This week in property: Highlights from May 21 to May 25

By EdgeProp Singapore / EdgeProp | May 25, 2018 4:05 PM SGT
Property highlights of the week from May 21 to May 25:
Image source: HDB
The HDB has launched 6,992 flats for sale under the May 2018 Build-To-Order (BTO) and Sale-of-Balance Flats (SBF) exercise. The May 22 launch comprises 3,970 BTO units and 3,022 SBF units across various towns and estates.
The 3,970 BTO flats are spread across four projects, and will comprise unit types ranging from two-room flexi to three-generation flats. Two of the projects are in the non-mature towns of Sengkang and Yishun, while the other two are in the mature towns of Toa Payoh and Tampines.
In addition, 3,022 balance flats are offered for sale under the May SBF exercise. They comprise 754 units of 2-room flexi, 655 units of 3-room, 1,143 units of 4-room, 305 units of 5-room, 157 units of three-generation, and 8 units of executive flats across various towns/estates.
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Applications for new flats in the May exercise can be submitted online from May 22 to 28.
Image source: JLL
The 139-unit Landmark Tower at Chin Swee Road has been sold to a joint-venture (JV) company for $286 million, according to a release by marketing agent JLL. One of the JV partners is said to be a public listed company.
The 60,821 sq ft site is zoned for residential use with an as-built plot ratio of 4.0. The winning bid of $286 million translates to a land rate of $1,406 psf per plot ratio (ppr) after taking into consideration the lease upgrade premium of $57 million, estimates Tan Hong Boon, JLL regional director.
The price of $1,406 psf ppr compares favourably to the $1,515 psf ppr achieved at Pearl Bank Apartments, which was sold to CapitaLand in February. Landmark Tower is also a 99-year leasehold development located next to Pearl’s Hill City Park, near Pearl Bank Apartments.
The former mansion of a wealthy businessman located at 101 Penang Road -- more widely known as the House of Tan Yeok Nee - has been put up for sale by expression of interest (EOI). The property is jointly marketed by Cushman & Wakefield (C&W) and Propnex Realty on behalf of its owners, a joint venture between Perennial Real Estate and a Chinese investor.
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The indicative price on the property is at least $93 million, or about $1,590 psf based on strata area of 58,480 sq ft, and $3,190 psf based on current lettable area. The house sits on a freehold, 26,321 sq ft site.
The current owner is Perennial Real Estate and its Chinese joint venture partner which reportedly paid $73 million for the property in 2013. They then tied up with Beijing Hospital of Traditional Chinese Medicine (TCM) to set up Ming Yi Guan, which opened last year as Beijing Hospital TCM’s first facility outside China.
Three adjoining shophouses at the end of a row of conserved shophouses on Liang Seah Street have been put up for sale by Colliers International with a price tag of $30 million. The three shophouses share one address, 33 Liang Seah Street, and are held under a single title.
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Located within the Beach Road Conservation Area, the three adjoining shophouses are a short walk from Bugis Junction mall and Bugis MRT interchange station.
They are part three- and part five-storeys, and occupy a site area of 2,694 sq ft with a 999-year lease starting from 1827. The shophouses have a total gross floor area of 11,500 sq ft, and like its neighbours, are zoned ‘commercial and residential’ with a plot ratio of 4.2.