It’s third time lucky for the collective sale attempts by two private residential developments, Derby Court and Parkway Mansion.
Both properties have been sold after two earlier unsuccessful forays into the collective sale market.
RH Developments, a subsidiary of Roxy-Pacific Holdings, won the tender for Derby Court with a bid of $73.88 million, well above the reserve of $62 million.
Parkway Mansions has been sold for $146.99 million to SL Capital (3), a consortium led by Sustained Land.
JLL, the sole marketing agent for Derby Court, said there were seven bids comprising local and foreign developers and funds. It indicated that owners can expect gross sales proceeds of between $3.36 million and $6.65 million for their units.
JLL regional director Tan Hong Boon said the price works out to a land rate of about $1,390 per square foot (psf) per plot ratio (ppr) based on the “as-built” gross plot ratio of 2.872.
“Development charge is not payable for the proposed redevelopment even with this additional bonus 10 per cent balcony GFA (gross floor area) due to its high development baseline,” he added.
The 20-unit Derby Court, comprising 18 apartments and two penthouses, is in Derbyshire Road, in Novena, and near St Joseph’s Institution (Junior) and the Anglo-Chinese School (Junior).
The 18,506 sq ft site has a gross plot ratio of 2.8. The GFA verification at about 53,153 sq ft for the development reflects an equivalent plot ratio of 2.872. The property can be redeveloped to accommodate a high-rise apartment block of around 24 to 25 storeys, JLL said.
Colliers International, the marketing agent for Parkway Mansion, said its sale price of $146.99 million was 6.5 per cent above the owners’ guide price of $138 million during the tender that was launched on Nov 16.
The sale price and an estimated development charge of about $21 million translate to a land rate of $1,536 psf ppr. Each owner stands to get between $4.5 million and $4.7 million in gross proceeds.
Parkway Mansion is a 17-storey freehold development that houses apartments ranging from 169 sq m to 181 sq m. The property is just 100m from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line, which is slated for completion in 2023.
Adapted from : The Straits Times, 14 December 2017