Unit land price is about $1,388 psf of potential gross floor area of 75,492 sq ft

TUAN Sing has made its second Singapore real estate property purchase this week. It yesterday inked a deal to buy Serene House, opposite the upcoming Botanic Gardens MRT Station, through a collective sale for $99.1 million.

The price for the freehold District 10 property, a short walk away from Botanic Gardens’ Eco-Lake, works out to a unit land price of about $1,388 per square foot of potential gross floor area of about 75,492 sq ft.

This takes into account an estimated $5.7 million payable to the state for the potential acquisition of a 9,192 sq ft driveway and 10 per cent additional gross floor area for balconies. No development charge is payable due to the high development baseline reflecting a 1.8 plot ratio on the site.

Under Master Plan 2008, the site is zoned for residential use with a 1.4 plot ratio. Serene House has a freehold land area of 39,828 sq ft. Assuming the site, at Cluny Park Road, can be amalgamated with the driveway, the total site area can be potentially enlarged to about 49,021 sq ft.

The enlarged plot can be built into a four-storey condo with 68 units averaging 1,000 sq ft nestled in a predominantly landed housing locale.

Analysts estimate the project could break even at about $2,000-2,100 psf. Units at Nassim Park Residences have sold at an average price of $3,659 psf in the second half of this year.

On Tuesday, Tuan Sing emerged as the top bidder for a 99-year leasehold low-rise private residential site at Seletar Road . Its bid of $123 million works out to $468 per square foot per plot ratio (psf ppr). Analysts have estimated the breakeven cost for a new condo on the site at $800-900 psf.

As for its latest purchase of Serene House, Tuan Sing said yesterday that it intends to develop ‘an ultra-luxurious project for this exclusive freehold site’.

In a statutory filing with Singapore Exchange, the group said its acquisition of Serene House is subject to Strata Titles Board’s approval and conditional upon Tuan Sing receiving an in-principle approval for the purchase of the adjoining state land from Singapore Land Authority.

Serene House is a four-storey walk-up residential block comprising 24 apartment units. Its owners will each receive about $4.1 million from the sale, said Colliers International, which brokered the sale.

The tender for the property closed on Dec 14, attracting seven bids. Tuan Sing’s offer was the highest.

‘The tender was well participated by significant property market players including major developers and contractors. The seven highly-competitive bids we received demonstrate the excellent development potential of Serene House in terms of location, convenience and exclusivity,’ said Colliers executive director (investment services) Tang Wei Leng.

Colliers is also marketing Serene Centre nearby. An expression of interest exercise for this property also closed on Dec 14 and is said to have drawn strong interest. Serene Centre has a plot ratio of 1.4 and is zoned for commercial/ residential use. It is owned by Lok Joo Pte Ltd, controlled by an Ng family that was also involved with developing Textile Centre.

Source: Business Times, 16 Dec 2010

ANOTHER day, another top bid from property group Tuan Sing Holdings in yet another crowded bidding war.

The firm has won a seven-way battle by lodging an offer of $99.1 million for the freehold Serene House residential site in Bukit Timah.

Its winning bid came a day after it led a field of 11 developers with a $123 million tender for a residential site in Seletar Road.

The Government has yet to declare who will get that land, but Tuan Sing has Serene House sewn up. Its winning bid topped the indicative price of $95 million to $98 million when the tender was launched last month.

The price works out to $1,388 per square foot per plot ratio, and that includes a 10 per cent balcony area and an estimated $5.7 million to buy an adjacent state land plot of 9,192 sq ft, which is subject to approval from the authorities.

Serene House is a four-storey walk-up block of 24 flats. Each owner is expected to reap about $4.1 million from the sale, said marketing agent Colliers International.

The residential site has a land area of 39,828 sq ft with a plot ratio of 1.4. There is no development charge payable, Colliers added.

Ms Tang Wei Leng, Colliers’ executive director of investment services, said significant property market players, including major developers, contested the tender.

Serene Centre, a commercial and residential development on sale through an expression of interest, also had its deadline for offers close on Tuesday. Colliers is also the marketing agent for the development.

Ms Tang said that while several offers were received, the owner, Lok Joo – a family-owned firm – is currently considering the offers and no decision has been made yet.

Serene Centre is a four-storey development on a 32,225 sq ft plot with shops on the first and second storeys and 10 flats on the upper two floors.

Both Serene Centre and Serene House are next to the upcoming Botanic Gardens MRT station on the Circle Line.

Source: Straits Times, 16 Dec 2010

Two freehold developments, Euro-Asia Apartments and Bartley Grove Apartments, have been put up for collective sale by public tender.

Euro-Asia Apartments, a 56,476 square feet (sq ft) development along Serangoon Road, has a price tag of $142 million.

It also has an estimated development charge of about $339,000 or about $899 per square foot per plot ratio (psf ppr).

The property comprises of 85 units ranging from 78 square metres (sq m) to 227 sq m each.

If the sale is successful, owners are expected to bag between $1.09 million and $2.6 million each.

The new project on the land plot is expected to have a breakeven selling price of about $1,250 per square foot (psf), says its marketing agent Urban Front Real Estate.

It adds that Euro-Asia Apartments may be redeveloped into a 140-unit residential project with an average size of 1,130 square feet per unit.

Euro-Asia Apartments is zoned for residential development and the public tender will close on January 25 next year.

Bartley Grove Apartments is also up for public tender.

The site, located along Bartley Road, has a land area of 55,287 sq ft and a plot ratio of 1.4.

Owners of the 25 units at Bartley Grove Apartments are asking for $70 million or about $906 psf ppr.

With unit sizes ranging from 99 sqm to 351 sqm, owners may receive between $1.38 million and $3.59 million each.

The site is zoned for residential development and is located at the fringe of the landed enclave, said Urban Front Real Estate.

It is easily accessible from major expressways and is a walking distance to Bartley MRT Station and the Nex Mall at Serangoon Central, says the marketing agent.

The marketing agent adds that the site may be redeveloped into a 80-unit residential project with an average size of 1,000 sq ft per unit.

The prospective developer may also achieve a breakeven selling price of about $1,250 psf for the new development, says Urban Front Real Estate.

The closing date for the public tender is on 26 January 2011.

Both collective sale projects will need to file applications for a Sale Order from the Strata Titles Board.

Source: Channel News Asia, 13 Dec 2010

Condo owners stand to collect between $3.14m and $5.45m if deal goes through

TULIP Garden is up for collective sale again, with a hefty price tag of $650 million although there are expectations keen developers could offer even more.

The 164-unit development completed in 1985 is sited primarily in Farrer Road but also backs onto Leedon Heights, on a property golden mile where Singapore’s two largest collective deals were struck.

The former HUDC Farrer Court site – now CapitaLand’s 1,715-unit d’Leedon project – went for $1.34 billion in 2007 while Leedon Heights was sold for $835 million in the same year.

Tulip Garden was actually sold en bloc for $516 million in July 2007, but the deal fell through when the buyers – a consortium led by developer Bravo Building Construction – backed out in 2008, citing trouble raising funds for the purchase.

If the Tulip Garden deal comes off now, it will be the third largest by value here and the first freehold collective sale that is more than $500 million in three years.

Marketing agent Credo Real Estate said more than 80 per cent of the owners signed a collective sale agreement in October. Owners at the estate, which has flats from 1,700 sq ft to 3,400 sq ft, stand to reap between $3.14 million and $5.45 million – around 50 per cent to 70 per cent above the market rate.

Credo managing director Karamjit Singh said developers have been craving large-scale freehold sites in prime districts. He ‘would not be surprised’ if the highest bid exceeds $700 million.

‘The average deal size of the more than 30 successful en bloc sales this year so far was around $50 million. These sites tend to suit small to medium developers. For the large developers, they had lots of sites from the Government to consider but they are all leasehold and located in suburban estates,’ he said.

At a gross plot ratio of 1.6425, the $650 million price works out to $1,250 per sq ft (psf) per plot ratio (ppr) for the 316,708 sq ft land parcel.

But if a developer chooses to maximise the 10 per cent allowable space for balconies, the effective land cost inclusive of $20.5 million in development charge is $1,203 psf ppr. Developers pay development charges to enhance the use of residential sites.

At this price, a developer could expect to break even at about $1,800 psf, said Credo. Units at neighbouring 99-year leasehold d’Leedon are being sold at about $1,680 psf while Glyndebourne, a freehold project off Dunearn Road from City Developments, achieved average prices of about $2,100 psf during its preview in October.

The Tulip Garden site, which is in District 10 and near the upcoming Farrer Road MRT Station, is zoned for residential use up to 12 storeys. It can be reconfigured into 400 flats with an average size of 1,325 sq ft, depending on layout and configuration, Credo said.

Mr Ben Liang, who has been living at Tulip Garden for more than 10 years, said he had supported the collective sale as he could get at least 30 per cent more than from selling his apartment individually.

‘The development is getting old and and if you wanted to renovate the place you would have to change many things… It’s better to get more value by selling it en bloc,’ he added.

The huge Tulip Garden deal underlines the surge of collective sale activity this year with 31 sales sealed for a total of $1.5 billion. It is a striking change over last year when the $100.8 million Dragon Mansion sale was the only deal struck.

More mega sites are also expected on the market over the next few months.

Pine Grove in Ulu Pandan Road is expected to launch its tender early next year with a reserve price of $1.7 billion while Hawaii Tower in Meyer Road is looking at a reserve price of $700 million.

Experts warn the market could have trouble absorbing such big sites, especially if tenders close around the same time.

Colliers International’s research and advisory director Tay Huey Ying added: ‘In the current market where there is still uncertainty, bite-sized collective sale developments are still preferred and are easier to sell… They also involve less risk.’

But Ms Stella Hoh, head of investments at Jones Lang LaSalle, said developers remain keen to replenish prime sites.

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Other mega collective sales

•Farrer Court: $1.34 billion (June 2007)

•Leedon Heights: $835 million (April 2007)

•The Grangeford: $625 million (June 2007)

•UIC Building: $600 million (April 2007)

•Gillman Heights: $548 million (February 2007)

Source: Straits Times, 7 Dec 2010

Freehold plot may get bids of $300m for residential, commercial development
THE iconic Lion City Hotel and the adjoining Hollywood Theatre site have been put up for sale and could be in line for redevelopment into swanky new homes and shops.

The 147,909 sq ft freehold plot, which has been launched for tender with a closing date of Jan 6, is expected to attract bids topping $300 million from developers.

Once sold, it is likely that the land will host retail shops or offices and more than 200 new homes – the first time a large project of more than 100 units has been developed in the area since Sims Residences and Vistaya View were completed in 2003.

Such a project will further boost the rejuvenation of the area and is in line with the Government’s plans for Paya Lebar Central to be developed into a ‘lively, pedestrian-friendly commercial hub with a distinct cultural identity’.

Including an estimated development charge of $77.8 million payable for the re-zoning on top of the projected price of $300 million, developers can expect to foot $753 per sq ft (psf) per plot ratio.

The site, located within 350m of Paya Lebar MRT Station, is zoned for hotel and commercial use in the 2008 Masterplan.

But the Urban Redevelopment Authority has granted approval for it to be redeveloped into a mix of residential and commercial developments up to a gross plot ratio of 3.39, according to joint marketing agents Landmark Property Advisers and Knight Frank.

The plot consists of 243,805 sq ft of residential gross floor area (GFA) and 264,119 sq ft of commercial GFA, which will allow for a shopping centre similar to that of Katong Mall and some 240 apartments of an average size of 1,000 sq ft, the marketing agents said.

The GFA, however, includes a substation site of about 2,048 sq ft currently owned by SP PowerAssets.

Mr Colin Tan, research and consultancy director of property firm Chesterton Suntec International, said the residential segment is likely to perform well since it is close to the MRT station. The long-term potential of the Paya Lebar area might also appeal to buyers, he added.

Paya Lebar Central is one of the three commercial hubs selected to provide alternative locations for businesses and to bring jobs closer to homes as part of the Urban Redevelopment Authority’s decentralisation strategy. The other two are Jurong Lake District and Kallang Riverside.

The Lion City Hotel was built by the late property magnate Wee Thiam Siew some 40 years ago and the Wee family has been operating it ever since.

The old Hollywood Theatre used to be the location of City Harvest Church, but it has since been leased to Sheng Siong supermarket.

With the site now being allowed to switch to residential and commercial uses, the family has decided to divest this asset as property development is not their core business, the statement from the marketing agents said.

‘We expect keen interest from developers as it is seldom Singapore has a freehold site in single ownership suitable for large-scale development being offered for sale,’ the marketing agents added.

Source: Straits Times, 2 Dec 2010

Larger plots going on the market but reserve price may prove sticking point

MORE and larger collective sales are in the pipeline as home owners attempt to cash in on the hot property market – but experts say the actual number of successful sales might just disappoint.

Hawaii Tower along Meyer Road is among those in the latest batch to have secured the necessary 80 per cent approval from residents, along with former HUDC estate Pine Grove. And more than 53 per cent support has been secured so far in the collective sale process for Pearl Bank apartments in Outram.

The Straits Times understands that the reserve price for Hawaii Tower’s 192,340 sq ft plot, which was originally developed in 1984, has been set at $700 million.

This excludes a development charge of $55 million which, when included, works out to about $1,402 per sq feet per plot ratio. This is believed to be the freehold development’s third collective sale attempt.

Marketing agent CB Richard Ellis (CBRE) said in a notice posted at the District 15 development that owners of 110 of the 135 apartments had signed the collective sale agreement (CSA) as of Nov 24.

This equates to 80.93 per cent of the share values and 80.2 per cent of the strata area, CBRE stated.

Owners of the three-bedroom units of about 2,200 sq ft each are expected to pocket an average of just over $5 million, while owners of the six 4,300 sq ft penthouses can expect a windfall of $8.8 million if the reserve price is met. The tender is expected to open early this month and close at the end of next month.

Pine Grove was previously reported to have been put up for collective sale at a record-breaking $1.7 billion reserve price, after it achieved the crucial 80 per cent approval last month.

After the five-day cooling-off period, 534 out of 660 units – making up 80.9 per cent of the total share values and 80.63 per cent of the total strata area of the development – had signed the CSA.

Although more collective sale tenders are expected to come on the market in the first half of next year, experts say a wide gulf could be opening up between owners’ asking price expectations and what developers are willing to pay.

They add that high reserve prices and the bumper release of state land in the government land sales programme might reduce demand from developers cautious after the Government’s recent property cooling measures.

Mr Karamjit Singh, managing director of Credo Real Estate, said that while some collective sale projects set reserve prices in line with the market, others could seek the comfort of higher prices to assure themselves of sufficient profit to purchase replacement homes.

Even then, those that start off realistically may find themselves needing to raise the reserve price midway to win the 80 per cent approval, he added.

EL Development managing director Lim Yew Soon said that large quantums for mega sites were risky for single developers and would mostly price out small to mid-sized developers.

Development charges have increased substantially and the new rules regarding the completion period for developers with foreign shareholders would place further downward pressure on what developers are willing to bid, he added.

The proposed amendment to the Residential Property Act, which is expected to take effect early next year, will apply to private projects developed by developers with at least one foreign shareholder or foreign director – effectively covering most listed developers.

Such projects, built on residential sites bought from private-sector sources including collective sales, will in future have to be completed within a stipulated period. If not, developers could not only lose their bankers’ guarantees, as is the case now, but would also have to pay the state for any time extension.

DMG & Partners property analyst Brandon Lee said these amendments are more likely to affect prospective collective sales.

‘Developers who now acquire (collective sale) sites will effectively have their building period cut down from seven to five years. As such, we reckon this could act as a further dampener to the still-sluggish (collective sale) market, where developers replenish their mid- and high-end land bank,’ he noted.

But property market watchers say developers are often keen on such sites as they provide an opportunity to purchase freehold land in prime locations, unlike those from the government land sales programme, which are on 99-year leases.

CapitaLand Group chief executive Liew Mun Leong said last week that it was ‘a possibility’ that CapitaLand could be interested in bidding for the Pine Grove site.

Although the plot is attractive, the price tag of $1.7 billion is a hefty one, he said, and the group might consider tying up with partners to bid for the site.

Source: Straits Times, 1 Dec 2010

Far East clinches freehold hotel, shopping centre site in largest collective sale this year

THE freehold site in the eastern part of Singapore occupied by Paramount Hotel and Paramount Shopping Centre has been sold for $214 million, in the biggest collective sale this year.

Far East Organization lodged the winning bid, which is 7 per cent above the $200 million asking price, sought when the tender opened last month.

The price works out to about $1,178 per sq ft per plot ratio (psf ppr). It also includes a development charge of $40.07 million if the site is used for residential purposes at a plot ratio of 2.1, said marketing agent Jones Lang LaSalle (JLL).

But if the site is retained for hotel and commercial use at a plot ratio of 3.0, the Far East bid works out to $736 psf ppr, including an estimated development charge of $12.8 million.

The land, if zoned for hotel use, could be redeveloped into a hotel and retail project with a gross floor area of up to 308,056 sq ft, and could accommodate up to 460 hotel rooms, said JLL.

If converted for residential use, it could take a high-rise tower of 205 flats, assuming per unit size of 1,000 sq ft.

The site has varied redevelopment options, including residential, hotel, commercial or a combination of those, but these are subject to planning approval, the company added.

Located near the popular Parkway Parade mall, the plot faces both Marine Parade Road and East Coast Road.

The ageing 229-room hotel and the 95 shops on the site are in a four-storey podium and an eight-storey tower block.

The Straits Times understands that Far East will keep the site as a hotel and retail development, with some addition and alteration works expected, to rejuvenate the property.

The hotel and shopping centre will be operated as part of Far East’s investment portfolio.

The 102,685 sq ft freehold property in District 15 was last put on the market in May 2007 at the same price, but did not find suitable takers.

JLL national director and head of commercial investments Quek Soh Hoon said there was a good level of interest for the collective sale tender, with about 10 submissions received. Ms Quek said the bidding was competitive, with only about 5 per cent separating the top three bidders.

‘The overwhelming response and competitive bids among the bidders signify a strong interest for the prime, rare, freehold redevelopment site.

‘The location of the site speaks for itself,’ she said. She cited its high accessibility and established amenities and added: ‘We are confident of the great potential that the site could possibly offer.’

The site is zoned for hotel use under the Urban Redevelopment Authority’s 2008 Master Plan, but in the past, it was designated for ‘local shopping’ use under the 1958 and 1980 master plans.

Singapore-based YTC Corporation owns Paramount Hotel as well as a few shop units, while the other shops are owned by different individuals.

Source: Straits Times, 27 Nov 2010

FAR East Organization has clinched Paramount Hotel and Shopping Centre along East Coast Road for $214 million.

BT understands that Far East plans to keep the freehold asset as an investment property for recurring income although refurbishment is likely to be on the cards.

The deal involves a collective sale and will be subject to approval from the Strata Titles Board.

Approval has been obtained from owners controlling over 90 per cent of share values and strata floor area in the asset.

Far East plans to manage the hotel. It is currently operated by YTC Corporation, which is selling the 229-room hotel. YTC also owns the Peninsula Excelsior Hotel at Coleman Street.

BT understands that YTC stands to receive about $167 million for the hotel, which translates to about $730,000 per room. The balance $47 million will be payable to the owners of the 95 strata shop units in the development. The ageing hotel and shops are housed in a four-storey podium and eight-storey tower block.

Far East was the highest of nearly 10 bidders that participated in the tender for the collective sale, which closed on Nov 23.

The property has a freehold land area of 102,685 square feet and is zoned for hotel use with a gross plot ratio of up to 3.0 under Master Plan 2008.

The location is familiar to Far East. It is developing Silver Sea and The Shore Residences condominium projects nearby.

The sale was brokered by Jones Lang LaSalle (JLL). The property consultant said that the site was formerly zoned for ‘local shopping’ use under the 1958 and 1980 Master Plans.

‘Subject to planning approval from the authorities, the site with a potential gross floor area of up to 308,056 sq ft has varied redevelopment options such as hotel, commercial, residential or a combination thereof,’ it said.

JLL added that the $214 million purchase price works out to about $1,178 per square foot per plot ratio (psf ppr) including development charge (DC) of $40.07 million for residential use at a plot ratio of 2.1 or $736 psf ppr including an estimated $12.8 million DC for a mix of hotel and commercial use at 3.0 plot ratio.

Source: Business Times, 27 Nov 2010

Eight collective sales sealed since cooling measures on Aug 30

THE measures to cool the property boom have taken some of the heat out of the en bloc market but there is still plenty of interest, say industry experts.

They believe the steps that were announced on Aug 30 have made developers more cautious, resulting in lower bids and fewer successful tenders.

Eight collective sales – they include Pastoral View in Bassein Road and Glenville in Lim Tua Tow Road – totalling $369 million have been completed since Aug 30.

But at least five sites where tenders closed after that date have struck out with buyers.

The five are Maison Royale in Surrey Road, Newton View, Selegie Centre, Amber Glades near Marine Parade and 13 shophouses in Owen Road. All are freehold developments.

Experts said most of the owners are either negotiating private treaties or deciding whether to go for a second tender process.

The Straits Times understands that Selegie Centre and Maison Royale both had three interested parties but neither received a bid.

Jones Lang LaSalle’s head of investments, Ms Stella Hoh, said the collective sale market has started picking up momentum.

‘However, the cooling measures would have at least an impact as the bids offered by developers depend on what they think the demand will be from end buyers, who are affected by these new rules,’ she added.

Collective sale sites going for under $100 million seem to be the one area where buyers – usually boutique developers – are still prepared to put their money down.

This could be due to their more affordable prices and the relative ease of garnering the 80 per cent support level from owners compared with larger developments, experts said.

Seven of the eight successful sales since Aug 30 involve smaller sites priced at less than $100 million.

Robin Court and an adjoining bungalow in Robin Drive even bucked the trend of lower bids to sell at $77.33 million, more than the $66 million to $74 million expected, said Mr Karamjit Singh, managing director of Credo Real Estate.

Guillemard Court drew an even better response. It received seven bids and one expression of interest before selling for $41.6 million, almost 30 per cent above its indicative price of $33 million, said marketing agent Deans Realtors.

Director Alwyn Low said this could be due to its accessibility – the Dakota MRT station is just 600m away – and the ease the rectangular-shaped plot presents for building.

Results like that bode well for smaller sites, according to Mr Kevin Lim, Urban Front Real Estate’s executive director of investment sales.

Mr Lim told The Straits Times: ‘Interest is still high as we’re receiving enquiries from many developers. If the pricing is good, (they) will still purchase… but smaller sites seem to be more saleable as their quantum price is smaller, which means developers would take on lesser risks.’

Bigger sites can be expected to hit the market next year, after the dust has settled from recent changes to en bloc rules, which have extended the sale process for some larger developments, added Ms Hoh, of Jones Lang LaSalle.

Jones Lang LaSalle said in a report last week that collective sale transactions have hit $975.6 million so far this year.

And residential collective sales – at $883.6 million year-to-date – account for more than 90 per cent of the total, with sales predominantly in upgrader locations such as Balestier and Toa Payoh in District 12, Geylang and Eunos in District 14 and Serangoon and Hougang in District 19.

In contrast, there was only one successful collective sale last year – that of Dragon Mansion for $100.8 million.

Jones Lang LaSalle added that the rise in popularity of collective sales can be due to ‘improving fundamentals of the Singapore property market and the widening gap between new sale and resale prices for residential property’.

Source: Straits Times, 8 Nov 2010

OWNERS controlling at least 80 per cent of the share values and strata area of the freehold Tanglin Shopping Centre have given consent for its collective sale.

The tender for the sale is slated to be launched around the end of this month by marketing agent ERA Realty Network. With a reserve price of $1.25 billion, it will be the biggest collective sale launched for a commercial building in the Orchard/Tanglin area.

The reserve price works out to about $4,021 per sq ft of potential gross floor area – a record price if it is achieved. The assumption in the unit land price calculation is that no development charge is payable and the new owner will be able to build up to the property’s existing gross floor area of 310,800 sq ft (pending verification by Urban Redevelopment Authority) – even though this slightly exceeds the maximum 287,750 sq ft allowed for the site under Master Plan 2008.

Millennium & Copthorne Hotels (M&C), the London-listed hotel arm of City Developments Ltd (CDL), disclosed in June that it had signed the collective sale agreement for Tanglin Shopping Centre. M&C holds its stake in the shopping and office complex through its wholly owned subsidiary King’s Tanglin Shopping Pte Ltd. The company owns 85 freehold strata retail/office units and 325 car parking lots that have been held as a long-term investment since 1981. This works out to about 34 per cent interest in the total strata area.

Tanglin Shopping Centre has a freehold land area of 68,512 sq ft. Under Master Plan 2008, the site is zoned for commercial use with a 4.2 + plot ratio – the ratio of maximum potential gross floor area to land area – and a maximum height of 20 storeys.

‘This will be a very attractive site for redevelopment into a super luxury residential project with a commercial or hotel tower, or residential units with a retail podium,’ ERA said. ‘Some developers are already eyeing the property in view of its prime location.’

While market watchers agree the site is prime, they say it remains to be seen whether developers will be willing to pay the steep reserve price.

The 12-storey centre comprises retail space from basement two to level six, including about two levels of medical suites; offices from levels seven to 12; and parking lots in the basement and a rear multi-storey block.

 Source: Business Times, 5 Nov 2010