April To June Condo En bloc List 2022

En Bloc Properties Launch, Tender Close & Tender Results April, May & June 2022

Including Failed En Bloc List of 2022

As collective sales has been picking up in the recent months, a block of residential units on Haig Road were put up in the collective sale market.

Colliers Singapore has been appointed for this collective sale.

The freehold residential property has a reserve price of $48 million, which works out to a land rate of $1,252 psf ppr.

According to Colliers, there will be no development charge for the redevelopment of the land.

The 24 residential units is housed in a four-storey apartment building that sits on a 27,389 sq ft plot.

The redevelopment site has been marked for ‘Residential Use’ in the 2019 Master Plan, with a gross plot ratio of 1.4.

Subject to permissions, it might be converted into a new 35-unit residential project with an average unit size of 1,100 sq ft.

This property is in a great location and is a good size. Developers who are familiar with the site’s unique attraction will be drawn to it.

According to John Bin, director of Capital Markets & Investment Services, Singapore at Colliers, the most recent GLS site sale at the location of Jalan Tembusu managed to garnered 8 bids and was eventually awarded for $1,302 psf ppr, demonstrating that the location is very desired to developers.

The Haig Road residential redevelopment site is located in the popular East Coast area, this area offers wide variety of food and beverage, lifestyle, and entertainment alternatives, including I12 Katong, Dunman Food Centre, Kinex, Parkway Parade and East Coast Park.

The commercial business district of Paya Lebar is also nearby to the enbloc site.

It is easy access thanks to extensive road and highway network including Tanjong Katong Road, Mountbatten Road, East Coast Parkway (ECP) and Kallang-Paya Lebar Expressway (KPE).

List of popular schools can be found in the area are Chung Cheng High, Haig Girls’ School, Tanjong Katong Primary, Canadian International and Tanjong Katong Girls’.

The collective sale of Haig Road site tender will close on April 7, 2022. (Go Top)

A combine total of 23 terrace factories located at 26-38D Hillview Terrace has been put up for collective sale via tender with an asking price of S$255.4 million.

Colliers has been appointed as the sole marketing agent for this site.

Under the URA Master Plan 2019, all of the plots are allocated for residential use.

The present factories cover a total site size of 119,813 square feet (sq ft), which may be combined with the adjacent access road and electrical substation to create a larger site area of about 157,540 sq ft.

The agent stated that URA has awarded a one-time, which is time-limited bonus residential gross plot ratio of 0.3 over the 1.62 stipulated in the Master Plan 2019 to allow for a thorough redevelopment of Hillview Terrace for residential use, according to Colliers.

As a result, the maximum gross plot ratio allowed has been increased to 1.92.

The maximum permissible (GFA) gross floor area will be about 302,478 sq ft, which in turn can build up to 330 apartments, the agent added.

“The land must be redeveloped in line with the parcellation plan given by URA to enjoy the bonus gross plot ratio,” the selling representative noted.

The successful bidder of 26-38D Hillview Terrace may also want to explore buying the neighbouring property to the south, which includes 50-64 and 31-35 Hillview Terrace as well as the Hillview Warehouse, and Hillview Building to create a single larger residential complex.

According to Colliers, the reserve price corresponds to a land rate of S$1,336 psf ppr, which includes a development fee of S$116.8 million and an alienation cost of S$31.9 million for the road and substation.

The land rate will be reduced to S$1,289 psf ppr after accounting for an additional 7% bonus GFA under the balcony incentive scheme.

Developers has the chance to redeveloped the whole Hillview Terrace area into a delightful residential enclave on high ground with commanding views, flanked to the north by parks and greenery and landed residential properties, and to the south by landed residential properties.

Given its north-south orientation and great views of Bukit Batok Town Park, Bukit Gombak Hill and Little Guilin to the north, the site features are perfect for residential development, according to John Bin, director, capital markets & investment services, Singapore at Colliers.

Property developers can also have greater flexibility in creating their vision and idea for the site because of the additional plot ratio incentive and the possibility of a regular parcellation, he noted.

The proposed combined sale of the 26-38D Hillview Terrace properties has been approved by all of the property owners.

The additional plot ratio offered by URA, according to Toh Khai Yeow, head of the joint sale committee, was “useful in uniting the owners of 26-38D Hillview Terrace.

Bukit Timah Expressway, Kranji Expressway, Pan Island Expressway and Upper Bukit Timah Road, are all close to the combine site.

The site will be served by the future Hume MRT station on the Downtown Line by 2025, in addition to the Hillview, Bukit Batok, and Bukit Gombak MRT stations

On April 12, 2022, the public tender for collective sale 26-38D Hillview Terrace combine site will close at 3 p.m. (Go Top)

Moro Mansions located at Lorong 37 Geylang will be launching for collective sale via public tender on March 17.

The Geylang en bloc property has a reserve price set at S$30 million.

Base on the RP of the site, the land rate works out to $1,132 psf ppr which includes an estimated development charge of $4.7 million.

The land price will be lower to $1,107 psf ppr if factored in 7% bonus gross floor area for balconies.

The freehold residential development sits on a land area of 10,953 sq ft and is zoned for institution or residential use.

Under the 2019 Master Plan, the collective sale site has an allowable gross plot ratio of 2.8 and around 30,670 sq ft of (GFA) gross floor area.

According to Angela Lim of Huttons Asia’s, upon redevelopment the successful bidder can build up a new 33 units residential development with 915 sq ft average in size.

It might possibly be transformed into an institutional development with naming rights.

Despite the land’s “bite-small” size, Lim says the location is appealing because of its accessibility and closeness to the CBD, which is only a 10-minute drive away.

Moro Mansions is located at 3, Lorong 37 Geylang, district 14 of Singapore.

The convivence MRT Interchange Station Paya Lebar, which serve 2 lines (Circle and East West line) is around 350 meters away from Moro Mansions enbloc site.

It is near to mega malls just to mention a few, Paya Lebar Square, Kallang Wave Mall, Singapore Post Centre, PLQ Mall and some recreational facilities like East Coast Park and Singapore Sports Hub.

The location of Moro Mansion freehold site, according to Terence Lian of Huttons Asia, is expected to draw some interest in the property.

“Given its strategic position near Paya Lebar Central, which is expected to become a bustling commercial centre, the region will see high and long-term demand from residents seeking convenience while still enjoying Geylang’s attractions.”

Lim also expects demand for the site to be fuelled by a paucity of freehold en bloc lands available in recent years.

“After the successful collective sale of Baode Building to Amitabha Buddhist Society a few weeks ago, we anticipate considerable interest in Moro Mansions,” she continues.

On April 20, at 12 p.m., 2022, the Moro Mansions site tender will conclude. (Go Top)

Owners of Chuan Park Condo try their luck again at collective sale in 2022 with the same price tag set at S$938 million.

The last tender was launched in October last year 2021, 2 months before the new property curbs kicked in in December.

When the tender closed in November, it was reported that it went into 10 weeks private treaty sale.

Under the URA Master Plan 2019, the 400,588.72 sq ft site has a gross plot ratio of 2.1 and a proposed gross floor area of 841,236.3 sq ft.

ERA predicts that it might be converted into 900 apartments if the appropriate permissions are obtained.

The residential development currently comprises of 444 residential apartments and two commercial units.

Chuan Park sought a collective sale in 2018 with an asking price of S$900 million – up from an original S$790 million – but failed to secure the requisite 80% approval from owners.

The land is leased for 99 years, beginning in 1980 and ending on June 5, 2079.

According to analysts, the new cooling measures, which include a 35 percent Additional Buyer’s Stamp Duty (ABSD) for housing developers, increase development risks for collective sale sites, particularly for big residential properties.

Chuan Park Condo is located at 240 – 250 Lorong Chuan, district 19 of Singapore.

The en bloc condo site is next to the Lorong Chuan MRT station and around 900 meters from the Serangoon Bus Interchange or the NEX Mall.

Hawker centres such as Serangoon Garden Market and Food Centre, as well as neighborhood cafés and pubs, are all nearby.

Many schools can be found in the area namely Raffles Girls’ Secondary, St Gabriel’s Primary, Nanyang Junior College, CHIJ Our Lady of Good Counsel and Australia International School.

The public tender for Chuan Park Condo en bloc site will close on April 26, 2022.

Chuan Park en bloc site that is now in a private treaty period after the collective sale concluded on April 26, has received an expression of interest (EOI) from a developer for S$860 million, which is less than its reserve price of S$938 million.

The Collective Sale Committee (CSC) now requires an 80% mandate from owners of the 99-year-leasehold condominium by June 26 in order to enter into negotiations with the developer and hammer out the terms of the sale and purchase (S&P) agreement, according to a circular issued to owners by their marketing agent, ERA Realty.

If owners agreed to the S$860 million offer, the land price works out to around S$1,170 psf ppr.

ERA refuses to say how many owners have signed the supplemental joint agreement so far, and the CSC has until July 5th to sign an S&P.

Residential unit owners might get sales proceeds ranging from S$1.11 million to S$2.45 million based on the EOI offer price of S$860 million.

As for commercial unit owners who own units sized at 474 sq ft and 1,238 sq ft, they could each get roughly S$1.05 million and S$1.94 million.

The mega sale and the headline news depend now on the owners’ willingness to lower their expectations. (Go Top)

Verdun House located at 6 Verdun Road has relaunched for collective sale via tender with a reserve price set at S$55 million.

According to property consultancy Delasa, the Verdun Road site has a land price of S$1,790 psf ppr base on the guide price.

In August 2021, the 4-storey freehold building was placed up for en bloc sale at the same reserve price. It had previously been listed for sale with a recommended price of S$60 million in March 2018.

Zoned for commercial use under URA 2019 Master Plan, the commercial site has a plot ratio of 4.2 and a land area of 7,300 sq ft.

According to Delasa, there will be no development fee if the property is redeveloped to its potential current gross plot ratio.

The building, which was built in the 1980s, now currently has four stores and cafes on the ground level and 12 flats located on the higher levels.

The purchase commercial plot might be redeveloped for a variety of uses, including a co-living operations, commercial school or with the third option, a new 6-storey retail-cum-office complex, according to Delasa CEO Karamjit Singh.

The agency added that there has been getting an increasing number of inquiries from international schools looking for commercial space, who would benefit immensely from the property’s accessibility and shopping convenience.

In response to considerable demand from investors interested in partnering with co-living operators to manage the 12 existing flats on the upper floors, Singh said buyers can keep the building as it is and remodel the units to cater to the booming rental market.

Owners of 15 of the 16 strata-titled properties have approved to the sale, according to Delasa.

All tender bides for Verdun House must submit before 2.30 p.m. on April 26, 2022. (Go Top)

Telok Blangah House, a freehold mixed development near Harbourfront has launched for collective sale via public tender.

The property at 52, Telok Blangah Road has a reserve price of S$98 million which translate to a land price of S$1,887 psf ppr.

According to exclusive marketing agent SRI, there will be minimum or no development charge payable which subject to baseline verification.

It is also assumed that 60% of the gross floor area (GFA) would be utilised for residential purposes, with the remaining 40% for commercial purposes.

The 9-storey commercial building is located in Harbourfront, directly opposite VivoCity mega mall and near the gateway to Sentosa Island.

It has four floors of business space and five levels of residential space.

With a gross plot ratio of 3.5, it is on a 14,841 sq ft site allocated for residential and commercial use under the 2019 Master Plan. The maximum GFA allowed is 51,943 square feet.

According to SRI, a new mixed-use development might include 34 new residential units and roughly 20,788 square feet of commercial space, pending clearance from the appropriate authorities.

Telok Blangah House en bloc site is located at 52, Telok Blangah Road district 4 of Singapore.

The potential site has wide connectivity, attractions and amenities found within the area.

Universal Studios Singapore, Resort World Sentosa, Harbourfront Centre, Marina at Keppel Bay, Seah Im Food Centre and Faber Park are among the other local attractions.

CHIJ Kellock and Radin Mas Primary School are two schools within a 1-kilometer radius. Harbourfront is the nearest MRT station.

Marina Coastal Expressway (MCE) and The Ayer Rajah Expressway (AYE) as well as significant highways like as West Coast Highway, Keppel Road and Telok Blangah Road are all within a 10-minute drive of the mixed-use site.

Telok Blangah House redevelopment site, according to SRI Capital Market managing partner Low Choon Sin, provides a unique chance for developers to acquire a freehold property within the waterfront enclave and capitalize on the Great Southern Waterfront Master Plan’s ongoing transformation.

“Moreover, great news has announced with the relocation of the container ports to Tuas Mega Port and the potential redevelopment of The Keppel Club site into a new residential precinct in accordance with the latest Master Plan.”

The whole area is definitely well poised to be rejuvenated with a brand-new identity of live, work, and play,” he added.

On May 5, at 3 p.m., the tender of Telok Blangah House will conclude. (Go Top)

Grand Building, a commercial plot located within prime district 1, has been put up for collective sale again with a reserve price set at S$195 million.

Edmund Tie & Company, the exclusive marketing agency for the prime commercial site which located at 17 Phillip Street, originally put it up for sale on October 28 last year, with the tender ending on December 7.

The Grand Building has been marked for commercial use under the URA’s Master Plan 2019, with a plot ratio of 15 and a building height limit of more than 50 storeys, and rests on a 999-year site area of around 5,313 square feet (sq ft).

There is no Additional Buyer’s Stamp Duty and no restriction on foreign ownership of the site because it is a commercial property.

Grand Building is unaffected by the Urban Redevelopment Authority’s (URA) with the recent announcement on restrictions on strata subdivision of commercial properties in the Central business area.

The prime site is located just outside of the identified areas, according to Swee Shou Fern, head and executive director of investment advisory.

This gives the incoming buyer options in their strata subdivision development project, subject to planning permission, she noted.

According to Swee, a number of CBD commercial buildings have changed hands in recent months, demonstrating investors’ sustained confidence in the office sector.

“However, commercial properties, particularly those in District 1, are often closely controlled by existing landlords and are rarely put up for sale,” she continued.

“As a result, Grand Building presents a once-in-a-lifetime chance for investors to purchase a standalone prime commercial property in the highly desired Raffles Place.”

The prime en bloc site is conveniently located close to Telok Ayer and Raffles Place MRT interchange. Besides that, it is proximity to F&B, malls and entertainment amenities.

The tender for the Grand Building collective sale site will close on May 5, 2022 at 3 pm. (Go Top)

Sixth Avenue Centre, a freehold mixed-use development site at Bukit Timah Road, has been put up for collective sale again via public tender.

The prime district 10 site has an unchanged reserve price of S$85 million, announced by Cushman & Wakefield, their appointed marketing agent.

In November 2021, Cushman & Wakefield issued a tender for the Sixth Avenue Centre. The property was previously listed for collective sale in 2018, with an indicated guiding price of S$90.5 million.

The market was “reeling from a wave of cooling regulations” that went into effect in December 2021, according to the real estate services company’s last tender.

“As a result, most developers were unwilling to commit to properties with any residential component, preferring to ‘wait and see’ how the real estate market would respond during that period,” the report stated.

The current reserve price of S$85 million equates to a land cost of S$1,861 psf ppr, this includes a modest development fee and the bonus balcony area.

The Sixth Avenue Centre is a mixed-use development with seven retail stores and eighteen residential units.

The prime property has a maximum authorized gross floor area (GFA) of 4,183 square metres (sq m), with commercial use allowed for up to 40% of the total GFA and residential use allowed for the remaining 60%.

In 2018, the Urban Redevelopment Authority (URA) approved the residential section of the project to be kept as serviced homes, with the future developer being required to amalgamate a piece of a leftover state property at the splayed corner junction at Sixth Avenue.

The additional 85 sq m of land is estimated to lower the whole site’s average land cost to S$1,788 psf ppr.

“With assured solid demand for contemporary retail, lifestyle, and residential ideas, Sixth Avenue Centre will undoubtedly be a distinctive landmark and a limited edition offering,” said Christina Sim, director of capital markets at Cushman & Wakefield.

The tender for the collective sale site will close at 3 p.m. on May 26, 2022. (Go Top)

Oxley Garden, a freehold residential development in prime district 9 is up for collective sale.

According to JLL and Brilliance Capital, the appointed joint marketing agencies, the freehold plot has a reserve price set at S$200 million.

5 Oxley Rise also put up in the market, owned by the same proprietors has a guide price of S$300 million.

The Oxley Garden land is divided in two by the existing access road from Oxley Rise. The four-storey Oxley Garden, which was developed in the 1950s by the late property mogul Cheong Eak Chong, whose family owns the adjacent house at 5 Oxley Rise, features just 46 units.

The flats were designed with the family in mind. The units were finally put on the market in the mid-1980s.

The apartments are all three-bedroom units with square footage ranging from 1,647 to 1,776 square feet. With a gross plot ratio of 1.4, the freehold plot has been zoned for residential development.

The land may be rebuilt into a new five-storey, freehold luxury condominium with a gross floor area (GFA) of 85,246 sq ft based on the existing plot ratio of 1.4645.

“Successful bidder who acquires both freehold sites – Oxley Garden & 5 Oxley Rise – may reconfigure and benefit from improved site efficiency in design and layout, as well as better visibility in access, resulting in a win-win for both site owners,” explains Tan Hong Boon of JLL.

The public tender for 5 Oxley Rise site will finish on June 8, while the tender for Oxley Garden will close on June 14. (Go Top)

The Thomson View Condominium located at 7 Bright Hill Drive in District 20, has been put up in the collective sale market again, with a target price of S$950 million, according to their exclusive marketing agent OrangeTee Advisory.

The condo was launched for en bloc sale in November 2021 at the same price, but was unsuccessful due to market cooling measures planned in December.

“The potential land purchasers opted to hold off on their purchasing choices due to the short window of less than one month between the announcement of the new cooling measures in December 2021 and the tender closing in January 2022,” said Marcus Oh, managing director at OrangeTee Advisory.

According to Oh, the last launch drew multiple inquiries and site visits from interested parties.

Thomson View condo was built in 1987 and has 200 flats, 54 townhouses, and a store unit on a 50,196.9 sq m land.

Under the Master Plan 2019, the land is allocated for residential development with a gross plot ratio of 2.1.

According to OrangeTee, after factored in an additional 7% bonus GFA, an estimated differential premium of S$288.8 million for land intensification, and about S$332.3 million in upgrading premium for a new 99-year lease, the huge reserve price translates to a land rate of S$1,294 psf ppr.

A Pre-Application Feasibility Study on the number of units that might be rebuilt on the redevelopment site has been submitted for review by the Land Transport Authority and is awaiting clearance.

Thomson View condo site is in District 20, close to Thomson Plaza, the Upper Thomson MRT station, and natural areas including MacRitchie Reservoir Park and Lower Peirce Reservoir Park.

With a scarcity of residential housing in District 20, the redevelopment site should pique the curiosity of potential land purchasers, according to Oh.

Its excellent location would also allow developers to “create a unique property with strong capital appreciation potential and good rental returns,” he said.

Thomson View Condominium’s tender will close at 3 p.m. on June 8, 2022. (Go Top)

Sultan Plaza, a prime site in district 7 will be offered for collective sale via public tender.

According to Teakhwa Real Estate, the appointed marketing agency, the reserve price stays the same at S$360 million.

It was relaunched due to the positive sentiments in the current collective sale market.

In 2019, the commercial property managed to put up for collective sale for the first time, with a reserve price set at S$380 million.

It was relaunched in December 2021 last year via a public tender that ended on March 3, this year 2022.

The enbloc site, which is located at 100 Jalan Sultan, has its advantages of 2 MRT stations nearby, Nicoll Highway and Lavender MRT stations, which are both a 5-minute walk away.

The site location is excellent, not only close to Marina Bay, Bugis Junction, and the Raffles Hotel, there are also other monuments and nearby attractions.

The development, which spans 52,471.3 square feet (sq ft), consists of 244 strata lots with 211 commercial units and 33 offices.

The prime site is zoned for commercial use with a plot ratio of 5 and can be rebuilt up to a height of 153 meters above mean sea level, according to the Urban Redevelopment Authority’s (URA) Master Plan 2019.

The Singapore Property Authority has given its clearance in principle for a future sale of a remnant state land of roughly 10,968 square feet next to the site.

The land plot may be enlarged to 63,439.8 sq ft and redeveloped to a gross floor area (GFA) of 317,198.9 sq ft with the possible acquisition.

According to an outline planning permit advice from URA, the land might be rebuilt as a mixed-use complex with up to 40% of the floor space for commercial use and the remaining 60% for residential units.

According to Teakhwa Real Estate managing director, Sieow Teak Hwa, there would be no additional buyer’s stamp duty to pay.

The public tender for the Sultan Plaza site will close at 3 p.m. on June 28. (Go Top)