BT : Paya Lebar, Hougang sites for en bloc sale

Business Times - 11 Aug 2010

Paya Lebar, Hougang sites for en bloc sale

Charlesville price tag $31m; Naung Court $28-30m

By EMILYN YAP

THE collective sale market continues to gain momentum, with two freehold residential sites at Paya Lebar and Hougang up for tender.

Huttons is handling the sale of Charlesville, a five-storey 18-unit development at Upper Paya Lebar Road. Sixteen of the 18 owners have agreed to the sale and the asking price is around $31 million.

The site is 34,160 sq ft and has a plot ratio of 1.4. Charlesville's existing gross floor area (GFA) is about 42,000 sq ft, but a developer can build a new project with a GFA of up to 52,600 sq ft, including an additional 10 per cent of space allowed for balconies.

A development charge of about $2.9 million will be payable. The tender for Charlesville closes on Aug 18.

Not too far away at Jalan Naung, the four-storey 20-unit Naung Court is also up for sale. Jones Lang LaSalle is handling the tender, and the indicative price is $28-30 million.

The 32,689 sq ft site has a gross plot ratio of 1.4 and can accommodate a five-storey project. The winning developer can build a project with a GFA of up to 45,764 sq ft, subject to payment of a development charge of around $2.7 million.

Naung Court is within walking distance of Hougang MRT station, Hougang bus interchange and Hougang Mall.

Jones Lang LaSalle national director and investments head Stella Hoh reckons the site will attract strong interest, pointing out that new residential launches in the vicinity have enjoyed good take-up rates.

For instance, in June, Kheng Leong sold 173 of 200 units launched at The Minton at Lorong Ah Soo. The median price was $871 per sq ft.

Ms Hoh said Naung Court site is a 'good bite size' for private investors, contractors and developers. The tender closes on Sept 14.

Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.