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City&Country: Singapore Briefs

Ying Mansions, Villa D’Este up for sale
Ying Mansions (below), an eight-unit freehold development off Bukit Timah Road, is up for sale with a guide price of S$70 million, excluding a development charge estimated at S$18.1 million, says CB Richard Ellis (CBRE), which is handling the sale. The seller is the sole owner of the development, which sits on a 23,975 sq ft site. With a plot ratio of 2.1 and a potential gross floor area (GFA) of 55,383 sq ft, the guide price translates into a unit land price of $1,750 psf per plot ratio (ppr). The new
developer could possibly build 40 units measuring 1,200 sq ft each on the site. This tender closes at 3pm on Feb 23.

CBRE is also putting up another freehold development, first offered last August at $115 million, for collective sale. Villa D’Este, which is at 105 to 111 Dalvey Road, is now a 12-unit apartment development. Ten of the 12 owners have signed the collective sale agreement. The site has a reserve price of S$110.6 million and no development charge. The site has a GFA of 49,071 sq ft, translating into a unit land price of S$2,253 psf ppr. CBRE estimates that the new developer could build 13 to 14 apartments averaging 3,500 sq ft in size. The tender closed at 3pm on Feb 15.

Camay Court at Telok Kurau asking for S$32 mil
Camay Court, a freehold development at Lorong M, Telok Kurau, is up for sale with a guide price of S$32 million. The site covers 31,930 sq ft and has a plot ratio of 1.4, giving it a GFA of 49,172 sq ft, inclusive of 10% balcony space. The asking price works out to a unit land price of S$689 psf ppr. Camay Court is now a 23-unit walk-up apartment development with unit sizes ranging from 1,227 to 1,410 sq ft. Knight Frank, the marketing agent, estimates that 61 units measuring 800 sq ft each could be built on the site. Ian Loh, Knight Frank’s associate director of investment, estimates that the new project could be sold at prices starting from S$1,400 psf. The tender closes at 3pm on March 1.

Hoe Huat Industrial Building for sale at $35 mil
Hoe Huat Industrial Building, at 6 New Industrial Road, has been put for sale with a reserve price of S$35 million. The eight-storey light industry building off Upper Paya Lebar was built in 1997. It sits on a 29,408 sq ft site and has a net lettable area of 57,253 sq ft. GFA, including common areas and car park space for some 70 cars, is more than 70,000 sq ft. The asking price works out to S$611 psf of the net lettable area. The building’s 28 units, sized at an average of 2,000 sq ft, are all leased out. Last month, Ho Bee Investment sold a nearby building at 28 Genting Lane for S$48.5 million, or S$591 psf, notes broker Daniel Ng of Realtorhub Real Estate, adding that real estate investment trusts could be likely buyers of this development. The tender closes on Feb 15. — The Edge Singapore


This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 843, Jan 31-Feb 6, 2011

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