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Vista Park Eyes $350m in Collective Sale Tender

Posted by SG Property Home on November 17, 2017
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Collective sale fever has gone through the roof this week with Vista Park condominium launching a tender yesterday, seeking four other candidates trying to sell en bloc in Recent days.

Vista Park owners are looking at minimum $350 million, it means each proprietor could pocket approx $1.16 million to $3.5 million.
Two more condos – Brookvale Park and Kismis View – could very soon join the rush, having succeeded the 85% requisite approval from proprietors.

Vista Park is at the edge of Kent Ridge Park. This site offers the prospect of nature and wellness-themed residential development. It is about a seven-minute walk away from Pasir Panjang MRT station.

Including the estimated lease top-up premium of about $66 million, the land rate is estimated to be about $932 per sq ft per plot ratio (psf ppr), which would go down to about $903 psf ppr after factoring in the bonus balcony gross floor area (GFA).
Vista Park spans 319,250 sq ft and has about 61 years more on its lease. This site has a plot ratio of 1.4 and permissible height of up to five storeys, converting to a potential GFA of approx 446,951 sq ft.

This could yield approx 530 apartments of about 800 sq ft/unit for new residential development, subject to permission.

Separately, owners of freehold Spanish Village off Farrer Road kick-started the process of selling en bloc with the formation of its collective sale committee last Saturday and are now appointing a marketing agent.

The potential asking price for the 226-unit estate is more than $810 million, According to committee chairman Chiu Jia Yu.

This is lower than its reserve price of $839 million in its 2007 attempt and $825 million in the 2011 bid.

A sale value of $810 million would convert to a land having rate of $1,575 psf ppr, after factoring in an approx development cost of $24 million.

Consultants are expecting about 700 new units about to built on the 30,793 sq m site given its plot ratio of 1.6, Mr Chiu said, adding that there are very less like sizeable freehold sites available.

Some market spectators felt that the estimated land rate for Spanish Village is rich compared with nearby freehold Tulip Garden, which is more advanced in the sale process as it is now garnering signatures from owners. Its reserve price of $688 million translates to a land rate of $1,358 psf ppr.

Elsewhere in Tiong Bahru, owners of Central Green condominium have formed a sales committee for the collective sale of the 412-unit development.

Four other tenders for collective sale were launched on Wednesday: Pearlbank Apartments, Parkway Mansion, Derby Court and Riviera Point.

Adapted from: The Straits Times, 17 November 2017

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