Malaysian developer buys Cavenagh for $42.38m; BBR buys Goodrich for $86m
CAVENAGH Mansions and Goodrich Park Condominium have been sold following their respective tender closings last week. Both sites are freehold.
Cavenagh Mansions, a District 9 site, is said to have been sold for $42.38 million to a Malaysian developer. The price works out to about $1,025 per square foot of potential gross floor area inclusive of an estimated $267,000 development charge (DC).
Cavenagh Mansions was sold by Teck Jin Pte Ltd. The existing development is about 20 years old and comprises 21 apartments. The 19,813 sq ft site is zoned for residential use with a 2.1 plot ratio under Master Plan 2008.
Knight Frank handled the sale of Cavenagh Mansions.
Over in the Upper Serangoon area, BBR Holdings has picked up Goodrich Park through a collective sale, for $86 million.
The price reflects a unit land price of about $629 psf per plot ratio. No DC is payable.
The 97,703 sq ft site at Simon Lane is zoned for residential use with a 1.4 plot ratio. The collective sale of Goodrich Park was brokered by Credo Real Estate. 'We received close to five bids,' says the company's managing director Karamjit Singh.
As the collective sale has not garnered unanimous approval from owners, it will be subject to approval from the Strata Titles Board. 'We hope that some, if not all, of the remaining owners who have yet to sign the collective sale agreement will now come on board, given the property has achieved a price higher than the $80-85 million we went to the market with,' Mr Singh said.
The existing development was built in the 1980s. Owners of the 52 units stand to receive gross sale proceeds of between $1.55 million and $1.72 million - or about 70 to 80 per cent more than what they could have obtained if they sold their units on an individual basis.
BBR says that the site, currently occupied by four blocks of four-storey walk-up apartments, can potentially be redeveloped into a five-storey condo comprising about 120 units of around 1,200 sq ft each. The company targets to launch the project sometime late next year.
The site is tucked away along a quiet cul-de-sac, yet is close to Kovan MRT Station.
Source: Business Times, 13 Jul 2010