22nd August, Wednesday
Investment Sales
Factory at Sims Drive sold for $43m; Thomson View condo back on en bloc market Source: Business Times A freehold landed factory near the junction of Sims Drive and Lorong 17 Geylang has changed hands at $43.18 million, falling short of the asking price of between $48 million and $50 million. The buyer is a subsidiary of Fong Tat Group, said the property's marketing agent. The 34,912.7 sq ft site at 53 Lorong 17 Geylang has a gross plot ratio of 2.5, which translates to a price of $495 per sq ft per plot ratio (psf ppr) based on the selling price. It is zoned for Business 1 use, which includes clean industry, light industry, warehouse, public utility and telecommunication uses. No development charge is payable for the redevelopment of the site. Meanwhile, Thomson View condominium has been put up for sale by public tender again. The 99-year leasehold residential site located along Upper Thomson Road has a guide price of $580 million. Including a $107 million premium to enhance the property's use and a $90 million premium to top up the lease, which has 62 years left, this translates to $685 per sq ft per plot ratio. Inclusive of the additional 10 per cent gross floor area for the balcony area - for which the site may incur a development charge payable to the authorities amounting to about $46 million - the unit land price is $659 psf ppr. The project, which comprises 200 flats, 54 townhouses and a shop unit, has a land area of 540,314 sq ft. Under Master Plan 2008, it is zoned for residential use, with a gross plot ratio of 2.1. The tender has been extended by a week and will close on 4 September at 3pm.
Link to the story: http://www.businesstimes.com.sg/print/195235
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