According to Cushman & Wakefield, the property consultants that are marketing the Meyer Place condominium located at the Meyer Road, the site should be sold for at least $65 million. Depending on the unit size, that would provide the 28 owners a sale price of $2.2 million–$3.3 million per unit.
The price works for $1,100 per square feet (psf) per plot ratio. It is based on a 2.1 maximum acceptable plot ratio. Director Christina Sim of Cushman & Wakefield, investment and capital market, said that if the homeowners are to individually sell the condominiums on the open market, these prices can translate to a premium of around 50 percent above the units’ value.
The fairly small freehold site located near the Katong Park, which covers a total land area of 28,167 square feet, also include a two-storey conservation building with four flats that must stay in any development of the land.
Thursday, September 24, 2009
Friday, September 18, 2009
UBS hires former Goldman Sachs banker in Asia
NEW YORK (Reuters) - UBS AG hired a former Goldman Sachs Group Inc and Lazard banker for its Asian equity capital markets group, according to an internal memo obtained by Reuters.
Stuart Mackay, with 15 years of experience in investment banking and capital markets, will join the Hong Kong office of UBS as head of syndicate within the equity capital markets division, according to the memo."
Stuart Mackay, with 15 years of experience in investment banking and capital markets, will join the Hong Kong office of UBS as head of syndicate within the equity capital markets division, according to the memo."
Monday, September 14, 2009
Singapore moves to curb property market speculation
SINGAPORE, Sept 14 (Reuters) - Singapore will release more
land for development and make it harder for home buyers to
defer payments, steps aimed at curbing speculation in the
housing market and that drove down property stocks on Monday.
With immediate effect, banks and developers will not be
allowed to offer loans on homes under construction where the
borrower need only put down as little as a 5 percent cash
downpayment and defer repayment of the principal until after
building is completed.
The government also said it will reinstate its 'confirmed
list' of land sales in the first half of 2010 and increase the
supply of land available to developers.
'Given the current market conditions, the government has
decided to adopt several measures to temper the exuberance in
the market and pre-empt any speculative bubble from forming,'
National Development Minister Mah Bow Tan said in Parliament.
land for development and make it harder for home buyers to
defer payments, steps aimed at curbing speculation in the
housing market and that drove down property stocks on Monday.
With immediate effect, banks and developers will not be
allowed to offer loans on homes under construction where the
borrower need only put down as little as a 5 percent cash
downpayment and defer repayment of the principal until after
building is completed.
The government also said it will reinstate its 'confirmed
list' of land sales in the first half of 2010 and increase the
supply of land available to developers.
'Given the current market conditions, the government has
decided to adopt several measures to temper the exuberance in
the market and pre-empt any speculative bubble from forming,'
National Development Minister Mah Bow Tan said in Parliament.
Wednesday, September 2, 2009
Laguna Park en-bloc sale
EAST COAST condominium Laguna Park was put on en-bloc sale for $1.2 billion on Wednesday.
The condo, which made headlines in the past year for its spate of vandalism cases due to disputes in its en bloc sale process, reached the 80 per cent consent level last December.
Its marketing agent Credo Real Estate said the tender was put on hold until now 'as major developers have only recently returned to the land market with confidence.'
If it succeeds in finding a buyer, Laguna Park wil be the second billion-dollar en bloc deal in Singapore, after the 618- unit Farrer Court which was sold to a CapitaLand-led consortium for $1.3388 billion.
Like Farrer Court, Laguna Park is an ex-HUDC estate in Marine Parade and was privatised in 2007.
At the current price tag, owners of the apartment units will receive sale proceeds ranging from S$2.1 million to S$2.3 million, while the penthouses will gain between S$3.5 million and S$4.1 million.
It is also one of the few sites that come under the amended Land Titles (Strata) Act meant to tighten the en bloc sales process, which came into effect in October 2007.
Laguna Park has a land area of about 677,493 sq ft and a gross plot ratio of 2.8 under the current 2008 Master Plan, with a building height of up to 36 storeys, subject to relevant approval.
Credo's deputy managing director Tan Hong Boon estimates that the buyer would be able to build close to 1.9 million sq ft of gross floor area or some 1,500 apartments with an average size of about 1,200 sq ft.
At $1.2 billion, the land price for the condo works out to about $844 per sq ft per plot ratio.
The condo, which made headlines in the past year for its spate of vandalism cases due to disputes in its en bloc sale process, reached the 80 per cent consent level last December.
Its marketing agent Credo Real Estate said the tender was put on hold until now 'as major developers have only recently returned to the land market with confidence.'
If it succeeds in finding a buyer, Laguna Park wil be the second billion-dollar en bloc deal in Singapore, after the 618- unit Farrer Court which was sold to a CapitaLand-led consortium for $1.3388 billion.
Like Farrer Court, Laguna Park is an ex-HUDC estate in Marine Parade and was privatised in 2007.
At the current price tag, owners of the apartment units will receive sale proceeds ranging from S$2.1 million to S$2.3 million, while the penthouses will gain between S$3.5 million and S$4.1 million.
It is also one of the few sites that come under the amended Land Titles (Strata) Act meant to tighten the en bloc sales process, which came into effect in October 2007.
Laguna Park has a land area of about 677,493 sq ft and a gross plot ratio of 2.8 under the current 2008 Master Plan, with a building height of up to 36 storeys, subject to relevant approval.
Credo's deputy managing director Tan Hong Boon estimates that the buyer would be able to build close to 1.9 million sq ft of gross floor area or some 1,500 apartments with an average size of about 1,200 sq ft.
At $1.2 billion, the land price for the condo works out to about $844 per sq ft per plot ratio.
Tuesday, September 1, 2009
Citi banker is DBS CEO
DBS Group Holdings has named Citi veteran Piyush Gupta as its new chief executive, one of Singapore's most important corporate posts.
The CEO position was left vacant when Mr Richard Stanley, a former Citi colleague and good friend of Mr Gupta's, died of leukaemia in April aged 48.
Mr Gupta, 49, oversees South-east Asia and the Pacific for Citi from its Singapore office. He joins DBS in November. His appointment ends a five-month search.
The CEO position was left vacant when Mr Richard Stanley, a former Citi colleague and good friend of Mr Gupta's, died of leukaemia in April aged 48.
Mr Gupta, 49, oversees South-east Asia and the Pacific for Citi from its Singapore office. He joins DBS in November. His appointment ends a five-month search.
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