En bloc sites, then and now

By EdgeProp Singapore / EdgeProp | December 27, 2018 5:14 PM SGT
As the year draws to a close, we are looking back at some of the most prolific en bloc sales that took place in recent years, and the sites on which the new projects are currently being developed.
Notable collective sales sites, then and now
Source: EdgeProp.sg
*Based on en bloc transactions
**Based on average transacted psf in 2018
1) JadeScape (former Shunfu Ville)
Then: Shunfu Ville
Shunfu Ville was a 358-unit residential development on Shunfu Road that comprised three 16-storey apartment blocks and three six-storey maisonettes. Developed in the late 1980s as a Housing & Urban Development Company (HUDC) project, Shunfu Ville was privatised in 2013 and was sold in a collective sale for $638 million in May 2016.
Now: JadeScape
Qingjian Realty unveiled JadeScape in September 2018 at an average $1,700 psf. The 1,206-unit residential project, which will be built on the site of the former Shunfu Ville private HUDC estate, is the largest residential project in Qingjian’s Singapore portfolio so far.
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The project fronts Marymount Road on one side and Shunfu Road on the other, and is within a 3-minute walk to Marymount MRT station. According to Qingjian, JadeScape is Singapore’s first fully-smart private development, at which intelligent estate monitoring will be embedded throughout its units.
2) The Tre Ver (former Raintree Gardens)
Then: Raintree Gardens
Completed in the late 1980s, Raintree Gardens, a former HUDC estate in Potong Pasir, comprised two 12-storey mansionette blocks and one seven-storey mansionette block. The 175-unit development was sold en bloc for $334.2 million to UVD (Projects), a joint venture between UOL Group and sister company United Industrial Corp in October 2016.
The sale price reflected a land cost of $797 psf per plot ratio on the potential gross floor area, inclusive of a differential premium payable to the state to top up the lease and for a redevelopment of the site to a gross plot ratio of 2.8. Each apartment owner at Raintree Gardens reportedly received an average of $1.9 million.
Now: The Tre Ver
The Tre Ver, a 729-unit high-end condo at Potong Pasir Avenue 1, previewed in July. The sale gallery drew about 1,500 people within three hours of its opening and the number doubled to 3,000 by the end of the day.
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A wide range of unit types are available at The Trever. They include: One-bedroom units sized from 484 to 506 sq ft, with prices from $738,000 ($1,525 psf); two-bedroom units from 614 to 646 sq ft with prices starting from $898,000 ($1,463 psf); three-bedroom units from 1,012 sq ft, priced from $1.538 million ($1,520 psf); and four-bedroom units sized from 1,335 to 1,378 sq ft start from $2.08 million.
3) Riverfront Residences (former Rio Casa)
Then: Rio Casa
Source: Knight Frank Singapore
Rio Casa, a 286-unit privatised HUDC estate, was sold to Oxley-Lian Beng Venture in May 2017 for $575 million. The joint venture partners of Oxley-Lian Beng Venture are Oxley Holdings, KSH Development, Lian Beng Group and Apricot Capital.
The sale price, coupled with an additional estimated differential premium of $208 million payable to the State to top up the lease to a fresh 99 years, and to develop the site to a gross plot ratio (GPR) of 2.8, translated to a land price of approximately $706 per square foot per plot ratio (psf ppr), based on the maximum permissible Gross Floor Area (GFA) of approximately 1,109,447 sq ft. According to Knight Frank who brokered the sale, each owner received a gross sale price of approximately $2 million upon the successful completion of the sale.
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Now: Riverfront Residences
The 1,472-unit Riverfront Residences was launched in July 2018. The 99-year leasehold project on Hougang Avenue 7 comprises nine 17-storey blocks of apartments, 21 strata landed houses and six strata shops. The project is the Oxley-led consortium’s largest this year in terms of number of units.
One-bedroom units at Riverfront Residences start from 463 sq ft and are priced from $578,000 ($1,248 psf). Two-bedroom units start from 603 sq ft and are priced from $755,000 ($1,252 psf).
Three-bedroom units start from 872 sq ft and are priced from $1.07 million ($1,227 psf), while premium three-bedroom units start from 1,066 sq ft and are priced from $1.26 million ($1,182 psf). Finally, four-bedroom units start from 1,410 sq ft and are priced from $1.68 million ($1,191 psf).
4) Parc Esta (former Eunosville)
Then: Eunosville
Eunosville was a 330-unit privatised HUDC development that was sold to MCL Land for $765.78 million in a collective sale in June 2017. This is the second largest collective sale of a privatized HUDC development, after Farrer Court which sold for $1.3388 billion in year 2007.
The sale price for Eunosville worked out to a land rate of $909 psf ppr, including an estimated differential premium of $194 million to enhance the site’s gross plot ratio and to top up the remaining lease to a fresh 99-year. Each owner reportedly received a gross sale price of approximately $2.25 to $2.41 million upon the successful completion of the sale.
Now: Parc Esta
The 1,399 unit Parc Esta is a luxury condo is located less than 100m from Eunos MRT station and offers easy access to the CBD and the upcoming commercial hub at Paya Lebar Central.
The project comprises nine 18-storey towers sitting on a 99-year leasehold site of close to 377,000 sq ft. Prices start from $698,000 for a one-bedroom; from $988,000 for a two-bedroom; $1.378 million for a three-bedroom; from $1.758 million for a four-bedroom; and from $2.218 million for a five-bedroom.
5) Mayfair Gardens (former Mayfair Gardens)
Then: Former Mayfair Gardens
Mayfair Gardens was a 124-unit condo development located along Rifle Range Road, just off Dunearn Road. It was sold en bloc to Oxley Holdings for $311 million in November 2017. The sale price works out to $1,244 psf per plot ratio, after factoring in an estimated lease top-up premium of $52 million for a fresh 99-year lease. The existing site has a 99-year lease starting from 1983.
Each owner of the apartments, which were sized between 1,076 sq ft and 2,153 sq ft in six residential walk-up blocks. Each owner reportedly walked away with $1.7 million to $2.89 million each.
Now: Mayfair Gardens
The former Mayfair Gardens, occupying a 208,480 sq ft site, will be developed into two new projects — Mayfair Gardens and Mayfair Modern. The redeveloped Mayfair Gardens, which comprises 215 units, was launched in September 2018.
Located within a three-minute walk of King Albert Park MRT station on the Downtown Line, units at Mayfair Gardens are a mix of one- to four-bedroom units as well as six penthouses. Sizes range from 495 sq ft to 1,744 sq ft. The biggest penthouse was sold at $3.38 million. Average price of units sold was about $1,900 psf.
Meanwhile, Mayfair Modern, which will be launched in 2019, will be a smaller development with about 171 units.