Slew of collective sales hits the market

TWO freehold developments – Royalville and Ming Arcade – have been put up for collective sale by tender for a second time, with a reduced asking price.

Royalville, a residential site located on Bukit Timah Road, is back on the market, with an asking price in the range of $320 million to $370 million.

In the last tender exercise conducted in July last year, the asking price was between $370 million and $400 million.

Assuming a land cost of $320 million, this translates to $1,312 per square foot per plot ratio (psf ppr).

Inclusive of the additional 10 per cent balcony space, this translates to $1,197 psf ppr, including an estimated development charge of $1.16 million.

Royalville has a land area of approximately 174,176 sq ft, with a gross plot ratio of 1.4. It has an allowable building height of up to five storeys. The tender closes at 2.30pm on Feb 15.

The second site, Ming Arcade, a commercial development off Orchard Road, is being put up for collective sale for the second time.

With an indicative price of $120 million, this translates into $2,180 psf ppr, based on the approved gross floor area (GFA) of 55,046 sq ft.

When it was first tendered in July 2011, the indicative price for the site was more than $130 million, or around $2,360 psf ppr.

The property, which is majority owned by Ong Beng Seng’s property group, Hotel Properties Limited (HPL), comprises 88 commercial/retail strata units of varying sizes from 140 sq ft to 620 sq ft.

The site is zoned ‘commercial’ with a gross plot ratio of 4.2 and an allowable building height of 20 storeys.

Possible redevelopment options include medical suites; office and retail developments; hotel and mixed commercial and residential uses, subject to relevant authorities’ approval and payment of a development charge (if applicable).

The tender will close at 3pm on Feb 16.

Separately, two freehold residential sites – Asia Gardens and Jade Towers – are being launched on the en bloc market.

Asia Gardens, an 84- unit condominium development located on Everton Road, has an indicative pricing of between $302.6 million and $307.7 million. This translates to about $1,500 to $1,525 psf ppr, based on GFA of 201,765 sq ft.

The plot has a site area of about 72,059 sq ft and is zoned ‘residential’ with an allowable plot ratio of 2.8 under the 2008 Master Plan.

Jade Towers, which is located along Lew Lian Vale, has an indicative guide price of $108.8 million to $110.8 million, which translates to $826 to $841 psf ppr.

The site has an area of 92,412 sq ft and can be reconfigured to accommodate GFA of 131,702 sq ft.

With a near rectangular configuration, the site can be redeveloped or reconfigured into 101 new condominiums averaging 1,200 sq ft each.

The tender for Jade Towers and Asia Garden will close at 3pm on Feb 16 and 29, respectively.

Source: Business Times – 10 January 2012

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