En-bloc news: Cardiff Court & Marine Point

By The Folks @PropTalk - October 26, 2010 No Comments
As reported in the ST and BT today:

Cardiff Court
Cardiff Court, a 43,500sqft leasehold site at Cardiff Grove off Lorong Chuan, is being put up for collective sale for $25 million.
Cardiff Court

The 21-unit project, on a 43,491sqft residential leasehold site in District 19, can be redeveloped into a project of up to 5 storeys.

The price works out to $519psf ppr, including the estimated development charges of about $6.63 million to top-up the lease to 99 years. The property currently has 72 years left on its lease.

It is zoned residential use with a 1.4 gross plot ratio, giving it a maximum potential gross floor area (GFA) of about 60,887sqft.

About 96 apartments of about 600sqft each can be built on the site, estimated Sieow Teak Hwa, director of investment sales at Teakhwa Real Estate. Teakhwa Real Estate is marketing the project.

He said that based on a land cost of $519psf, the breakeven price will be $860 - $900psf. That means prices in excess of $1,100psf can be expected at the launch.

Units at nearby 99-year leasehold project Hong Leong’s The Scala were recently sold for between $1,100psf and $1,500psf while another project in the area, Kovan Residences, has also sold above the $1,000psf mark.

Marine Point
Marine Point, a freehold 18-storey residential block at 95 Marine Parade Road, was launched for collective sale last Wednesday at an indicative price of about $110 million. Marine Point consists of 30 apartments and two penthouses on a 51,185sqft site. Its potential GFA is 107,489sqft.
Marine Point

This works out to about $1,116psf ppr, including an estimated development charge of $10 million.

It can be redeveloped to accommodate about 90 to 100 apartments average 1,000sqft each, said marketing agent ERA Asia-Pacific associate director Eugene Lim.

For both Cardiff Court and Marine Point, the requisite more than 80% of owners by share value and strata floor area have signed the collective agreement.

Both tenders will close on Nov 18.


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