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Singapore residential collective sale fervor shows no sign of slowing down


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Singapore residential collective sale fervor shows no sign of slowing down

Singapore's residential collective sale efforts are not showing any signs of easing up, with more housing estates poised to join the growing group of developments in the en bloc sale process, The (Singapore) Business Times reported.

The latest to hit the market is Royalville, a freehold residential estate in the Lion City's prime Bukit Timah Road stretch, which the publication reported has just started a S$368 million en bloc sale. The price is indicative of a per-square-foot, per-plot-ratio land rate of S$1,509, or S$1,376 per square foot per plot ratio if the development charge is taken into consideration. Industry players cited by the paper noted that the selling price could hit the range of up to S$2,150 to S$2,500 per square foot.

According to the report, Edmund Tie & Co. (SEA) has been tapped to market the 16,181.5-square-meter residential site through a tender process, which will close Nov. 10. The agency added that Royalville's en bloc efforts will mark the first time in a decade that a complex this big has been put up for collective sale.

The property has 93 apartment units and 11 shops. The Business Times cited Swee Shou Fern, senior director for investment advisory at the property agency, as noting that an "upscale condominium" comprising a maximum of 323 apartments could eventually be built on the plot.

Mayfair Gardens, another private housing estate in Bukit Timah Road, will commence en bloc sale efforts in about two weeks, after having met the 80% approval level from unit owners necessary for the sale to move forward. The 99-year leasehold Mayfair Gardens site's asking price is yet to be disclosed.

Elsewhere in the city-state, more residential en bloc sales are preparing for a sale, according to the publication. In the Bukit Panjang district, owners of the 953,000-square-foot, 999-year leasehold Cashew Heights site held an extraordinary general meeting Oct. 7, and 62.25% of its owners voted in support of a collective sale.

David Wong, vice chairman of Cashew Heights' sales committee, told the paper the committee expects to surpass the S$1.34 billion record that Farrer Court, sold in 2007, still holds. He highlighted that the 596-unit, 12-block Cashew Heights is the largest 999-year freehold housing site near a local train station going for a collective sale.

The freehold Goodluck Garden residential site on Toh Tuck Road has collected 60% approval from its owners for an en bloc sale, and Knight Frank has been hired to market the development.

Other properties in the en bloc queue include the prime 13,148-square-foot Tai Wah building on Killiney Road, the 825,502-square-foot Ivory Heights estate in Jurong East, Bartley district's How Sun Park and the 209-unit Vista Park site in Pasir Panjang that is targeting a S$345 million sale.

The 660-unit Pine Grove estate near Singapore's Ulu Pandan Road, is asking S$1.65 billion, while Jervois Garden is asking roughly S$68 million.

The 200-unit Amber Park's en bloc sale brought in S$906.7 million from buyers Cityzens Development Pte Ltd. and Hong Realty (Private) Ltd., beating the minimum S$768 million asking price.

As of Oct. 12, US$1 was equivalent to S$1.35.