Via en bloc deal, Peak Court in Thomson was sold with $106m.
Since the first quarter in 2018, a plenty of successfully en bloc sales occurred. Many new properties have been launched at these en bloc sites. As a result, the future home-owners have more choice to choose a development to start their new life.
One of a kind freehold situated in Thomson Road, Peak Court is successfully launched for collective sale with an asking price of $106 million..
Marketing agent Edmund Tie & Company said in a statement that the District 11 condominium with 20 maisonette units can be redeveloped into "an upscale resort-like boutique condominium project with about 106 units." If the authorities approve, the site could also be developed into a five-storey serviced apartment project or a healthcare development.
This land site of this en bloc property is about 57,350 sq ft and located near Novena MRT station and schools like Anglo-Chinese School (Primary) and CHIJ Primary (Toa Payoh), as well as the Pan Island Expressway (PIE).
With a gross plot ratio of 1.4, the asking price translates to a land rate of $1,398 per square foot per plot ratio (psf ppr), or $1,342 per sq ft on the maximum potential gross floor area (GFA), including the 10 per cent bonus balcony area.
Mr Tan Chun Ming, senior director for investment advisory at Edmund Tie & Co, said that" "The location presents resilience for developers with the option of providing young families who hope to be nearby to schools, or emigrants as well as working adults who wants to be nearby to the Central Business District (CBD) and the upcoming health club."
He also mentioned that in the end of the deal, the fact that 100 per cent of the owners have consented to the sale also offers certaint. On May 9, the site's tender exercise will end.
After 3 years of "breezing", the real estate market in Singapore is recovered again and this is a great opportunity for developers to invest in launching new developments. In Q1 and Q2 this year, some new launch condominiums and private homes were introduced and attracted a thousand of future home-buyers. Experts thought that the number of new launch projects will be increased rapidly till the end of 2018 and in 2019.
Adapted from PropertyReview, Jul 13, 2018