Between May 14 and 17, eight developments were put up for collective sale, and more than half of them are in prime Districts 9, 10 and 11. The 172-unit Cavenagh Gardens and the 36-unit Cairnhill Astoria in District 9 are freehold developments, and were launched for sale for $480 million (1,491 psf per plot ratio) and $196 million ($1,964 psf ppr), respectively. “It is clear that collective sale interest among developers has shifted from suburban to prime sites,” says Tang Wei Leng, managing director at Colliers International, the marketing agent for Cairnhill Astoria.
Cairnhill Astoria sits on a 38,615 sq ft plot, with a gross plot ratio (GPR) of 2.8. It has an estimated development charge of $16.34 million. The site could be redeveloped to offer 200 units at 540 sq ft. Each owner could receive $2.3 million to $14.3 million. Meanwhile, Cavenagh Gardens has an in-principle approval for 11,800 sq ft of State land to be amalgamated with the site. The development has an “as-built” GPR of 2.177, says marketing agent JLL. Due to its high development baseline, no DC is payable. The redeveloped site could comprise 320 units at 880 sq ft. As it is located within the Central Region, the guideline on the minimum unit size of 70 sq m does not apply. Both tenders close on June 27.
Trendale Tower on Cairnhill Road in District 9 is also up for collective sale by tender, for $163.5 million ($2,250 psf ppr). The 20-storey development comprises 18 units, and the site has a GPR of 2.8. The plot may be redeveloped to an allowable gross floor area (GFA) of 72, 690 sq ft and up to 36 storeys. It’s tender closes on June 25 and is marketed by Savills Singapore.
In District 10, the 18-unit freehold Fernhill Court was launched for collective sale via public tender for $125 million ($1,885 psf ppr), and is marketed by Colliers. All of the owners have given consent to the sale, which does not need approval from the Strata Titles Board. Owners could walk away with at least $6.32 million to $8.3 million from the sale. Goldhill Shopping Centre in District 11 is also up for collective sale via tender with a reserve price of $425 million ($2,597 psf ppr). The commercial development has a $61.2 million DC and is zoned for commercial use with a GPR of 3.0.
Other collective sales launched during the week are marketed by JLL and include the freehold Flynn Park in District 5, which has a minimum price of $363.8 million ($1, 281 psf ppr, including 10% bonus GFA). The site has a GPR of 1.4 and could be redeveloped into a five-storey development with 387 units. A Pre-Application Feasibility Study is not required for this site, says JLL.
The 88-unit Rosalia Park in District 19 has a minimum price of $175 million ($1,198 psf ppr, including 10% bonus GFA). It could be redeveloped to comprise 191 units at 70 sq m. La Ville at Tanjong Rhu in District 15 is also up for collective sale for $152 million ($1,436 psf ppr, including 10% bonus GFA). The 40-unit, freehold development has a GPR of 2.1.