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01-11-2011, 06:03 PM
Business Times - 01 Nov 2011
Laguna Park owners eye $1.25b sale
Henry Park Apts also on market for $170m to $180m
(SINGAPORE) Two more sites have been put up for collective sale - Laguna Park, a leasehold residential site in the East Coast area, and Henry Park Apartments, a smallish development located off Holland Road.
The tender for Laguna Park is being handled by Knight Frank which said in a press statement yesterday that the reserve price is $1.25 billion.
This translates to a land price of $954 per square foot per plot ratio, including a differential premium of about $560 million.
Potential gross floor area is estimated at 176,235 square metres (about 1.9 million sq ft), and breakeven cost is expected to be around $1,400 psf.
Laguna Park has a land area of 62,941.2 sq m (677,493 sq ft). Under the 2008 Master Plan, the land is zoned for residential use at a plot ratio of 2.8.
The re-development site is located along Marine Parade Road, and is close to well-known schools such as Tao Nan School, Victoria Junior College, St Patrick's School and CHIJ (Katong) Primary.
In 2008, the government announced plans to build the Eastern Region Line which will serve the residential estates of Tanjong Rhu, Marine Parade, Siglap, Bedok South and Upper East Coast, linking them to Marina Bay. This line is scheduled to be built by 2020. The Laguna Park tender closes on Dec 6 at 4pm.
Henry Park Apartments, a 64-unit development, is being marketed by Credo Real Estate. The development, located directly opposite Henry Park Primary School, comprises 48 apartments and 16 shop units. The 999-year-leasehold site has a land area of 99,800 sq ft. Credo said in its press statement yesterday that more than 80 per cent of the owners (by share value and strata floor area) have signed a collective sale agreement to sell the property. This is the first time the site is being put up for sale.
Under the 2008 Master Plan, the site is zoned residential with commercial at first storey. The Urban Redevelopment Authority (URA) has advised that it would allow up to a gross plot ratio (GPR) of 1.4, and a maximum building height of four storeys. This means a new development could potentially have close to 140,000 sq ft of gross floor area.
Credo said development charge is likely not payable for re-development up to GPR 1.4, subject to URA's confirmation. Potential buyers could also amalgamate the site with a state land lot of about 1,395 sq ft, subject to approval and survey.
The sellers are expecting offers in the region of $170 million to $180 million. Depending on the quantum of commercial and residential GFA proposed, the prices reflect land rates of approximately $1,216 to $1,287 per sq ft per plot ratio, before factoring in the state land parcel, or in the region of $1,200 to $1,275 psf/ppr should the state land be included.
The Henry Park tender closes at 2.30pm on Dec 1.
Laguna Park owners eye $1.25b sale
Henry Park Apts also on market for $170m to $180m
(SINGAPORE) Two more sites have been put up for collective sale - Laguna Park, a leasehold residential site in the East Coast area, and Henry Park Apartments, a smallish development located off Holland Road.
The tender for Laguna Park is being handled by Knight Frank which said in a press statement yesterday that the reserve price is $1.25 billion.
This translates to a land price of $954 per square foot per plot ratio, including a differential premium of about $560 million.
Potential gross floor area is estimated at 176,235 square metres (about 1.9 million sq ft), and breakeven cost is expected to be around $1,400 psf.
Laguna Park has a land area of 62,941.2 sq m (677,493 sq ft). Under the 2008 Master Plan, the land is zoned for residential use at a plot ratio of 2.8.
The re-development site is located along Marine Parade Road, and is close to well-known schools such as Tao Nan School, Victoria Junior College, St Patrick's School and CHIJ (Katong) Primary.
In 2008, the government announced plans to build the Eastern Region Line which will serve the residential estates of Tanjong Rhu, Marine Parade, Siglap, Bedok South and Upper East Coast, linking them to Marina Bay. This line is scheduled to be built by 2020. The Laguna Park tender closes on Dec 6 at 4pm.
Henry Park Apartments, a 64-unit development, is being marketed by Credo Real Estate. The development, located directly opposite Henry Park Primary School, comprises 48 apartments and 16 shop units. The 999-year-leasehold site has a land area of 99,800 sq ft. Credo said in its press statement yesterday that more than 80 per cent of the owners (by share value and strata floor area) have signed a collective sale agreement to sell the property. This is the first time the site is being put up for sale.
Under the 2008 Master Plan, the site is zoned residential with commercial at first storey. The Urban Redevelopment Authority (URA) has advised that it would allow up to a gross plot ratio (GPR) of 1.4, and a maximum building height of four storeys. This means a new development could potentially have close to 140,000 sq ft of gross floor area.
Credo said development charge is likely not payable for re-development up to GPR 1.4, subject to URA's confirmation. Potential buyers could also amalgamate the site with a state land lot of about 1,395 sq ft, subject to approval and survey.
The sellers are expecting offers in the region of $170 million to $180 million. Depending on the quantum of commercial and residential GFA proposed, the prices reflect land rates of approximately $1,216 to $1,287 per sq ft per plot ratio, before factoring in the state land parcel, or in the region of $1,200 to $1,275 psf/ppr should the state land be included.
The Henry Park tender closes at 2.30pm on Dec 1.
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