the 446-unit condo to sign the supplemental joint agreement by June 26 so that the CSC will have the mandate to start negotiations with the developer.

“The earlier we can achieve the 80 per cent mandate, the earlier the CSC can enter into negotiations with the developer on the terms and conditions of the sale and purchase (S&P) agreement for the estate,” ERA Realty said. 

The deadline for the CSC to sign the S&P agreement is July 5.

The July 5 deadline is “the last day of the 10 weeks’ window period after close of tender for a private treaty, hence the urgency to secure the mandate by June 26,” it added in the letter.

ERA declined to comment when contacted.

Based on the EOI offer price, owners now stand to receive $1.12 million for a 710 square foot (sq ft) residential unit to about $2.45 million for a 2,045 sq ft unit.

Commercial unit owners can receive about $1.05 million for a 474 sq ft unit and $1.94 million for a 1,238 sq ft unit.

Previously, under the $938 million reserve price, owners of the 710 sq ft units stood to get $1.22 million each, while owners of the 2,045 sq ft units would pocket as much as $2.66 million each.

Chuan Park was relaunched for sale in March this year at the same reserve price of $938 million, and went into private treaty negotiations after the tender closed on April 26. 

Prior to that, it was put up for tender from Oct 5 to Nov 18, 2021, just before the latest property cooling measures in December. 

At $938 million and with no development charge payable, the land rate, which includes an upgrading premium of $192.62 million, worked out to $1,256 per square foot per plot ratio (psf ppr). 

The 37,216 square metre site has a gross plot ratio of 2.1, with a proposed gross floor area (GFA) of 78,153 sq m. The site, located near Lorong Chuan MRT, can be redeveloped into 900 units.

Chuan Park had failed in its 2018 sale bid with a guide price of $900 million, and subsequently lowered the price to $820 million. 

According to Cushman & Wakefield, five residential developments were sold en bloc for $447.7 million in the first six months this year, compared with four deals totalling just $93 million in the same period last year.

For the whole of 2021, eight residential collective sale deals totalling $1.17 billion were done. 

Mr Wong Xian Yang, head of research at Cushman & Wakefield, cited the $273.89 million sale of Lakeside Apartments for the increase in residential collective sale deal value so far this year.

He said that the robust response to new private home launches in the face of declining unsold inventory and continued growth in home prices could drive more developers to landbank via the en bloc market. 

“In May, new home sales reached 1,356 units, double that of April. More projects are expected to launch for collective sale to ride on current sentiment,” he added.

Meanwhile, 160-unit Park View Mansions in Yuan Ching Road is trying its luck for a second time at a collective sale at a guide price of $260 million. The tender will close on July 27 at 2pm. 

Owners stand to get $1.5 million for the 1,119 sq ft units, $1.58 million for the 1,313 sq ft units and $1.6 million for the 1,335 sq ft units. 

The 99-year leasehold condo’s previous en bloc attempt at $320 million failed in 2018 without a sale.

At $260 million, the land rate works out to $1,023 psf ppr, including the estimated differential premium and lease top-up to a fresh 99 years.

Built in the 1970s, the development sits on a land area of 191,974 sq ft and is zoned for residential use with a gross plot ratio of 2.1. It can be redeveloped up to a GFA of 403,145 sq ft.

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"Based on the EOI offer price, owners now stand to receive $1.12 million for a 710 square foot (sq ft) residential unit to about $2.45 million for a 2,045 sq ft unit." 

Must be siao to accept.... Downgrade to smaller HDB? 

[Alfc]

  On 6/20/2022 at 11:35 AM, Volvobrick said:

"Based on the EOI offer price, owners now stand to receive $1.12 million for a 710 square foot (sq ft) residential unit to about $2.45 million for a 2,045 sq ft unit." 

Must be siao to accept.... Downgrade to smaller HDB? 

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At least the money can still buy another unit of 99-years lease, no need out of pocket. Even so it is hard to accept. 

Compared to the AMK Sers, no choice given and cannot get back a full lease unit and still have to out of pocket top up.  

[camrysfe]

  On 6/20/2022 at 9:43 AM, mersaylee said:

Not sure about those two...definitely have many seemed to be built in the 70s 😁

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But euro Asia is nearer to boon Keng mrt. If euro Asia Manages to get a buyer at the asking price, it will bring up interest in this area.

[Mkl22]

  On 6/20/2022 at 11:35 AM, Volvobrick said:

"Based on the EOI offer price, owners now stand to receive $1.12 million for a 710 square foot (sq ft) residential unit to about $2.45 million for a 2,045 sq ft unit." 

Must be siao to accept.... Downgrade to smaller HDB? 

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only 1.2kpsf for the large unit. siao... so low.

[Lala81]

Hmm not attractive at all... Doubt it will go through bah. Though I dunno how's the condition within the estate. 

That area is not cheap by rcr standards. 

Edited June 21, 2022 by Lala81

[Mooose]

  On 6/21/2022 at 4:03 AM, Lala81 said:

Hmm not attractive at all... Doubt it will go through bah. Though I dunno how's the condition within the estate. 

That area is not cheap by rcr standards. 

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agree with you that the price does not look attractive.

just looking at the smallest 2br getting about $1.1 million, really tough to get a replacement and pocket some money (most people should expect some incentive or reward for moving out of theirhome due to the enbloc) .. 

one of the nearest "old" 99 year leasehold in the area is springbloom though it is not as old as chuan park, so the lease left is more than chuan park, but the prices there are all about $1200 upwards .. 

 

 

[camrysfe]

Chuan Park sold for S$890m, lower than reserve price
FRI, JUL 15, 2022 - 4:53 PM  UPDATED FRI, JUL 15, 2022 - 4:53 PM
CORINNE KERKcorinne@sph.com.sg
CHUAN Park has finally been sold via private treaty for S$890 million, after the tender for its collective sale closed on Apr 26 without bids.

A source told The Business Times (BT) that the buyer is a developer that “recently finished a huge residential project”. However, BT is unable to confirm that, as both the marketing agent ERA Realty and the condominium’s Collective Sale Committee (CSC) have declined to comment. 

BT has seen a circular sent to owners inviting them to an owners’ meeting to be held on Jul 25, at which information will be shared on the preparation for the next stages and the estimated timeline for the completion of the sale.

It was reported last month that the owners of the 99-year leasehold condominium received an expression of interest (EOI) from a developer for S$860 million, below its reserve price of S$938 million.

According to a circular issued to owners by ERA, the CSC needed an 80 per cent mandate from owners of the condo by Jun 26 so as to enter into negotiations with the developer and to hammer out the terms of the sale-and-purchase (S&P) agreement. The deadline for the CSC to sign an S&P was Jul 5.

The price was subsequently raised to S$890 million, 5.1 per cent below the S$938 million reserve price.

The collective sale tender was launched on Mar 14, but before that, the condo had been put up for tender from Oct 5 to Nov 18, 2021, just before the government introduced fresh cooling measures in December. Chuan Park had also taken a shot at a collective sale in 2018, with an asking price of S$900 million — revised upwards from an initial S$790 million — but did not secure the necessary 80 per cent consent from owners at the time.

At S$938 million, the land rate, which includes an upgrading premium of S$192.62 million, works out to S$1,256 per square foot per plot ratio, ERA had said previously. The development change is not payable due to the existing high baseline. 

The 400,588.72 square foot (sq ft) site has a gross plot ratio of 2.1 under the Urban Redevelopment Authority’s Master Plan 2019 and an achievable proposed gross floor area of 841,236.3 sq ft. Subject to the necessary approvals, ERA estimated that 900 units can be redeveloped there. It currently comprises 444 residential units and 2 commercial units.

[Mkl22]

looks like it will be units at the plot will be sold for 2.2kpsf and maybe more

[camrysfe]

  On 7/15/2022 at 10:43 AM, Mkl22 said:

looks like it will be units at the plot will be sold for 2.2kpsf and maybe more

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Seems reasonable considering amo residence is launching next week around 2k

[camrysfe]

  On 6/2/2022 at 11:13 AM, mersaylee said:

Euro Asia is still so new...only 32 years...it replaced the row of shop houses near the Sinaco plant...

There are many more much older condos and apartments further into St Michael's road...any enbloc from those? 

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Seems like euro Asia apartments sold for a very good price!

[camrysfe]

SINGAPORE - Loyang Valley, a 362-unit condominium in Changi, is making its first stab at a collective sale with a reserve price of $980 million.

The public tender for the 99-year leasehold site will open on Thursday.

This comes after the Loyang Valley collective sales committee (CSC) obtained the 80 per cent requisite mandate in September.

Its previous attempt at a collective sale in 2018, at a reserve price of $750 million, failed to garner sufficient support.

At $980 million, the owners of two-bedroom units there each stand to receive about $1.86 million on average, while the owners of three-bedders could get about $2.7 million each, according to Mr Terence Lian, head of investment sales for marketing agent Huttons Asia.

The owners of the biggest four-bedroom apartments stand to pocket about $4.35 million each.

The property’s reserve price translates to a land rate of $997 per square foot per plot ratio (psf ppr), including an estimated land betterment charge of about $174 million and a lease upgrading premium of $187 million.

The land rate could be lowered to $972 psf ppr after factoring in a 7 per cent bonus balcony gross floor area and an additional land betterment charge of $57 million, Mr Lian said.

Loyang Valley, which has 59 years left on its lease, is located near the future Loyang MRT station.

The 78,098.8 sq m (about 840,648 sq ft) site is zoned for residential use with a gross plot ratio of 1.6 under the 2019 Master Plan. It can yield approximately 1.35 million sq ft of gross floor area upon redevelopment.

A new development on the site can accommodate up to 1,249 residential units, averaging 1,076 sq ft each, subject to planning approval.

Mr Lam Yoon Tuck, 70, secretary of Loyang Valley’s CSC, told The Straits Times that there was more support for a collective sale this time after it was confirmed that the Cross Island Line’s Loyang MRT station will be built, which will help boost the estate’s appeal.

“Back then, the $750 million reserve price was not as attractive to owners. The lease is also running down, and the estate is ageing,” said Mr Lam, a retiree who has lived in the estate for about 30 years.

Hutton’s Mr Lian said: “The LoyangnValley site is a perfect enclave for resort homes in an idyllic setting and heritage of Changi. The east region will provide plenty of jobs in the semiconductor and aviation-related industry clusters at Tampines North, Pasir Ris and Changi.”

The site is close to major employment hubs such as Changi Business Park, Changi International LogisPark, Changi Aviation Park, the upcoming Changi East Industrial Zone and Changi Airport, as well as Singapore University of Technology and Design and the Singapore Expo.

The Loyang viaduct along Loyang Avenue, currently under construction, will provide improved intra-town and inter-town connectivity.

The tender closes on Dec 15 at 2pm.

[camrysfe]

11 January 2023


BAGNALL Court, a freehold condominium located at Upper East Coast Road, has been sold for S$115.3 million, lower than its guide price of S$125 million.

Over 80 per cent of owners had consented to the collective sale tender, which launched in September last year and closed on Oct 26. It was later sold during the 10-week private treaty period.

On Wednesday (Jan 11), sole marketing agent JLL said the development was sold to a consortium. It did not disclose who the members of the consortium were.

At the S$115.3 million sale price, owners of each of the 43 units should expect between S$2.03 million and S$3.78 million in gross sale proceeds.

JLL executive director Tan Hong Boon noted that the S$115.3 million represents a land rate of around S$1,106 per square foot (sq ft) per plot ratio, including the 8 per cent bonus gross floor area. As the property has a development baseline area with an equivalent gross plot ratio of 1.4904, no land betterment charge is payable.

Built in the 1990s, Bagnall Court comprises 43 walk-up apartments in a pair of four-storey blocks located in a low-density residential estate across Laguna Golf and Country Club, and Bedok Camp.

It sits on a land plot spanning 69,563 sq ft, zoned for residential use under the Urban Redevelopment Authority’s Master Plan 2019. It has a gross plot ratio of 1.4 and an allowable height of up to five storeys.

Amenities nearby include Changi City Point, East Village and Bedok Food Centre. Bagnall Court is also near the future Sungei Bedok MRT interchange, expected to complete in 2025.

Edited January 11, 2023 by camrysfe

[camrysfe]

HONG Heng Mansions has been launched for collective sale by tender with a S$133 million reserve price on Wednesday (Feb 22), said marketing agent ERA Realty Network.

This implies a land rate of about S$1,208 per square foot per plot ratio, excluding land betterment charge.

The development in District 26 was built in the 1990s with a freehold land tenure and comprises 17 commercial units and 41 residential units.

It sits on a land area spanning 78,644 square feet (sq ft) zoned for mixed use with a gross plot ratio of 1.4, the Urban Redevelopment Authority’s 2019 Master Plan said.

The site may also be redeveloped up to a gross floor area of approximately 110,102 sq ft, subject to the relevant authorities’ approval, said ERA. This reflects an equivalent plot ratio of 1.4.
with a S$133 million reserve price on Wednesday (Feb 22), said marketing agent ERA Realty Network.

This implies a land rate of about S$1,208 per square foot per plot ratio, excluding land betterment charge.

The development in District 26 was built in the 1990s with a freehold land tenure and comprises 17 commercial units and 41 residential units.

It sits on a land area spanning 78,644 square feet (sq ft) zoned for mixed use with a gross plot ratio of 1.4, the Urban Redevelopment Authority’s 2019 Master Plan said.

The site may also be redeveloped up to a gross floor area of approximately 110,102 sq ft, subject to the relevant authorities’ approval, said ERA. This reflects an equivalent plot ratio of 1.4.

[camrysfe]

Mar Thoma Mansions in Bendemeer launches $54.7 mil collective sale tender
By Nicholas Lam
/ EdgeProp Singapore |
May 15, 2024 10:45 PM SGT

The existing 18-unit development was built in 1995 and consists of a 10-storey residential block on a 13,107 sq ft site. 

Mar Thoma Mansions, a 999-year leasehold condominium along Mar Thoma Road in Bendemeer, is up for collective sale at an indicative price of $54.7 million, with ERA Realty Network as the marketing agent.
The price translates to $1,455 psf per plot ratio after factoring in a 7% bonus gross floor area for balconies. On top of the purchase price, the developer has to pay an estimated land betterment charge of $2.438 million.
Built in 1995, the existing 10-storey block has just 18 units sitting on a 13,107 sq ft site. According to the Master Plan 2019, the residential site has a plot ratio of 2.8, which translates to a maximum permissible gross floor area of 36,699 sq ft.

The site could be redeveloped into a new 40-unit condominium with an average size of 914 sq ft, subject to approval. “This is a unique opportunity for developers looking for boutique redevelopment sites,” says Tay Liam Hiap, ERA Singapore’s managing director of investment sales.

Mar Thoma Mansions is within 1km of several primary schools (EdgeProp Landlens)
According to EdgeProp Landlens, the site is within 1km of primary schools such as St Andrew’s Junior School, Bendemeer Primary School and Hong Wen School. Mar Thoma Mansions is also near the Kallang River, a neighbourhood park and malls such as Woodleigh Mall and City Square Mall.
If the development is successfully sold, the strata unit holders of Mar Thoma Mansions will receive gross proceeds of $3 million to $3.077 million each.
The tender for the collective sale will close on June 24.