4 residential sites join collective sale market

Another four residential sites have hit the collective sale market to meet what appears to be an insatiable demand from developers.

Asia Gardens in Everton Road leads the way with an asking price of $338 million, followed by Park View Mansions near Jurong Lake at about $320 million.

Firms may also consider 27 Moulmein Rise with a reserve price of $110 million, or Katong Omega Apartments at $41 million.

The asking price of $338 million for Asia Gardens works out to a land rate of $1,675 per square foot per plot ratio (psf ppr), or $1,523 psf on the maximum potential gross floor area (GFA), including the 10 per cent bonus balcony area.

The site has a high development baseline, so no development charge is payable, including the 10 per cent bonus balcony area.

Freehold Asia Gardens, which was completed in the late 1980s, is in the Spottiswoode enclave. It comprises 80 apartments and four penthouses on a land area of about 72,059 sq ft with a gross plot ratio of 2.8.

It could yield a condominium of up to 36 storeys with about 270 units, assuming an average size of 70 sq m.

Asia Gardens is near the Central Business District, a short drive from Orchard Road and HarbourFront, and only 400m from the Outram Park MRT interchange, serving the East-West and North-East lines and the upcoming Thomson-East Coast Line.

Meanwhile, owners at Park View Mansions are expecting $320 million in their collective sale attempt.

That translates to $1,183 psf ppr, inclusive of $157 million to intensify the land and to top up to a fresh 99-year lease.

Park View Mansions has a land area of 191,974 sq ft, with an allowable gross plot ratio of 2.1. The site can yield about 403,145 sq ft of GFA upon redevelopment.

Developers can also target 27 Moulmein Rise near Novena and an adjoining plot of land with a combined reserve price of $110 million.

This translates to a land rate of $1,525 psf ppr, based on a maximum allowable GFA of 72,147 sq ft, including a 10 per cent balcony area.

Both plots are owned by 27MR and no development charges are payable. The sites, which have a total land area of 22,198 sq ft, could yield up to 87 units.

27 Moulmein Rise is in prime District 11 and near the upcoming Health City Novena, which is due for completion by 2030.

The fourth site released by tender is freehold Katong Omega Apartments at 357 to 367C, East Coast Road, in District 15.

All owners of the 18 units have unanimously agreed to sell, so strata board approval is not required.

The site is expected to fetch at least $41 million, or about $1,062 psf ppr, including a development charge of $480,000.

Katong Omega Apartments is in a heritage district on a land area of about 27,902.4 sq ft, with a plot ratio of 1.4, and an allowable height of up to five storeys.

Tenders close on April 5 for Katong Omega Apartments, April 16 for Asia Gardens, April 18 for 27 Moulmein Rise, and April 20 for Park View Mansions.

Adapted from: The Straits Times, 8 March 2018