More sites launched for collective sale

By Angela Teo / EdgeProp | November 16, 2017 12:47 PM SGT
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On Nov 15, the freehold Riviera Point on Kim Yam Road was launched for collective sale, marking its owners’ fourth collective sale attempt. Riviera Point is one of four collective sale sites launched in just two days — Nov 15 and 16.
The other sites include the freehold Derby Court in Novena, where owners launched a second collective sale attempt on Nov 15. A day later, owners of the freehold Parkway Mansion launched the development’s third collective sale attempt. The 99-year leasehold Pearl Bank Apartments was also launched for sale on Nov 16, in its fourth collective sale attempt.
All four sites will see their tenders closing in December, alongside that of freehold development Jervois Green. In the meantime, Crystal Tower, How Sun Park, 11 Balmoral Road and Royalville will see their tenders closing between Nov 28 and 30.
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Riviera Point
According to marketing agent CBRE, the asking price for Riviera Point is $75 million, or $1,522 psf per plot ratio (psf ppr).
Located at the junction of Kim Yam Road and River Valley Road, Riviera Point consists of 33 units in a 12-storey apartment block. The 14,579 sq ft site is located less than 600m from the upcoming Great World MRT station on the Thomson- East Coast Line and less than 400m from the sought-after River Valley Primary School, says CBRE.
Under the 2014 Master Plan, the site is zoned Residential, with a plot ratio of 2.8 and a height control of 36 storeys. The verified existing gross floor area (GFA) is about 49,265 sq ft, which works out to a plot ratio of 3.379, according to CBRE.
Riviera Point’s tender closes on Dec 18.
Riviera Point
Credit: CBRE
Parkway Mansion
Parkway Mansion has a guide price of $138 million, according to marketing agent Colliers International. After factoring in an estimated development charge of $21 million for intensification of land use, the land cost works out to be $1,454 psf ppr.
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Located within the Katong-East Coast district, the 17-storey freehold Parkway Mansion comprises 32 units sized between 1,819 sq ft and 1,948 sq ft. If the collective sale is successful, each owner could receive between $4.2 million and $4.4 million in gross proceeds.
The Parkway Mansion site measures 38,975 sq ft. Under the 2014 Master Plan, the site is zoned Residential and has a gross plot ratio of 2.8. This works out to a potential GFA of 109,130 sq ft. Subject to authorities’ approval, the site can be redeveloped into a high-rise project with 130 units measuring 800 sq ft on average, says Colliers. The tender for Parkway Mansion closes on Dec 13.
Parkway Mansion
Credit: Colliers International
Derby Court
More than 80% of the owners have consented to the collective sale of Derby Court at a reserve price of $62 million, says marketing agent JLL. Based on the “as-built” gross plot ratio of 2.869, the land rate translates into $1,168 psf ppr, according to Tan Hong Boon, regional director of capital markets at JLL. After factoring in the 10% bonus balcony plot ratio, the effective land rate is $1,062 psf ppr.
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Derby Court comprises 18 apartments sized at 1,991 sq ft and two penthouses measuring 3,897 sq ft. The existing development sits on an 18,506 sq ft site. Under the 2014 Master Plan, the Derby Court site is zoned Residential and has a gross plot ratio of 2.8. According to JLL, the verified GFA of Derby Court is 53,094 sq ft, or a plot ratio of 2.869.
“Subject to URA’s approval, the buyer may configure the allowable GFA of 58,403 sq ft into 70 apartments sized at an average of 834 sq ft,” estimates Tan. “The project could be 24 to 25 storeys tall.” The tender for Derby Court will close on Dec 12.
Derby Court
Credit: JLL
Pearl Bank Apartments
Pearl Bank Apartments has a reserve price of $728 million, says marketing agent Colliers International. After taking into account an estimated lease top-up premium of $195 million for the site, this works out to be $1,505 psf ppr. The developer does not have to pay development charges for the site, says Colliers International.
The 37-storey Pearl Bank Apartments comprises 280 apartments and eight commercial units. It has 52 years left on its 99-year lease. If the site is sold, apartment owners could receive minimum gross prices of between $1.8 million and $4.9 million, says Colliers International. Commercial unit owners could receive between $1.2 million and $6.9 million.
Pearl Bank Apartments sits on an elevated site of 82,376 sq ft. Under the 2014 Master Plan, the site has a gross plot ratio of 7.2; it has an existing gross plot ratio of 7.4479. Therefore, subject to authorities’ approval, the site can be redeveloped into a residential project with a GFA of 613,530 sq ft, comprising 730 residential units sized at an average of 800 sq ft.
The closing date for the tender of Pearl Bank Apartments is Dec 19.
Pearl Bank Apartments
Source: Colliers International
This article appeared in EdgeProp Pullout, Issue 806 (Nov 20. 2017).

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