BT: Soilbuild paying $58m for Meyer Road site - 31 Aug 07
2 views
Skip to first unread message
Dan @ 94 777 977
Sep 3, 2007, 7:52:58 PM9/3/07
to News - En Bloc
August 31, 2007
Soilbuild paying $58m for Meyer Road site
Separately, URA launches tender for Sin Ming light industrial site
By KALPANA RASHIWALA
SOILBUILD Group Holdings has bought the freehold Margate Mansion off
Meyer Road for $58 million through a collective sale.
The deal reflects a unit land price of $882 psf per plot ratio
including an estimated $6.5 million development charge (DC) based on
July 18, 2007 DC rates. Provisional permission for a new development
has not been obtained, so the $6.5 million estimated DC quantum has
not been locked in.
Soilbuild will have to pay DC based on Sept 1, 2007 rates, which
most market watchers say will shoot up in tandem with sharp gains in
residential land values over the past six months.
Asked why Soilbuild announced a deal just a day before the latest DC
rates are announced, the group's executive director Low Soon Sim
said: 'We have factored in a 20 per cent rise in DC rates for the
area come Sept 1, and we see the potential of the area. This is a
District 15 site located in the much sought-after Meyer Road
residential enclave.'
Margate Mansion's collective sale, which is subject to approval by
the Strata Titles Board, was brokered by CB Richard Ellis.
The 34,804 sq ft site has a 2.1 plot ratio - the ratio of maximum
potential gross floor area to land area. Assuming an average size of
1,500 sq ft per unit, the site can be redeveloped into a new project
up to 24 storeys high, with a total of 48 units, Soilbuild said in a
statement yesterday.
The project may be launched towards the end of next year.
Separately, the Urban Redevelopment Authority launched a tender
yesterday for a 5.13-hectare industrial site in Sin Ming Lane. The
land has a 2.5 plot ratio and is being sold on 60-year leasehold
tenure. Colliers International director (industrial) Tan Boon Leong
reckons the top bid is likely to be in the $60 psf per plot ratio
range. This would translate to a breakeven cost of $230-250 psf for
the completed development.
'If a developer wants to maximise profit, he will build a ramp-up
development,' Mr Tan said.
The site is zoned for Business 1 use and can be used for clean and
light industrial use. It is within the established Sin Ming
Industrial Estate.
The tender for the site, which is on the confirmed list of the
Government Industrial Land Sale Programme, closes on Oct 24.
Soilbuild paying $58m for Meyer Road site
Separately, URA launches tender for Sin Ming light industrial site
By KALPANA RASHIWALA
SOILBUILD Group Holdings has bought the freehold Margate Mansion off
Meyer Road for $58 million through a collective sale.
The deal reflects a unit land price of $882 psf per plot ratio
including an estimated $6.5 million development charge (DC) based on
July 18, 2007 DC rates. Provisional permission for a new development
has not been obtained, so the $6.5 million estimated DC quantum has
not been locked in.
Soilbuild will have to pay DC based on Sept 1, 2007 rates, which
most market watchers say will shoot up in tandem with sharp gains in
residential land values over the past six months.
Asked why Soilbuild announced a deal just a day before the latest DC
rates are announced, the group's executive director Low Soon Sim
said: 'We have factored in a 20 per cent rise in DC rates for the
area come Sept 1, and we see the potential of the area. This is a
District 15 site located in the much sought-after Meyer Road
residential enclave.'
Margate Mansion's collective sale, which is subject to approval by
the Strata Titles Board, was brokered by CB Richard Ellis.
The 34,804 sq ft site has a 2.1 plot ratio - the ratio of maximum
potential gross floor area to land area. Assuming an average size of
1,500 sq ft per unit, the site can be redeveloped into a new project
up to 24 storeys high, with a total of 48 units, Soilbuild said in a
statement yesterday.
The project may be launched towards the end of next year.
Separately, the Urban Redevelopment Authority launched a tender
yesterday for a 5.13-hectare industrial site in Sin Ming Lane. The
land has a 2.5 plot ratio and is being sold on 60-year leasehold
tenure. Colliers International director (industrial) Tan Boon Leong
reckons the top bid is likely to be in the $60 psf per plot ratio
range. This would translate to a breakeven cost of $230-250 psf for
the completed development.
'If a developer wants to maximise profit, he will build a ramp-up
development,' Mr Tan said.
The site is zoned for Business 1 use and can be used for clean and
light industrial use. It is within the established Sin Ming
Industrial Estate.
The tender for the site, which is on the confirmed list of the
Government Industrial Land Sale Programme, closes on Oct 24.
Reply all
Reply to author
Forward
0 new messages