Pacific Mansion estate is up for collective sale with asking price of $990 million
Located at River Valley Close, 128,353.16 sq ft freehold residential development Pacific Mansion estate was put up for collective sale via tender with an asking price of around $990 million ($2,008 psf ppr). With a gross plot ratio of 3.84273 and GFA of 45,821.88 sq m, the site contains 288 residential units and two commercial units currently. The site can be redeveloped into a condo of 30 to 36 storeys high. Each owner will receive about $3 million from this collective sale. The tender for Pacific Mansion ends at 3.30 pm on Nov 10.
Pasir Ris residential site received top bid of $141 million
Located at the junction of Jalan Loyang Besar and Pasir Ris, a 1.7 ha site received 13 bids, much higher than what analysts had predicted. The top bid of $141 million ($361 psf ppr), which came from a consortium that consists of Hoi Hup Realty, Sunway Developments, and Oriental Worldwide Investments, is 10% lower than the $402 psf ppr received by a neighbouring site in May 2011. The site can potentially yield 355 residential units, and new houses on the site can probably break-even at approximately $700 psf to $750 psf.
HDB making good progress in meeting the demands of first-time flat buyers: Khaw
Minister Khaw mentioned that HDB is meeting the housing demands of first-time buyers excellently. In September, HDB launched more than 8,200 flats for sale under its BTO and SBF programs. In the total of 27,900 applications drew for 5,400 BTO and 2,800 SBF flats, 15,500 of the applications were first-time flat buyers. Additionally, Khaw also mentioned that 6% of BTO and 10% of SBF applicants have a monthly income over $8,000.
Singapore will house the first ever Hermes apartment
Singapore will house the world’s first ever Hermes apartment as a collaboration between Hermes and SC Global Developments have been established. SC Global mentioned that a 6,232 sq ft five-bedroom apartment at the Signature Tower at The Marq will be designed by designers from Hermes. The apartment is expected to complete in Q1 2012.
Singapore achieved high rankings on property investment list
Singapore was placed ninth out of 25 cities in Cushman & Wakefield’s report on the biggest and fastest-growing cities in real estate investment for the year ended Q3 2011. Singapore was in the fourth place in the global ranking for attracting foreign property investment, with US$3.9 billion of investment, a 63.4% year-on-year hike; topping the chart was London, followed by Paris, and then New York. Singapore was placed seventh as the city that experiences the greatest increase in investment volumes, and 11th for the city for global office property investment. Singapore topped the chart for industrial property investments, with US$3.65 billion in the year to Q3 2011, a 345% year-on-year hike. With US$1.3 billion worth of transactions, Singapore was in the eighth position in the hotel sector.
URA launches transitional office site at Mountbatten Road
For the first time in more than 18 months, a transitional office site (office sites launched for sale with 15-year leases) at Mountbatten Road was put up for sale via a tender by URA yesterday. URA decided to launch the site after an anonymous developer applied to bid the site for a minimum of $8.2 million ($65 psf ppr); however, analysts predicted that the top bid will fall above $100 psf ppr. The tender for the site, which has a site area of around 1.17 ha and a maximum possible allowed GFA of around 126,000 sq ft, will end at noon on November 1.
Prime retail rents in Orchard Road increased 5% q-o-q: CBRE
Data from CBRE showed that prime retail rents in Orchard increased from $30.11 psf pm in Q2 2011 to an average of $31.60 psf pm in Q3 2011, a 5% q-o-q hike. CBRE mentioned that rents will remain stable for Q4 2011. CBRE also mentioned that prime suburban rents increased from $28.90 psf pm in Q2 to $29.75 psf pm in Q3, a 2.9% q-o-q hike.
Industrial site at Woodlands to be put up for sale via a tender
URA will launch a 60-year leasehold industrial site at the corner of Gambas Avenue and Woodlands Avenue 10 after an anonymous developer has applied to bid for the site at a minimum of $57 million ($98.86 psf ppr). Colliers International predicts that top bid will fall between $130 psf ppr and $140 psf ppr, and Savills Singapore predicts that top bid will be approximately $135 psf ppr. While Colliers International is optimistic about the number of bids the tender will draw, Savills Singapore expects the site to draw no more than five bids.
Midlink Plaza sold for $126.8 million through en bloc sale
Located at the junction of Middle Road and Queen Street, nine-storey commercial Midlink Plaza was bought by 122 Middle Investment at $126.8 million (slightly under $1,000 psf ppr). Currently holding 79-strata-titled retail and office units with a total GFA of 128,076 sq ft, 99-year leasehold Midlink Plaza has a remaining lease of around 68 years; the premium of topping up the lease to 99 years falls between $16.8 million and $18.3 million. The site is zoned for commercial use and a building of up to 16 storeys is allowed to be built.
Jurong industrial site is put up for tender
URA launched a 1.96 ha industrial site at Soon Lee Street, which has a lease period of 30 years and a maximum permissible gross plot ratio of 2.0, for sale via a public tender. The site, which is zoned for Business 2 usage, can be developed for light industry, general industry, warehousing, utilities or telecommunications. Despite high interest for sites in that area, analysts speculated that the supply in the area may pull down the price. The site is expected to receive four to five bids and the tender for the site will end at 12 noon on Nov 29.