Not 1 but 2 enbloc sales... but at lower than indicated prices.

By The Folks @PropTalk - January 28, 2011 No Comments

As reported in the ST today, two collective sales have been completed.

However, both were at prices lower than earlier indicated, perhaps showing that recent cooling measures have tempered demand a little.

Marine Point
Marine Point in Marine Parade Road has been acquired by CapitaLand at $101 million. The owners wanted $110 million when the tender was launched in October.

If an estimated development charge of $12.8 million is included, the price works out to $1,056psf ppr, CapitaLand said.

Bartley Terrace
Bartley Terrace, near Bartley MRT station, was sold for $40 million. The tender was launched last year with an asking price of $48 million.

Meadows Investment, a firm owned by Mr Neo Tiam Boon, executive director of local property and construction firm Tiong Aik Group, bought the site in a private treaty, said marketing agent Urban Front yesterday.

The price works out to about $760psf ppr, inclusive of about $3 million in development charges and a 10% balcony allocation.

The District 19 freehold site has a land area of about 40,482sqft with a plot ratio of 1.4.

The owners of the 32 units stand to reap $1.14 million to $1.8 million each, Urban Front said.


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