A JOINT venture involving ACT Holdings, Nobel Design Holdings and two other partners has bought a four-storey freehold residential block at Lim Tua Tow Road, off Upper Serangoon Road, through a collective sale for $39.51 million.

According to Jones Lang LaSalle (JLL), which brokered the deal, the price works out to about $740 per square foot per plot ratio (psf ppr) including development charges. A 32-unit development called Glenville sits on the 43,335 sq ft plot.

The other two shareholders in the joint venture are Soh Chooi Lai and Aspen Development.

In May this year, the same joint venture bought an adjoining 29,623 sq ft site occupied by a development called New Gardens. If they amalgamate the two plots, the combined land area of almost 73,000 sq ft could be redeveloped into a new five-storey condo with about 100 units averaging 980 sq ft, analysts say.

The New Gardens site was sold for $21 million or $560 psf ppr including an estimated development charge of $2.26 million.

Under Master Plan 2008, both sites are zoned for residential use with a 1.4 plot ratio – the ratio of potential maximum gross floor area to land area.

JLL marketed Glenville through a tender exercise that closed on Oct 5 and is said to have attracted a handful of bids.

The sale to the ACT-Nobel joint venture is subject to approval by the Strata Titles Board, as unanimous approval of owners has not been secured.

The owners of the 32 existing apartments will receive about $1.18 million to $1.27 million per unit.

Last month, JLL announced the collective sale of Naung Court, which is closer to the Hougang Central area, for $28 million or $662 psf ppr including a development charge of $2.3 million if applicable.

Including the latest sale of Glenville, 23 collective sales have taken place so far this year for a total $1.14 billion, according to data from Credo Real Estate. Last year, there was just one deal for $100 million.

In 2008, there were eight collective sales amounting to $346 million, while in the peak year of 2007 there were 87 such transactions totalling $11.6 billion.

Source: Business Times, 9 Oct 2010

Glenville, a 32-unit apartment block in Serangoon, has been sold to Urban Lofts for S$39.51 million in a collective sale.

Marketing agent Jones Lang LaSalle said the price works out to be about S$740 per square foot per plot ratio including a Development Charge of S$5.3 million, if payable.

Each of the apartment owners stand to receive gross sale proceeds ranging from S$1.179 to S$1.273 million.

The sale is subject to approval by the Strata Titles Board.

The 43,335 sq ft site is zoned for residential use with a gross plot ratio of up to 1.4. It can be built up to 5 storeys, yielding a potential gross floor area of up to 60,670 sq ft.

Jones Lang LaSalle said the site could potentially yield some 57 apartment units with an average size of 1,000 sq ft each.

Glenville is located near Serangoon MRT Station and the upcoming NEX mega mall.

Ms Stella Hoh, national director and head of investments at Jones Lang LaSalle, said: “With the upcoming NEX mega mall, interest in the vicinity has been renewed. This is shown by continued interest with a second site sold in the vicinity within one month by Jones Lang LaSalle.”

The other collective sale site, Naung Court, in Hougang was sold for S$28 million in late September.

Source: Channel News Asia, 8 Oct 2010

THE collective sale market continues to gain momentum, with two freehold residential sites at Paya Lebar and Hougang up for tender.

Huttons is handling the sale of Charlesville, a five-storey 18-unit development at Upper Paya Lebar Road. Sixteen of the 18 owners have agreed to the sale and the asking price is around $31 million.

The site is 34,160 sq ft and has a plot ratio of 1.4. Charlesville’s existing gross floor area (GFA) is about 42,000 sq ft, but a developer can build a new project with a GFA of up to 52,600 sq ft, including an additional 10 per cent of space allowed for balconies.

A development charge of about $2.9 million will be payable. The tender for Charlesville closes on Aug 18.

Not too far away at Jalan Naung, the four-storey 20-unit Naung Court is also up for sale. Jones Lang LaSalle is handling the tender, and the indicative price is $28-30 million.

The 32,689 sq ft site has a gross plot ratio of 1.4 and can accommodate a five-storey project. The winning developer can build a project with a GFA of up to 45,764 sq ft, subject to payment of a development charge of around $2.7 million.

Naung Court is within walking distance of Hougang MRT station, Hougang bus interchange and Hougang Mall.

Jones Lang LaSalle national director and investments head Stella Hoh reckons the site will attract strong interest, pointing out that new residential launches in the vicinity have enjoyed good take-up rates.

For instance, in June, Kheng Leong sold 173 of 200 units launched at The Minton at Lorong Ah Soo. The median price was $871 per sq ft.

Ms Hoh said Naung Court site is a ‘good bite size’ for private investors, contractors and developers. The tender closes on Sept 14.

Source: Business Times, 11 Aug 2010