This week in property: Highlights from Nov 12 to Nov 16

By Rachael Tan / EdgeProp | November 16, 2018 1:05 PM SGT
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Property highlights of the week from Nov 12 to Nov16:
1. Waterloo Apartments sold en bloc for $131 mil
Waterloo Apartments (Credit: Cushman & Wakefield)
Waterloo Apartments, located within the Bras Basah and Bugis arts precinct, has been sold en bloc for $131.1 million to Fragrance Victory Pte Ltd, a wholly-owned subsidiary of Singapore-listed Fragrance Group Limited.
Each of the 30 apartment owners at 64 Waterloo Street will be receiving sales proceeds of about $4.37 million, once the sale is approved by the Strata Titles Board.
Fragrance Group intends to redevelop the 999-year leasehold property into a hotel. The site, spanning 14,369 sq ft of land, is zoned for hotel use, with a plot ratio of 4.2 and a maximum gross floor area of 60,348 sq ft. The site was previously zoned for “residential with 1st storey commercial” use under URA’s 2014 Master Plan.
2. Mandarin Gardens raises reserve price to $2.788 bil
The reserve price for Mandarin Gardens was raised to $2.788 billion, from $2.478 billion before (Credit: The Edge Singapore)
While other collective sale committees have been revising their prices downwards since the property cooling measures on July 6, Mandarin Gardens’ CSC has raised its reserve price from $2.478 billion to $2.788 billion. The land cost is reduced from $1,236 psf per plot ratio to $1,191 psf ppr.
The increase in its asking price occurred after the CSC and marketing agent C&H Properties sent an enquiry to URA about Mandarin Gardens’ development baseline. Development baseline is the value of the development based on the approved use and intensity of the site.
According to Vincent Teo, CSC chairman of Mandarin Gardens, the 1,006-unit project sits on a 99-year leasehold site of 1.07 million sq ft with a current plot ratio of 1.42. “We were able to calculate that the developer that built Mandarin Gardens 34 years ago had paid for a plot ratio of up to 2.5,” says Teo.
3. HDB launches over 7,000 flats for sale in November
The Housing and Development Board (HDB) has launched 7,214 flats for sale in November.
The government agency announced on Nov 13 that there are 3,802 Build-To-Order (BTO) units offered across five estates - Tengah, Yishun, Sengkang and Sembawang, as well as the mature township of Tampines. Under the Sale of Balance Flats (SBF) exercise, there are 3,412 flats available across various estates.
The BTO project in Tengah, called Plantation Grove, marks the first HDB estate in the new township. Located along Bukit Batok Road, it is the first of five such housing districts to be developed in Tengah. The HDB district is located near two upcoming Jurong Region Line MRT stations. The new line will open in three stages starting 2026.
4. Freehold commercial property in Rochor up for sale
Golden Wall Centre (Credit: ET&Co)
Golden Wall Centre, a freehold commercial property in Rochor, is up for sale at the reserve price of $260 million ($2,194 psf per plot ratio), according to Edmund Tie & Co (ET&Co), marketing agent for the site.
The property, located at Short Street, occupies a corner plot with a land area of 24,239 sq ft. The property is zoned for commercial use under Master Plan 2014. URA has advised that a hotel can be built on the land, at a gross plot ratio of 4.88, the agency highlights. The existing building has a gross floor area of 118,488 sq ft.