Friday, January 28, 2011

2 collective sales done at lower prices

TWO collective sales have been completed, although both were at prices lower than earlier indicated, perhaps showing that recent cooling measures have tempered demand a little.

Marine Point in Marine Parade Road has been acquired by CapitaLand at $101million. The owners wanted $110 million when the tender was launched in October.

If an estimated development charge of $12.8million is included, the price works out to $1,056 per sq ft (psf) per plot ratio (ppr), CapitaLand said.

It plans to redevelop the 51,185 sq ft freehold site into a 150-unit condominium of one-bedroom plus study and two-bedroom apartments.

This will bring CapitaLand's pipeline of homes here to more than 2,600 units.

Mr Wong Heang Fine, chief executive of CapitaLand Residential Singapore, said the firm plans to maximise the project's height to about 19 storeys and is confident that it will get strong interest from young families and professionals who have grown up in the area.

'This will give the majority of the apartments a good view of the surrounding skyline and the sea. We plan to have (it) ready for launch in the first half of 2012,' he added.

Bartley Terrace, near Bartley MRT station, was sold for $40million, which The Straits Times understands to be below its reserve price.

The tender was launched last year with an asking price of $48million.

Meadows Investment, a firm owned by Mr Neo Tiam Boon, executive director of local property and construction firm Tiong Aik Group, bought the site in a private treaty, said marketing agent Urban Front yesterday.

The price works out to about $760 psf ppr, inclusive of about $3million in development charges and a 10per cent balcony allocation.

The District 19 freehold site has a land area of about 40,482 sq ft with a plot ratio of 1.4.

The owners of the 32 units stand to reap $1.14million to $1.8million each, Urban Front said.

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