Two residential sites were put up for collective sale for at least
$22.5 million each, whereas another en bloc deal for $95 million has
been sealed.
The 11-storey Waldorf Mansion in the Balestier area occupies 11,384 sq
ft and was built in the 1990s. The site is zoned for residential
development and can be built up to a height of 36-storey under the
Master Plan 2008.
The Foh Pin Mansion is a 30-year-old apartment block with 21 units
located at the intersection of Charlton and Upper Serangoon roads.
According to the Master Plan, it can be redeveloped into a three-storey
mixed landed housing development, which sits on a 34,154-sq-ft site.
The news of both tenders came as it emerged that Pender Court
condominium off West Coast Highway had been sold for $95 million, making
it the seventh enbloc sale for the year, according to Mr. Karramiit
Singh, managing director of Credo Real Estate, which marketed the site.
With the minimum asking price of $100 million, the owners of the 48 units will obtain almost $2 million each.
As the agent also for Waldorf Mansion, Credo said that the new site
could yield 50 residential units. He added that the developer would
expect to break-even at about $1,100 psf, as the $22.5 million price
tag would equate to $709 psf ppr all-encompassing of development charge.
Nicholas Mak, a property lecturer from Ngee Ann Polytechnic, said that
he expects the site to draw small developers because of the lack of
small plots in the Government Land Sales programme; and its freehold
status means they can sit on the site should the market fall.
According to Savills Singapore, which is handling the Foh Pin Mansion
sale, the property is expected to illustrate a strong response in view
of the eager bidding for recent Government land sales in the area.
The Foh Pin Mansion tender will be closed on June 28 and that for Waldorf Mansions on June 29.