Published January 11, 2011
Newton View up for collective sale again
NEWTON View is up for collective sale again for the second time in less than six months - but with a slight cut in the asking price.
The owners of the district 11 freehold project are now asking for $150 million, slightly less than the $153-$155 million they were looking for when the site was first put on the market in August 2010.
Then, the tender closed with several developers submitting interest and bids but the reserve price was not achieved, said marketing agent Savills Singapore.
The new asking price works out to $1,302 psf per plot ratio (psf ppr), including an estimated development charge of some $582,000 and assuming a gross floor area of 115,737 sq ft.
Newton View, at 26 Newton Road, sits on a 37,577 square foot site with a plot ratio of 2.8 and a permissible gross floor area (GFA) of 105,215 sq ft. Including an extra 10 per cent of space for balconies, the GFA can go up to 115,737 sq ft.
At the asking price of $1,302 psf ppr, the estimated breakeven is about $1,981 psf, Savills Singapore said. It expects the winning developer to be able to build a condominium with about 147 units averaging 750 sq ft each.
Savills Singapore executive director and head of investment sales Steven Ming said that since the property was last offered for sale in August 2010, the high-end market has picked up.
More transactions have taken place in recent weeks and several projects are enjoying good sales velocity, he said: 'This has sparked a renewal of interest among developers for prime sites and hence a decision was undertaken to launch the site for sale now.'
The tender for the site will close at 3pm on Jan 28.
Source: www.businesstimes.com.sg
