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26 July 2012

26th July, Thursday




Sentosa condos sold to Aussie buyer for $57m

Source: Business Times

SC Global Developments is said to be selling another two units at its luxurious Seven Palms Sentosa Cove condominium project for a total of about $57.2 million.

And the buyer is understood to be a company linked to Australian mining tycoon Gina Rinehart's Hancock Prospecting. Mrs Rinehart, 58, is the world's richest woman with a fortune estimated at about A$30 billion (S$39 billion).

Seven Palms Sentosa Cove - a four-storey project with only 41 residential units - is next to Tanjong Beach and is at an advanced stage of completion. The project is being designed by Kerry Hill Architects, which has designed many of the Aman resorts.

The Hancock Prospecting-linked unit is said to be paying around $23.3 million for a Seven Palms unit on the third floor and close to $33.9 million for a fourth floor unit. Sources could not ascertain the sizes of the two units; information like size of units and floor plans is tightly held and SC Global markets the high-end project in a very exclusive manner.

However, an industry player made an educated guess that the two units are likely to have crossed $4,000 per sq ft, setting a new benchmark for Sentosa Cove.

Before the latest transaction, SC Global had sold 10 units in the project as at end-June 2012 since it began selling the project in September 2009, according to monthly developer sales data released by Urban Redevelopment Authority.


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Investment Sales


Roxy-Pacific bags Harbour View Gardens for $33m

Source: Business Times

Roxy-Pacific Holdings Limited, through its wholly-owned subsidiary RH West Coast Pte Ltd, has acquired the freehold residential development Harbour View Gardens for $33.0 million.

This translates to some $766.7 per sq ft per plot ratio (psf ppr), based on the site area of 30,745 sq ft.

Under the 2008 Master Plan, the site is zoned for "residential" use, with a gross plot ratio of 1.4.


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Site for GCBs, two other properties up for grabs

Source: Business Times

A plot of land gazetted for good class bungalows (GCBs) in the Holland Rise area has been put up for sale by tender, with a target selling price of between $60 million and $65 million.

This represents a price of between $1,132 and $1,226 per sq ft (psf) for the sprawling vacant 53,000-sq-ft plot. The seller is a family-owned company.

Also up for grabs is a 20,133-sq-ft freehold industrial site at New Industrial Road zoned Business 1, and a former cinema space at Sultan Plaza, which used to accommodate as many as 1,050 seats. All three properties are for sale by tender.

The GCB land has been subdivided into three plots, with two of the plots having access from East Sussex Lane, and one from Holland Rise. A buyer can choose to join the three plots and develop one bungalow, or reconfigure the subdivision of the plots.

For the industrial site, the marketing agent said the seller was expecting offers in the region of $22 million to $25 million. This works out to about $437 to $497 per sq ft per plot ratio for the site, which has gross floor area of 503,332.5 sq ft based on a plot ratio of 2.5.

The third property is a 99-year-leasehold former cinema space at Sultan Plaza, which went by the name Golden Sultan in the 1980s. The sellers have indicated an asking price of $20 million for the property.

The commercial space straddles parts of the 4th to 7th levels of Sultan Plaza and has a strata area of 37,189 sq ft with a net floor area of about 16,738 sq ft. The asking price works out to $1,195 psf on the net lettable area.

The leasehold property's tenure came into effect from 2 May 1978, with some 65 years remaining under the lease.

The tenders for the sites at Holland Rise and 27 New Industrial Road close on 23 August at 2.30pm, while the tender for the cinema space at Sultan Plaza closes on 28 August at 2.30pm.


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