8 St Thomas

BUKIT Sembawang Estates has won the tender for the Airview Towers freehold site at St Thomas Walk for about $202.17 million.

It won the properties at 2 and 10 St Thomas Walk through subsidiary Bukit Sembawang View Pte Ltd.

The site has a land area of 5,877.4 square metres, with allowable gross floor area (GFA) of about 18,102 sq m (inclusive of 10 per cent of development GFA for balcony space). No development charge is payable.

The purchase price reflects a unit land cost of $1,141 per square foot per plot ratio based on a 2.8 plot ratio. Inclusive of the 10 per cent extra GFA for balconies, the price is lower at $1,037 psf ppr.

The sale of Airview Towers was brokered by DTZ Debenham Tie Leung.

Bukit Sembawang View will build a 36-storey condominium by combining this lot with a neighbouring en-bloc site currently known as Chez Bright, which it acquired last year. The total area for development will be 9,073.4 sq m with GFA of 27,050 sq m. The average price of the combined site works out to $880 psf ppr.

Source:
Business Times – 3 Apr 2007

BUKIT Sembawang Estates has snapped up Chez Bright Apartments at St Thomas Walk in the River Valley area through a collective sale.

The price it is paying is $54 million, or $625 per square foot of potential gross floor area inclusive of an estimated $6.25 million development charge.

The breakeven cost for a new apartment block on the freehold site works out to about $950 to $1,000 psf, say analysts. The owners of the existing 22 units at Chez Bright Apartments stand to get about $2.45 million on average, or 80 per cent more than what their units would have fetched if sold individually, says Jones Lang LaSalle regional director and head of investments Lui Seng Fatt, whose firm brokered the deal.

The 34,402 sq ft site is zoned for residential use with a 2.8 plot ratio. It can be redeveloped into a 36-storey project with about 67 apartments averaging 1,300 sq ft, according to JLL.

Bukit Sembawang Estates last month reported that its net profit for the third quarter ended Dec 31, 2005 surged to $21.8 million from $2.6 million. For the first nine months of its financial year, the property group’s net earnings rose from $7.2 million to $29.4 million.

Chez Bright Apartments is the fourth major property the group has bought after a seven-year hiatus. Last year, it bought Carlton Terrace on Holland Road, Woodleigh Grove and a site at Lengkok Angsa near Paterson Road comprising 32 landed houses.

As for JLL, this is the second collective sale it has sealed in a week. Last week, it announced the sale of Pacific Court in Pasir Panjang for $27.2 million to Far East Organization. The deal was the property giant’s fourth major acquisition since the start of the year – after Amberville, the former Glutton’s Square site, and Angullia Mansion.

Source : Business Times – 8 Mar 2006