Properties for sale for the week of April 15-20

By Nicholas Lam

/ EdgeProp Singapore |

April 21, 2024 5:38 PM SGT

Summer Green is making its fourth collective sale attempt at $48.8 million (Photo: CBRE)

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Summer Green in Balestier relaunched for collective sale at a lower price of $48.8 mil

Summer Green, a freehold condominium at 11 Boon Teck Road, off Balestier Road, has been relaunched for collective sale at a reserve price of $48.8 million with CBRE as the marketing agent.

According to CBRE, more than 80% of the owners at Summer Green have agreed to the lower reserve price. Based on the $48.8 million price tag, the land rate translates to $1,178 psf per plot ratio (psf ppr), including an estimated land betterment charge of $2.9 million.

This is the fourth attempt by the owners of the 24-unit development to find a buyer for the 14,646 sq ft site. Last October, Summer Green and the neighbouring Kingsley Mansion were put up for sale at $53 million and $52 million, respectively, with potential buyers given the option to purchase and amalgamate both sites. However, no buyers emerged at the close of the tender.

Summer Green’s first collective sale attempt was in January 2018 for $48.5 million ($1,188 psf ppr). It was relaunched in July of that same year for $48 million ($1,178 psf ppr).

The existing Summer Green is a 13-storey apartment block with a 30m frontage along Boon Teck Road. Under the Master Plan, the site has a gross plot ratio of 2.8 and a building height of up to 36 storeys.

The site is close to nearby amenities such as Shaw Plaza, Zhongshan Mall, and Balestier Market. It is also within 1km of CHIJ Primary (Toa Payoh).

“With no new residential projects in the pipeline within the Balestier area in the foreseeable future, we are positive that the reasonably-priced freehold site will appeal to developers,” says Michael Tay, head of capital markets for Singapore at CBRE.

The public tender for the collective sale of Summer Green closes on May 21.

The food factory at 30 and 32 Tuas Avenue 12 has been put on the market for $19 million (Picture: GoogleMaps)

Food factory in Tuas industrial estate for sale at $19 mil

A food factory at 30 and 32 Tuas Avenue 12 has been put on the market for $19 million. The property is for sale via private treaty with JLL Singapore as the marketing agent.

It is zoned Business 2 and has a gross floor area (GFA) of 74,751 sq ft on a plot spanning 97,095 sq ft. With a plot ratio of 1.4, the site has the potential to be expanded to a maximum GFA of up to 61,182 sq ft, subject to approval from authorities.

The food factory is situated on two adjacent land plots with different leasehold tenures. 30 Tuas Avenue 12 has a remaining tenure of approximately 27 years, while 32 Tuas Avenue 12 has a remaining tenure of 18 years.

The property is approved for food manufacturing and is outfitted with a pneumatic system to support powder blending capabilities. Most production areas are accessible by vehicles supporting distribution and warehousing activities.

This property’s existing facilities provide potential buyers an exceptional opportunity for business growth, comments Pamela Siow, head of logistics and industrial capital markets at JLL Singapore.

The area is connected to the rest of the island via the Ayer Rajah (AYE) Expressway.

A HDB retail unit on the ground floor of 181 Lorong 4 Toa Payoh is on the market for $16.5 million. (Photo: JLL Singapore)

Eight freehold strata retail units at Siglap V, HDB retail unit in Toa Payoh for sale from $48.5 mil

A portfolio of retail assets, comprising eight freehold strata units at Siglap V and a Housing Development Board (HDB) retail unit at 181 Lorong 4 Toa Payoh, is on the market at a guide price of $48.5 million.

According to a press release from JLL Singapore, the marketing agent for the sale, DFI Retail Group has put the portfolio of properties up for sale.

The entire portfolio can be purchased by acquiring the holding entity, Jelita Property. The eight strata units at Siglap V must be acquired collectively while the HDB retail unit can be sold individually. Terry Wong, senior director of capital markets at JLL Singapore, says that the portfolio for sale presents an attractive proposition for investors to acquire prime retail assets.

The eight strata retail units in Siglap V will be sold at a guide price of $32 million, which translates to an average price of $3,012 psf. Meanwhile, the HDB retail unit has a guide price of $16.5 million, which translates to an average price of $1,696 psf.

Located at 2 First Street in District 15, Siglap V is a four-storey mixed-use development. The eight retail units are on the ground floor and are amalgamated to occupy a combined strata area of 10,624 sq ft. CS Fresh has leased 9,418 sq ft while Guardian takes up the remaining 1,206 sq ft.

The retail unit up for sale is situated on the ground floor of 181 Lorong 4 Toa Payoh. It will be sold with vacant possession and a remaining lease of 47 years. This unit offers a triple frontage, stretching from 28m to 38m along Lorong 4 Toa Payoh and Toa Payoh Central, with convenient access to nearby loading and unloading bays.

Wong says large retail assets with high visibility in well-established residential neighbourhoods are tightly held due to their ability to generate cash flows. According to JLL, the HDB retail unit has the potential for further subdivision or conversion to alternative uses, subject to approval from relevant authorities.

Savyavasa has three residential towers with 402 units across a 3ha (322,920 sq ft) plot in Dharmawangsa district in South Jakarta (Picture: Swire Properties/JSI Group)

Swire Properties’ one-day launch of Jakarta project Savyavasa in Singapore

Savyavasa, a luxury residential project in Jakarta by a 50:50 joint venture between Hong Kong property giant Swire Properties and Indonesian developer Setiabudi Internasional (JSI) Group, was launched in Singapore for one day only on April 20. The sale will be conducted “by private invitation” with Arcadia Consulting as the exclusive marketing agent.

Located in the prestigious Dharmawangsa district of South Jakarta, Savyavasa has three residential towers with 402 units across a 3ha (322,920 sq ft) plot. The units are a mix of two-bedders from 1,410 to 1,432 sq ft, three-bedders from 2,009 to 3,617 sq ft, and four-bedders units from 2,842 to 5,339 sq ft. The project topped out on February 29 and is scheduled for completion by the end of the year.

Prices at Savyavasa start from $675,000 ($478 psf) for a two-bedder, $1.015 million ($484 psf) for a three-bedder and $1.38 million ($486 psf) for a four-bedroom unit. Savyavasa also offers a range of amenities, including indoor and outdoor pools, a café, a 1km jogging track and a gym.

In August 2023, the Indonesian government lifted restrictions on foreign ownership, including purchasing residential property under their individual names. Foreigners will also enjoy the same tax treatment as locals.

According to Leong Boon Hoe, CEO of Arcadia Consulting, Indonesia’s real estate sector has seen progress post-Covid. He sees demand from Singaporean investors to own quality homes in Jakarta.

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