Two freehold residential sites up for sale; one at Hillview Ave, another at Amber Road
The first is a 230,915 sq ft freehold site located at 63 Hillview Avenue with a 1.92 gross plot ratio and an asking price of $330 million or $925 psf ppr if the $80 million development charge is included. Currently occupied by Lam Soon Industrial Building, it can be potentially redeveloped into a 10-storey residential project with 370 1,200-sq ft units. Though re-zoned ‘residential’ since 1993, the buyer could also make additions or alterations to the existing building instead, if URA grants approval. The site is expected to be fairly popular, given its proximity to the upcoming Hillview MRT station and the upcoming retail mall hillV2.
The other, a site at Amber Road consisting of three adjoining landed properties with a total combined land area of 28,409 sq ft is asking for $73-80 million, or $1,243-1,318 psf ppr including a $25 million development charge and based on its 2.8 gross plot ratio.
Six ground-floor strata retail units at People’s Park Complex available for $36-38m
The six adjoining units in People’s Park Complex are asking for $36-38 million or about $4,960-5,240 psf based on the total strata area of 7,254 sq ft. These units have been subdivided into 33 units, of which 29 are currently occupied and the remaining four units deliberately kept vacant since the recent expiration of lease to give the new owner more options. If all the units are rented out, the net property yield would be 4.8% assuming a $36 million deal compared to 4.4% with 29 leased units. People’s Park Complex sits on a site with 55 years of lease remaining and is located near Chinatown MRT Station. The six units may appeal to those seeking to invest in prime retail space for rental returns or retailers seeking large prominent ground-floor retail space in the region.
Improvement in net allocation of JTC facilities in Q1
While the occupancy level at JTC’s ready-built factories (RBF) fell slightly by 0.4 percentage points to 95.9% in Q1 2012, net allocation improved to 5,700 sq m from -14,800 sq m in Q4 2011. This is due to the improvement in the main RBF segments, such as the standard factory segment which improved to 3,800 sq m from -7,700 sq m in Q4 2011 and the flatted factory segment which improved to -400 sq m in Q1 2012 from -6,100 sq m in Q4 2011. Net allocation of prepared industrial land (PIL) has also increased to 67.9 hectares in Q1 2012 from 29.8 ha in Q4 2011. Gross allocation has also increased to 91.6 ha in Q1 2012 from 46.6 ha in Q4 last year while terminations increased to 23.7 ha in Q1 from 16.8 ha in Q4 2011.