En bloc site in Upper Serangoon fetches $39.5m

Published October 9, 2010

A JOINT venture involving ACT Holdings, Nobel Design Holdings and two other partners has bought a four-storey freehold residential block at Lim Tua Tow Road, off Upper Serangoon Road, through a collective sale for $39.51 million.

According to Jones Lang LaSalle (JLL), which brokered the deal, the price works out to about $740 per square foot per plot ratio (psf ppr) including development charges. A 32-unit development called Glenville sits on the 43,335 sq ft plot.

The other two shareholders in the joint venture are Soh Chooi Lai and Aspen Development.

In May this year, the same joint venture bought an adjoining 29,623 sq ft site occupied by a development called New Gardens. If they amalgamate the two plots, the combined land area of almost 73,000 sq ft could be redeveloped into a new five-storey condo with about 100 units averaging 980 sq ft, analysts say.

The New Gardens site was sold for $21 million or $560 psf ppr including an estimated development charge of $2.26 million.

Under Master Plan 2008, both sites are zoned for residential use with a 1.4 plot ratio - the ratio of potential maximum gross floor area to land area.

JLL marketed Glenville through a tender exercise that closed on Oct 5 and is said to have attracted a handful of bids.

The sale to the ACT-Nobel joint venture is subject to approval by the Strata Titles Board, as unanimous approval of owners has not been secured.

The owners of the 32 existing apartments will receive about $1.18 million to $1.27 million per unit.

Last month, JLL announced the collective sale of Naung Court, which is closer to the Hougang Central area, for $28 million or $662 psf ppr including a development charge of $2.3 million if applicable.

Including the latest sale of Glenville, 23 collective sales have taken place so far this year for a total $1.14 billion, according to data from Credo Real Estate. Last year, there was just one deal for $100 million.

In 2008, there were eight collective sales amounting to $346 million, while in the peak year of 2007 there were 87 such transactions totalling $11.6 billion.

Published October 9, 2010

A JOINT venture involving ACT Holdings, Nobel Design Holdings and two other partners has bought a four-storey freehold residential block at Lim Tua Tow Road, off Upper Serangoon Road, through a collective sale for $39.51 million.

According to Jones Lang LaSalle (JLL), which brokered the deal, the price works out to about $740 per square foot per plot ratio (psf ppr) including development charges. A 32-unit development called Glenville sits on the 43,335 sq ft plot.

The other two shareholders in the joint venture are Soh Chooi Lai and Aspen Development.

In May this year, the same joint venture bought an adjoining 29,623 sq ft site occupied by a development called New Gardens. If they amalgamate the two plots, the combined land area of almost 73,000 sq ft could be redeveloped into a new five-storey condo with about 100 units averaging 980 sq ft, analysts say.

The New Gardens site was sold for $21 million or $560 psf ppr including an estimated development charge of $2.26 million.

Under Master Plan 2008, both sites are zoned for residential use with a 1.4 plot ratio - the ratio of potential maximum gross floor area to land area.

JLL marketed Glenville through a tender exercise that closed on Oct 5 and is said to have attracted a handful of bids.

The sale to the ACT-Nobel joint venture is subject to approval by the Strata Titles Board, as unanimous approval of owners has not been secured.

The owners of the 32 existing apartments will receive about $1.18 million to $1.27 million per unit.

Last month, JLL announced the collective sale of Naung Court, which is closer to the Hougang Central area, for $28 million or $662 psf ppr including a development charge of $2.3 million if applicable.

Including the latest sale of Glenville, 23 collective sales have taken place so far this year for a total $1.14 billion, according to data from Credo Real Estate. Last year, there was just one deal for $100 million.

In 2008, there were eight collective sales amounting to $346 million, while in the peak year of 2007 there were 87 such transactions totalling $11.6 billion.