Braddell View forms en bloc sales committee

Braddell View

Braddell View is a 99-year leasehold development apartment completed in 1981 and has a total of 438 units.

Most residents of Braddell View voted to form a collective sales committee on Tuesday (10 October), with 493 people in favour, while 28 opposed it, reported the Straits Times.

“I think the general feeling is that there is no harm in exploring the possibility. Let’s wait and see what the committee can come up with,” said a homeowner in the 918-unit development.

As such, Braddell View is now among the former HUDC estates that kick-started the en bloc process such as Laguna Park, Pine Grove, Chancery Court and Florence Regency, while Ivory Heights has already been launched for sale.

This follows a recent increase in collective sales, with Normanton Park sold last week in one of Singapore’s largest en bloc deals. The privatised housing project constructed in 1977 for the military and their families was purchased for $830.1 million.

In comparison, the owners of Braddell View hope to get over $2 billion, said Alex Teo, chairman of its Management Corporation Strata Title.

“The site is large, which implies that the quantum will be high. Notwithstanding that, the sale of 488-unit Normanton Park suggests that there are developers with the appetite for larger sites, especially if there is scope to intensify the site,” said Edmund Tie & Company research head Dr Lee Nai Jia.

With an area of 1.124 million sq ft, Braddell View is the biggest former HUDC estate. It has 63 years remaining on its 99-year lease and is close to Caldecott MRT station as well as Bishan and Toa Payoh.

However, ZACD Group executive director Nicholas Mak thinks that the residents could struggle in finding a buyer as such huge sites require more capital. Despite the upturn in the market, developers are also expected to be prudent in their bids given the fixed deadline in selling the units and the existing property curbs.

“Normanton Park’s total quantum is about $1.3 billion, and its land area is about 661,000 sq ft. Braddell View’s quantum is much bigger, and its land area is almost double that of Normanton Park’s,” he said, adding that the owners could have better chance if they divide the site into three parcels which is extremely hard to do.

credits to propertyguru

Georgian-inspired homes launching in Singapore

CHISWICK GATE_VIEW 02-ELEVATED COURTYARD

Artist’s impression of Chiswick Gate and its courtyard gardens. 

Berkeley Homes is launching the final batch of units at its Chiswick Gate development in West London at a private launch event in Singapore on 11 and 12 October.

Marketing agent Knight Frank is arranging one-on-one meetings between the UK developer and prospective buyers by appointment only.

The project is over 75 percent sold, and is due to be completed by the end of the year.

A range of one- and two-bedroom apartments and three- to five-bedroom townhouses are available, with prices from £618,000 (S$1.1 million) for a one-bedroom apartment, and £1.957 million (S$3.5 million) for a three-bedroom townhouse.

The Georgian-inspired homes are surrounded by a lush garden square and courtyard gardens.

Chiswick Gate is within walking distance from the Turnham Green underground station on the District and Piccadilly lines. Several boutique shops, coffee bars and restaurants are also nearby.

“With the appeal of West London, its nearby amenities and the high calibre schools in the vicinity, Chiswick Gate is an attractive development for buyers looking to invest in a high-quality and well-located property,” said Linda Chern, director & head, international project management at Knight Frank Singapore.

credits to propertyguru

Tai Wah Building for sale at $81 million

Tai Wah Building

Built in the 1980s, Tai Wah Building comprises six apartments and two shops. (Photo: Edmund Tie & Company)

The freehold Tai Wah Building at Killiney Road has been launched for collective sale after obtaining consent from all the owners, marketing agent Edmund Tie & Co. said on Monday (9 October).

The asking price for the property is $81 million, or $2,035 psf per plot ratio of potential gross floor area (GFA). No development charge is payable.

Completed in the mid-1980s, the four-storey Tai Wah Building comprises two shops and six apartments.

The approximately 13,148 sq ft site is zoned residential with commercial at first storey under the 2014 Master Plan. It could be redeveloped up to its existing GFA of about 39,809 sq ft, exceeding the permissible plot ratio of 2.8.

The Orchard Road shopping belt and Somerset MRT station are within walking distance.

“Tai Wah Building can be redeveloped into a boutique residential development with valuable commercial space on street level enjoying prominent visibility onto Killiney Road,” said Swee Shou Fern, director of investment and advisory at Edmund Tie & Co.

“The property is also ideal as a serviced apartments development, subject to planning approval.”

The public tender exercise will close on 15 November 2017.

credits: proeprtyguru

Collective sale fever “sustainable”, says JP Morgan

Amber Park resized

View of Amber Park, a 200-unit development in Amber Gardens. (Photo: JLL)

JP Morgan believes the collective sale frenzy in Singapore is “sustainable” as the number of unsold housing units in the pipeline, excluding executive condos, has dropped for three consecutive quarters to an all-time low of 10,303 units as at Q2 2017, reported the Straits Times.

JP Morgan analyst Brandon Lee noted that developers haven’t also replenished their land banks enough in order to offset the units they are selling.

With 25 deals closed, en bloc sales of residential sites have reached $5.2 billion so far this year, making 2017 the third-biggest year of collective sales after 2007 with $12.2 billion and 2006 with $8.2 billion.

This year’s 25 transactions provides “clear evidence of another en bloc cycle in the making, which traditionally lasts at least three years”, said Lee.

“We expect this to result in immediate displacement demand, improved vacancy and higher selling prices,” he added.

In fact, real estate stocks received a boost from the success of two large collective sales last week.

UOL Group emerged as one of the biggest winners as its shares soared 4.3 percent or 35 cents to $8.55, while City Developments Limited (CDL) shares rose 1.7 percent or 19 cents to $11.60. Wheelock Properties shares, on the other hand, increased 3.9 percent or 7.5 cents to $1.98.

On 4 October, CDL via its Cityzens Development unit and a joint-venture partner from Hong Leong Group acquired Amber Park for $906.7 million, which marked the largest freehold en bloc sale deal, while Kingsford Huray Development acquired Normanton Park the following day for $830.1 million.