Tuesday, June 1, 2010

Pender Court sold for $95m, 2 other sites for sale

PENDER Court, a 48-unit condominium off West Coast Highway, has been sold en bloc for $95 million.

This land price works out to $1,007 per sq ft (psf) on the potential gross floor area. The price is shy of the owners' asking price of $100million to $108 million but is way above the $80 million price negotiated in an ultimately abortive sale in the boom days of July 2007.

Bravo Building Construction called off the sale in early 2008. It had also pulled out of two other collective sale deals.

Owners of the 48 units will get close to $2 million each.

Credo Real Estate, which marketed the site, confirmed only the price and declined to comment further as the sale committee is not yet ready to make a formal announcement.

Meanwhile, Waldorf Mansions off Balestier Road and Foh Pin Mansion in Charlton Road have been put up for collective sale.

Both freehold estates have an indicative price of about $22.5 million each. At the 16-unit Waldorf Mansions, this equates to $709 psf per plot ratio, inclusive of a development charge of $104,000.

Credo Real Estate said the buyer can expect to break even at about $1,100 psf.

Built in the 1990s, the site has an allowed gross floor area of 31,875 sq ft. The buyer can redevelop the site into a project with 50 apartments of 600 sq ft on average, said Credo.

As for the 30-year-old, 21-unit Foh Pin Mansion, it can be redeveloped only into a three-storey mixed landed housing development as the land has been rezoned, said marketing agent Savills Singapore.

The buyer may undertake a cluster housing development, said Savills director of investment sales Suzie Mok.

A price of $21 million or $22 million will translate to a land price of about $610 psf to $650 psf, she said.

The tender for Waldorf Mansions closes on June 29 while the tender for Foh Pin closes a day earlier on June 28.

Source: Straits Times, 1 Jun 2010

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