Singapore Condo En Bloc Launch List 2022 January To March

En Bloc Properties Launch, Tender Close and Results – January, February & March 2022

Including Failed En Bloc List of 2022

Dublin Lodge located at 28 – 40 Dublin Road has been put up for collective sale market at a lowered reserve price of S$65 million.

The prime district 9 freehold development previously launched for sale in February 2021 at a target price of $67.55 million.

Cushman & Wakefield their sole marketing agent said that all owners have given their consent to the collective sale.

Since all owners have agreed, an application to the Strata Titles Board for a sale order is not required if a buyer is found.

Dublin Lodge site covers an area of 27,020 sq ft, it consists of 8 terrace houses with large floor areas that measure from 2,562 sq ft to 2,583 sq ft.

According to Cushman and subject to approvals, successful bidder can build the site into a single large, detached house with the second option subdivided into 10 individual terrace houses.

According to the 2019 Master Plan, the property is zoned for Residential use and is located inside a two-storey mixed landed dwelling area.

The neighborhood is made up of low-rise dwellings and shophouses with lifestyle stores and food and beverage establishments.

Somerset MRT station is just 5 mins walk away to the en bloc site and within 10 mins drive to the Marina Bay and Central Business District.

As landed home possibilities on the outskirts of Orchard Road are few and far between, this is a tempting chance to buy a delightful asset.

“Its great central position, freehold tenure, and, most importantly, its prized address,” says Christina Sim, director of Cushman & Wakefield’s Capital Markets division.

The tender of Dublin Lodge enbloc site will close on Jan 4, 2022. (Go Top)

Sixth Avenue Centre, a mixed-use freehold development has launch for collective sale via tender with a reserve price set at S$85 million.

The redevelopment site comprises of 7 retail shops and 18 residential units and is located at the junction of Bukit Timah Road and Sixth Avenue.

The convenience Sixth Avenue MRT Station is just 3 mins walk away.

Base on the reserve price, includes development charge and bonus balcony space, the land rate of the prime site works out to S$1,861psf ppr.

Sixth Avenue Centre is built on a trapezoidal land piece with a total area of 15,009 square feet.

The redevelopment site has a maximum permissible gross floor area (GFA) of 45,028 sq ft and is designated for both commercial and residential use.

Commercial use is permitted up to 40% of total GFA, with the remaining 60% reserved for residential use. This is according from Cushman, their exclusive marketing agent.

The Urban Redevelopment Authority approved the residential component of the land being kept as serviced homes in 2018. At the splayed corner junction, the future developer must additionally combine a tiny part of leftover property.

The additional state property covers roughly 85 square meters and is estimated to lower the whole site’s average land cost to S$1,788 psf ppr, Cushman added.

Developers and investors may create and own an exclusive suburban boutique property with assured solid demand for fashionable retail, leisure, and residential ideas, according to Cushman & Wakefield’s director of capital markets Christina Sim.

Sixth Avenue Centre is located in District 10’s affluent suburban areas, with a young population and significant spending power, according to her. Royal Green and Fourth Avenue Residences are two upcoming new neighbors.

The tender for Sixth Avenue Centre collective sale site will close at 3pm on Jan 6, 2022. (Go Top)

Thomson View Condo, a mega site has launched for collective sale via public tender with a reserve price set at $950 million, probably the highest en bloc price in the market in 2022 so far.

Base on the huge price tag, the land rate for the Bright Hill Drive property works out to $1,293 psf ppr.

The land rate for the Thomson View Condo site includes an estimated differential premium of $296 million for intensification, 7 per cent of bonus GFA and lastly an upgrading premium of about $324 million for a fresh 99-year lease.

This is the fifth time the owners have attempted a collective sale. Its last attempt in 2018 failed to gain enough support to begin a $938 million sale.

According to OrangeTee Advisory, Thomson View’s marketing agent, owners will earn between $2.6 million and $3.7 million, depending on the size of their units, while owners of townhouses would receive $5.7 million.

“The collective sale team has worked throughout the many circuit-breaker disturbances to engage all the owners, even those who could not return to Singapore owing to lockdown in other countries,” said Dr Henry Toi, head of the collective sale committee.

We are thrilled to have achieved an 80% consensus in less than six months.

“There is a tight supply of forthcoming residential developments in the area of District 20 and we feel that the proposed new development, with its outstanding location, convenient access to facilities, and surrounding greenery, would appeal to many new home buyers,” said Mr. Tay Liam Hiap, director of OrangeTee Advisory.

Singapore’s collective sales market is heating up, fuelled by growing property market confidence, still-low financing rates, robust new home sales, and a restricted supply of development land.

With a bid of $550.8 million last month, a joint venture between UOL Group and Singapore Land Group won the contest for the collective sale of Watten Estate Condominium in Bukit Timah.

As unsold inventory has dropped to its lowest level since the second quarter of 2017, when 16,929 units remained unsold, more developers are refilling their land bank.

According to market analyst, there were 17,165 unsold private residential units in the third quarter of this year, down about 12% from the second quarter and roughly 55% less than the 37,799 units in the first quarter of 2019.

Thomson View Condo is located at 7 Bright Hill Drive, district 20 of Singapore.

The 34-year-old development comprises of 200 apartments, 54 townhouses and a shop unit.

The mega enbloc site sits on a large area of 540,316 sq ft or 50,197 sq m.

It is zoned for residential use with a gross plot ratio of 2.1, giving it a (GFA) gross floor area of around 105,413 sq m, according to the Urban Redevelopment Authority’s Master Plan 2019.

Bidders who won this site can build up to 1,240 residential units, depending on government approval and the results of a pre-application feasibility assessment.

Beside located close to Upper Thomson MRT station, the redevelopment site is proximity to nature parks such as the MacRitchie Reservoir Park, Windsor Nature Park, Bishan-Ang Mo Kio Park and Lower Peirce Reservoir Park.

The tender for Thomson View en bloc site will close at 3pm on Jan 13, 2022. (Go Top)

The Beaumont, a freehold development located at 145 and 147 Devonshire Road has launched for collective sale via public tender.

The owners of the prime property have agreed the reserve price of S$478 million, this is according to their sole marketing agent Savills.

The freehold Orchard Road boutique property, which spans 74,739 square feet (sq ft), features 64 units divided between a 5-storey and a 10-storey tower.

Beaumont redevelopment site according to URA has an allowable gross plot ratio of 2.8 and is zoned for residential use, with an achievable proposed gross floor area (GFA) of 209,269 sq ft.

According to Savills, the Beaumont site may be redeveloped into up to 36 storeys with 227 apartments averaging 70 square meters each.

The Beaumont is a 2-minute walk from Somerset MRT station, which is located in a quiet cul-de-sac in desirable District 9.

ISS International School, Tanglin Club, Mount Elizabeth Hospital, American Club, River Valley Primary and Chatsworth International are all within walking distance.

It was finished in 1985 by Keck Seng, a Malaysian corporation that still has a large stake in the project.

Owners are seeking another collective sale, according to Jeremy Lake, managing director of sales and capital markets at Savills Singapore, because “the timing is right.”

“The luxury residential market is booming, and developers are clamoring for excellent real estate,” Lake added. He anticipates at least six offers for the tender.

The public tender for The Beaumont enbloc site will close on Jan 20, 2022, at 3 pm. (Go Top)

Golden Mile Complex in prime district 7 enter the collective sale market for the second time with an asking price of S$800 million.

The prime property at 5001 Beach Road was gazetted as a preserved building by URA on Oct 22, 2021.

The iconic complex is a 16-storey building comprising of 718 strata-titled units.

It covers a land area of 1.3 hectares and currently has a gross floor area (GFA) of 56,000 square metres (sq m).

Owners last attempt at collective sale was in 2019, the 2 tender were closed without any success.

The prime site’s reserve price is the same as it was in the last attempt.

The indicative land pricing, including differential and lease upgrading charges, will be S$1,350 per square foot (psf) per plot ratio, depending on the planned mix of uses.

Buyers of the collective sale site do not have to pay the additional buyer’s stamp duty since Golden Mile Complex is zoned for commercial use under the URA’s Master Plan 2019, and foreign ownership is not restricted.

The public tender shall close on Feb 28 this year, 2022 for Golden Mile Complex collective site.

The Golden Mile Complex was gazetted for its historical and architectural value, making it Singapore’s first contemporary, large-scale strata-titled complex.

The URA devised a set of conservation incentives specific to the land in order to entice possible owners.

The list of incentives includes a one-third increase in floor area over the current development intensity, a full tax exemption for the conserved floor area and a partial tax exemption for the new floor area.

Furthermore, successful bidder has an option to adjust the site boundary and alienate part of an adjoining state land to allow more design flexibility, a new 99-year lease, and flexibility in the mix of commercial, residential, and hotel uses.

The site offers a potential GFA of roughly 81,000 sq m, with the opportunity to create an additional tower of around 30-storeys beside the main structure, thanks to the bonus floor space and alienation of the bordering state property.

The conservation incentives, according to Swee Shou Fern of Edmund Tie, are not just “a sweetener” for developers, but they also provide flexibility in the use mix and design.

“Taken as a whole, this is a well-balanced package that will incentivize developers to grab this once-in-a-lifetime chance to use an existing architectural classic and elevate it to new heights,” Swee added.

The structure, designed in the brutalism architectural style, is “a visionary architectural masterpiece and is recognized as a monument of national pride,” according to Edmund Tie.

Aside from the conservation incentives, the current offer will contain a URA-conducted building assessment that will serve as a guide for bidders to factor in restoration work.

The Golden Mile Complex, with its terraced facade facing Nicoll Highway, is positioned along Beach Road with excellent city and sea views. (Go Top)

Sultan Plaza, the prime site in district 7, tender closing date has been extended to March 3, 2022, the tender date was slated to close on Feb 10 earlier this year.

It is extended in order to acquire an in-principle permission (IPA) for the sale of an adjacent parcel of land.

According to Teakhwa Real Estate, their sole marketing agent, the Singapore Property Authority is now evaluating the application for an IPA for the 10,968 square feet (sq ft) of remaining state land, and the result “may be anytime soon.”

“Obtaining an IPA will provide assurance to any possible purchasers when they bid for the prime site,” the marketing agent explained, adding that delaying the closing date will give developers more time to study and evaluate the larger site’s potential and land pricing.

The commercial building was placed up for collective sale in December 2021, with a reserve price of S$360 million, down from S$380 million in the previous attempt en bloc in 2019.

Developers has several options to redevelop the land: as a hotel, a mixed-use development, or a wholly commercial structure.

If the possible state property is approved, the collective sale site will expand to 63,439.8 square feet, with a gross floor space of 317,198.9 square feet.

The reserve price of S$360 million reflects a land rate of S$1,475 psf ppr, including projected expenses to acquire state land, difference premium, and lease top-up premium, for a new mixed-use development that is 40% commercial and 60% residential.

After accounting for the 7% bonus gross floor area, the average price will be S$1,450 psf ppr.

The land price for a new hotel construction will be around S$1,548 psf ppr, which includes the expected expenses of purchasing state land, difference premium, and lease top-up premium.

Sultan Plaza is a 99-year leasehold site, beginning in May 1978, with a 56-year lease period remaining.

According to Teakhwa Real Estate managing director Sieow Teak Hwa, successful bidder needs to know that there is no (ABSD) additional buyer’s stamp duty required when purchasing for the commercial plot.

“Sultan Plaza has a unique location with several development possibilities. Developers are attracted to it because of its unusual downtown position, which is rarely available, as well as the owners’ fair asking price “The marketing representative stated.

“Most developers would still likely purchase land since their present stockpiles are running short, “the agent added, “but will probably chose mid-sized and more reasonably priced sites, notably those within a price range of S$200 million to S$500 million.”

The marketing agency pointed out that well-located residential or mixed-use properties with unique characteristics that appeal more to Singaporean purchasers – who would be the least affected by the new regulations – will have a high chance of finding a buyer.

Sultan Plaza collective sale site is located at 100 Jalan Sultan, prime district 7 of Singapore.

It is near to many landmarks and attractions namely Bugis Junction, the Formula One race circuit, Marina Bay, Raffles Hotel, and the colorful Kampong Glam district, which is home to street art, stylish boutiques, and themed cafés.

Besides that, it is easily accessible from Lavender and Nicoll Highway MRT stations which is around 8 mins walk away.

Teakhwa Real Estate stated, “The attractive site has a great shape, size, and features that provide more design freedom and will minimize the costs in developing the final product.”

It went on to say that if the land is redeveloped, most of the units would enjoy privacy as well as stunning views of the city.

Only 8 weeks after their extraordinary general meeting in early October 2021, more than 80% of the owners agreed to a collective sale.

Legal Solutions LLC has been selected as the collective sale committee’s lawyer.

The tender for Sultan Plaza enbloc site will close on March 3 at 3 pm, 2022. (Go Top)