48-year old, 32-unit Phoenix Heights condominium in Bukit Panjang is expected to be launched for collective sale on June 7 and the tender will close on July 10. The 99-year leasehold condo sitting on a 42,764 sq ft piece of land.

Located at 71-85 (Odd Nos.) Phoenix Avenue in District 23, Phoenix Heights has a $36 million asking price translating to about $668 psf per plot ratio (ppr), including the 10% bonus balcony space and premiums payable to top-up up the lease. Under the 2014 Master Plan, the site is zoned for residential use and has a plot ratio of 1.4.

The 139-unit Landmark Tower at Chin Swee Road has been sold to a joint-venture (JV) company for $286 million, according to a release by marketing agent JLL. One of the JV partners is said to be a public listed company.
The 60,821 sq ft site is zoned for residential use with an as-built plot ratio of 4.0. The winning bid of $286 million translates to a land rate of $1,406 psf per plot ratio (ppr) after taking into consideration the lease upgrade premium of $57 million, estimates Tan Hong Boon, JLL regional director.
The price of $1,406 psf ppr compares favourably to the $1,515 psf ppr achieved at Pearl Bank Apartments, which was sold to CapitaLand in February. Landmark Tower is also a 99-year leasehold development located next to Pearl’s Hill City Park, near Pearl Bank Apartments.

Given its vantage point, Landmark Tower offers residents 360-degree city views. Based on the sale price, the owners of Landmark Tower will receive gross proceeds between $1.6 million and $4.9 million from the collective sale, adds JLL’s Tan.The 33-year old development was put up for collective sale on April 10 with a reserve price of $285 million, althought owners had expected in excess of $300 million ($1,474 psf ppr) for it.

Chinatown Plaza located along Craig Road has been sold for $260 million to a property unit affiliated to Singapore-based RGE (Royal Golden Eagle), the pulp and paper and palm oil giant manages a group of resource-based manufacturing companies with global operations and assets exceeding US$18 billion (S$24.5 billion). The price translates to a land rate of $1,915 per sq ft per plot ratio (psf ppr). Chinatown Plaza has a land area of 33,953 sq ft and is zoned for commercial and residential use. The site has the potential to be redeveloped up to its existing gross floor area of 135,742 sq ft.

Outline planning permission for serviced apartments with commercial use has been granted by the Urban Redevelopment Authority. Apartment owners are expected to receive gross sale proceeds of between $3.44 million and $4.79 million per unit, while shop owners can expect between $1.64 million and $10.62 million per unit. Such freehold mixed-use sites within the city are rarely available and given its city centre location in a popular and vibrant enclave within close proximity to MRT stations, the property is perfectly situated for use as serviced apartments. This development option will allow the purchaser to hold the invaluable freehold property for long-term investment.

Balestier Regency is a freehold, 72-unit apartment that has been launched for collective sale by tender. Balestier Regency sits on a 61,952 sq ft site and is expected to fetch at least $218 million, which translates into a land rate of $1,265 psf per plot ratio (ppr), including a $1.35 million development charge. The land price would be reduced to $1,221 psf ppr if the 10% bonus balcony area is included.

The site is zoned for residential use, has a plot ratio of 2.8 and an allowable building height of up to 36 storeys. The maximum allowable gross floor area will be 173,409 sq ft. The redevelopment could potentially yield about 230 units of 753 sq ft each, subject to approvals.The tender will close on June 21.

Leonie Gardens is launched for collective sale by tender with a reserve price of $800 million. The reserve price translates to $2,104 per sq ft based on existing gross floor area, or $2,021 per sq ft per plot ratio (psf ppr) if a 10 per cent balcony space is included, subject to approval. The tender will close at 3pm on Thursday, June 21.

Leonie Gardens, located at 23, 25 and 27 Leonie Hill in District 9, has 71 years remaining on its 99-year leasehold, which expires on Sept 14, 2089. The condo consists of 138 units, with a total strata area of 324,972.90 sq ft and a gross floor area of 410,431.80 sq ft.

The site is zoned residential under the Urban Redevelopment Authority Master Plan 2014, with a plot ratio of 2.8. According to Huttons, it can be developed into 544 condominium units averaging at about 70 sq m each, or 380 condominium units at about 100 sq m each. Subject to approval, it is possible to have a 10 per cent balcony space added, increasing the area to 449,031.63 sq ft.

Located at the intersection of Shunfu Road and Marymount Road, within walking distance of Marymount MRT station - Le Quest sold 70 units on the first day of its Phase Two sales. The 516-unit development with one- to four-bedroom units will house a childcare centre, a supermarket, retail outlets and other food and beverage establishments over 6,000 square metres. Prices for one-bedroom and two-bedroom units, which proved popular among new buyers, start from S$703,000.

This Qingjian Realty (South Pacific) Group mixed development project in Bukit Batok offered just 115 units for sale on Saturday (May 19), just a week after it opened up the development for Phase Two preview. In August 2017, Le Quest - a beautiful mixed development, which is a short drive away from Singapore's second central business district in Jurong East, sold 280 units its Phase One sales.

With an average psf of $1,380, buyers can get a four-bedroom unit in the mixed-use development Le Quest from $1.8 million. Prices of the units offered in Phase Two, though higher than at first launch, did not deter buyers from snapping up the units as it is still one of the most competitive among the recent launches.

Qingjian Realty is planning to launch another exciting project - JadeScape, formerly the HUDC estate known as Shunfu Ville, this year. Visit the project website below for JadeScape: