Laguna Park and Henry Park up for sale
The reserve price of 677,493 sq ft Leasehold Laguna Park located along Marine Parade Road is $1.25 billion, about $954 psf ppr including a differential premium of about $560 million. Zoned for residential use at a plot ratio of 2.8, it has a 1.9 million sq ft potential gross floor area and is located near renowned schools like Tao Nan School and the upcoming Eastern Region Line expected to be completed by 2020. Breakeven cost is estimated at $1,400 psf.
64-unit Henry Park Apartments located directly opposite Henry Park Primary School sits on a 999-year-leasehold site with a land area of 99,800 sq ft. It is zoned residential with commercial at first storey, with a gross plot ratio (GPR) of 1.4, and a maximum building height of four storeys, allowing for almost 140,000 sq ft of gross floor area if redeveloped. A 1,395 sq ft state land lot could potentially be amalgamated, subject to approval and survey. The asking price is between $170 million to $180 million, about $1,200 to $1,275 psf ppr with the state land and $1,216 to $1,287 psf ppr without.
Freehold Green Lodge at Toh Tuck Road, 71 and 73 Oxley Rise up for sale
151,075 sq ft freehold Green Lodge located near Toh Tuck Garden and Eng Kong Park and Pei Hwa Presbyterian Primary School is asking for $195 million, or about $866 psf ppr. It has a redevelopment potential of a five-storey condominium project with a 1.4 gross plot ratio. No development charge is payable with its approved density of equivalent plot ratio 1.4896. There could be potentially 210 residential units, assuming a 1,000 sq ft average apartment size and 90% building efficiency.
Meanwhile, an Expression of Interest exercise is conducted for the site at 71 and 72 Oxley Rise. The 25,630 sq ft site located in District 9 has a gross plot ratio of 4.2 and could potentially be redeveloped into a 107,646 sq ft mixed 20-80 commercial-residential project, subject to approval from the authorities.
Top bid for 99-year-leasehold residential site at Punggol at $215.87 million
The highest bid for the 218,034.6 sq ft site with a maximum permissible gross floor area of 654,103.9 sq ft comes from Chinese firm Qingjian Realty (South Pacific) Group, at $215.87 million or $330 psf ppr, narrowly topping the $203.888 million bid from Soilbuild Group Holdings. The company planned to launch the project within six to eight months with around 650 units of two to four bedrooms. The breakeven cost is estimated to be $700 psf.
NTUC Income and Overseas Motors sold Freehold Henderson Industrial Building for $99.3 million
NTUC Income and Overseas Motors sold the four-storey sold Henderson Industrial Building located at the Henderson Road-Jalan Bukit Merah junction to an entity that includes Fission Group’s Melvin Poh, Yi Kai Group and other parties for about $99.3 million. It is currently 75% occupied and is sold with existing leases that will expire by 2013. Zoned for Business 1 use with a 2.5 plot ratio, URA had given the go for redevelopment into a 20-storey light industrial project, with a maximum gross floor area of 208,635 sq ft. This new project could yield a net saleable area of about 177,340 sq ft, with strata units of around 1,200-1,500 sq ft for sale. The breakeven cost is estimated to be around $880 psf.
New mixed-used site at Marina Bay released
The site located at the corner of Marina View is offered under the reserve list and has a maximum permissible gross floor area (GFA) of 1.09 million sqf, 70% of which has to be set aside for office use with the remaining to be developed for additional office use or other uses such as residential, retail or hotel. The site is expected to be sold only next year given the cautious outlook on the office rental market.
Mountbatten Road transitional office site draws 11 bids, with a $15.01 million top bid
There were 11 bidders for 1.17 hectares 15-year lease transitional site at Mountbatten Road, with the highest from an individual, Chen Chew Yen, who offered $15.01 million or $119 per psf ppr. The site which has a maximum permissible gross floor area of about 126,000 sq ft might be popular with office users with lower budgets. These users may currently be illegally operating in industrial buildings. Affordable office space would attract such users wants operate without fearing enforcement checks.