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Park House in Orchard fetched a record collective sale price of $2,910 per sq ft per plot ratio - Straits Times photo
A freehold development in District 10 development - Park House at 21 Orchard Boulevard successfully sold for S$375.5 million on 13 June 2018 translating to a record collective sale price of S$2,910 per sq ft per plot ratio (psf ppr) on the maximum allowable gross floor area of 129,035 sq ft, excluding the 10 per cent bonus for balconies.
Park House is a rare freehold 60-unit development, comprising 56 apartments and four shop units. Each apartment unit owner stands to receive a gross payout of about $6.1 million and each shop unit owner, $8.1 million.
Park House enjoys a prominent yet exclusive location on Orchard Boulevard with good accessibility to the Orchard Road shopping belt and a short walking distance to Orchard Boulevard MRT when it is completed in 2021.
Park House is a rare freehold 60-unit development, comprising 56 apartments and four shop units. Each apartment unit owner stands to receive a gross payout of about $6.1 million and each shop unit owner, $8.1 million.
Park House enjoys a prominent yet exclusive location on Orchard Boulevard with good accessibility to the Orchard Road shopping belt and a short walking distance to Orchard Boulevard MRT when it is completed in 2021.
The public tender for Park House was awarded on June 1 to Shun Tak Cuscaden Residential, a wholly-owned subsidiary of Hong Kong-listed Shun Tak Holdings. Zoned as residential under the 2014 Master Plan, the 46,984 sq ft site has a plot ratio of 2.8. Shun Tak Holdings intends to redevelop the site into a luxury residential development with expected completion by 2023.
“The response from local and foreign developers was overwhelming; we conducted more than 20 site inspections with developers from Hong Kong, Malaysia, Singapore, China and Indonesia,” said CBRE managing director of capital markets Jeremy Lake, the agency that sealed this enbloc deal.
This new benchmark price beats the previous peak of S$2,526 psf ppr, which Hong Kong's Swire Properties paid for the Hampton Court collective sale site at Draycott Park in 2013.
“The response from local and foreign developers was overwhelming; we conducted more than 20 site inspections with developers from Hong Kong, Malaysia, Singapore, China and Indonesia,” said CBRE managing director of capital markets Jeremy Lake, the agency that sealed this enbloc deal.
This new benchmark price beats the previous peak of S$2,526 psf ppr, which Hong Kong's Swire Properties paid for the Hampton Court collective sale site at Draycott Park in 2013.
Lakeside Apartments at Yuan Ching Road goes en bloc with a reserve price S$240m - Straits Times Photo
Meanwhile, Lakeside Apartments in the Jurong Lake District has been put up for en bloc sale on the market with a reserve price of $240 million - the latest to wade into the wave of collective sales here. More than 80 per cent of owners at the 134,176 sq ft site in the Jurong Lake District area have agreed to sell and the tender was launched on Tuesday (12 June 2018). This means each of the owners at the 120-unit development stands to pocket $2 million.
The site in Yuan Ching Road is zoned residential with a plot ratio of 2.1. It comprises two tower blocks of 15 storeys, and has 58 years left on its 99-year lease. An enhancement premium of $55.56 million will have to be paid for both the lease top-up premium and land use intensification of the site. The 120-unit development comprises two 15-storey tower blocks on a large 134,176 sq ft site. The tender for Lakeside Apartments closes on 24 July 2018.
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