ST : Two more sites for collective sale launched

Dec 14,2010

Two more sites for collective sale launched

By Cheryl Lim
THE collective sale market continues to pick up steam, with two more developments - Euro-Asia Apartments and Bartley Grove Apartments - launched today.

Euro-Asia Apartments, an 84-unit freehold development in Serangoon Road, has an asking price of $142 million or $899 per square ft per plot ratio (psf ppr).

This includes a development charge of about $339,000.

With apartments ranging from 840 sq ft to 2,443 sq ft, the owners could each collect between $1.09 million and $2.6 million - around 20 per cent above prevailing market rates.

The Euro-Asia site is about 56,476 sq ft with a plot ratio of 2.8.

Urban Front Real Estate, which is marketing the estate, said the plot could be redeveloped into a 140-unit condominium with units of about 1,130 sq ft each.

The tender closes on Jan 25.

Owners at the freehold Bartley Grove Apartments want $70 million, or about $904 psf ppr. The buyer may not have to pay a development charge.

A successful sale could reap owners of the 25 units, sized from 1,065 sq ft to 3,778 sq ft, between $1.38 million and $3.59 million each - about 22 per cent above the market rate.

The site is about 55,287 sq ft with a plot ratio of 1.4 and can be redeveloped into an 80-unit project with flats of about 1,000 sq ft each.

Bartley Grove Apartments is near St Andrew's Junior College and Cedar Girls Secondary School, and is minutes away from Paya Lebar Central, an upcoming commercial hub.

Urban Front Real Estate is also handling the sale. The tender closes on Jan 26.

Credo Real Estate executive director Tan Hong Boon said 31 collective sales deals have been sealed so far this year, with a total of more than $1.5 billion.

Meanwhile, executive condominium project Prive has processed 302 sales options - almost half its 680 units.

There were 1,036 e-applications received prior to the public launch of sales for the project, with second-time applicants making up almost 50 per cent.

The average price for the project is between $660 per sq ft and $690 per sq ft.

The 99-year leasehold project at Punggol Central is a joint development between NTUC Choice Homes Co-operative and Chip Eng Seng.