Saturday, July 10, 2010

Freehold Geylang site sold en bloc

PEOPLE'S Mansion, a freehold residential development at Geylang Lorong 31, has been sold en bloc for $42.68 million.

Private firm Tomlinson Investment - which also developed the Tan Swie Hian Museum nearby - won the tender for the 37,497 sq ft plot. The site has a plot ratio of 2.8 and a maximum gross floor area of 104,991 sq ft.

The price does not include a development charge. If it does, it will work out to $421 psf per plot ratio. The collective sale is subject to approval from the Strata Titles Board. People's Mansion has 32 apartments ranging in size from 1,313-1,496 sq ft. Urban Front Real Estate Pte Ltd, which handled the collective sale, said it can be redeveloped into a project with 115 units of an average size of 900 sq ft.

Based on a caveat lodged, a unit at People's Mansion was sold for $521 psf in February. Next door, apartments at Torieview Mansions changed hands for $537-575 psf in May. Tomlinson Investment beat three other bidders to win People's Mansion. Its director Tan Tien Chi told BT that the company is discussing plans for the new project with an architect.

According to Mr Tan, Tomlinson developed a few projects in Singapore some years back. One of these is Tan Swie Hian Museum, which showcases paintings, sculptures and other works of Cultural Medallion recipient Tan Swie Hian.

Collective sales have been gradually making a return to the market. Last week, BT reported BS Capital's purchase of the Colourscan building at Kim Keat Road for just over $36 million.

Urban Front Real Estate told BT that it has been appointed to handle another potential collective sale, involving a residential site measuring around 20,000 sq ft in District 10.

Source: Business Times, 10 Jul 2010

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