Five freehold residential sites worth $1.2 billion launched

Five freehold residential sites with a total value exceeding S$1.2 billion were launched by JLL on 16 May 2018. The five freehold residential sites comprise the collective sale sites of Cavenagh Gardens off Orchard Road, Flynn Park in the Pasir Panjang, Rosalia Park near Serangoon Central, La Ville at Tanjong Rhu Road, as well as the joint sale of three single storey detached houses at Lorong H Telok Kurau by three families, which do not require a Strata Titles Board approval.

Mr. Tan Hong Boon, Regional Director at JLL, said he is expecting keen interest for the freehold residential sites from local and foreign developers and investors, from small to large ones, given the varying locations, their own distinctive characteristics and the respective investment quanta.

“2018 has been a phenomenal year for the Singapore residential collective sale market with 26 sites amounting to S$8.33 billion sold over the past four and half months, already close to the S$8.79 billion done for the entire 2017. While many developers and investors have successfully acquired sites over the past year, there is still strong demand for residential lands given that the prices of private residential properties have reached the lowest point and they look set for further upswing over the medium term. Developers, encouraged by their recent strong sale performances at new price levels, will continue their land acquisition efforts. We believe that these sites are timely and of interest to them given the unique selling points and compelling redevelopment potential.”

Of the five freehold residential sites, Cavenagh Gardens boasts a location which is familiar to both locals and expats. The close to half a billion dollar Cavenagh Gardens provides astute developers an opportunity to develop a District 9 luxury product close to Orchard Road.

Built in the 1970’s, Cavenagh Gardens is a freehold development comprising of 172 units in three apartment blocks along Cavenagh Road. Under the 2014 Master Plan, the 128,255 sq ft site is zoned ‘Residential’ with a gross plot ratio (“GPR”) of 2.1. However, it is estimated that it has an “as-built” GPR of about 2.177, currently being verified with the relevant authorities. There is an in-principle approval for some 11,800 sq ft of State land to be amalgamated with the subject site.

The owners of Cavenagh Gardens are expecting a minimum price of $480 million, reflecting a unit land rate, inclusive of an estimated State land premium, of approximately $1,640 per sq ft per plot ratio (psf/pr), or $1,491 psf/pr after factoring in the 10 per cent bonus GFA. Tender for Cavenagh Gardens closes on Wednesday, 27 June 2018, at 2.30 p.m.

The low-rise Flynn Park amidst the parks and greenary along the Southern Ridge offers an elevated terrain that the new development may be blended into the nature and exploit the views to the sea. It is a sanctuary at the fringe of the city.

With a land area of 208,443 sq ft, the large freehold Flynn Park site is situated on an elevated ground on Kent Ridge, providing good views towards the sea to the South, while being flanked by nature, including Kent Ridge Park, Hort Park, Telok Blangah Hill, Mount Faber and the Labrador Park.

Under the 2014 Master Plan, Flynn Park is zoned ‘Residential’ with a GPR of 1.4. Subject to approval, the property may be redeveloped into a boutique, 5-storey residential development and may accommodate a maximum of 387 apartments at the minimum average unit size of 70 sqm. Based on reply from the Land Transport Authority (“LTA”), a Pre-Application Feasibility Study (“PAFS”) is not required for the site.

The owners of Flynn Park have a minimum price of $363.8 million, reflecting a unit land rate of $1,331 psf/pr (inclusive of a development charge) or $1,281 psf/pr factoring in the 10 per cent bonus balcony GFA, with a development charge payable. Tender for Flynn Park closes on Friday, 29 June 2018, at 2.30 p.m.

Rosalia Park at Serangoon Central enjoys a quiet location yet close to a host of amenities. The new development may capitalise  on the vast HDB hinterland for a large pool of potential upgraders.

Completed in the 1990’s, Rosalia Park is an exclusive low-rise residential development with 88 units. Currently zoned “Residential” with GPR of 1.4, the 103,177 sq ft regular shaped site boosts strong redevelopment potential and could accommodate a maximum of 191 apartments at a minimum average size of 70 sqm.

The owners of this development have a minimum price of $175 million, which works out to be $1,243 psf/pr (inclusive of a development charge) or $1,198 psf/pr after factoring in the 10 per cent bonus balcony GFA, with a development charge payable. Tender for Rosalia Park closes on Thursday, 28 June 2018, at 2.30 p.m.

The high-rise La Ville site in the Tanjong Rhu area is popular with families and young couples who treasure both the convenience and an active lifestyle with the Singapore Sports Hub, Singapore Indoor Stadium, Gardens by The Bay East, the East Coast Park and the many offerings around Kallang Basin and Marina Bay.

Located in District 15 at Tanjong Rhu, La Ville, completed in 1987, comprises 40 residential units – 36 apartments and 4 townhouses, nestled in a quiet neighbourhood. Under the 2014 Master Plan, the 47,012 sq ft freehold site is zoned ‘Residential’ with a GPR of 2.1. The redeveloped building height may be allowed up to 24 storeys, subject to  technical height controls.

The owners have a minimum price of $152 million, reflecting a unit land rate of $1,540 psf/pr or $1,436 after factoring in the 10 per cent bonus balcony GFA. Tender for this site closes on Tuesday, 19 June 2018, at 2.30 p.m.

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Sets in the tranquil Telok Kurau estate, the three combined bungalow sites at Lorong H is a conventional favourite location in the East with well-heeled locals and families enjoying the abundant of amenities and conveniences.

The combined site is a result of a joint sale by three families of three single-storey detached houses, namely Nos. 75, 77 and 79 Lorong H Telok Kurau. Under the 2014 Master Plan, the 24,050 sq ft regular shaped plot is zoned ‘Residential’ with a gross plot ratio of 1.4.

Of the five freehold residential sites launched, this property may be redeveloped into a 31-unit apartment based on a minimum average size of 100 sqm, subject to approval from the relevant authorities. Based on reply from the LTA, a PAFS is not required for the site.

With an asking price of $36 to $38 million, factoring in a small development charge payable, the unit land rate reflects $1,076 to $1,136 psf/pr. Factoring in the 10 per cent bonus balcony and a development charge payable, the land rates are estimated at between $1,035 and $1,089 psf/pr. No Strata Titles Board application is required. Tender closes on Thursday, 21 June 2018, at 3.00 p.m.

Brief details of the five freehold residential sites are as follows:

No.	Property	Land Area (sq ft)	Plot Ratio [+10%]	Minimum Price (mil)	Minimum Price (psf/pr)* [+10%]	Tender Closing
1	Cavenagh Gardens at Cavenagh Road	128,255 +11,800 State Land***	2.177** [2.394]**	$480	$1,640 [$1,491]	27 June
2	Flynn Park at Yew Siang Road	208,443	1.4 [1.54]	$363.8	$1,331 [$1,281]	29 June
3	Rosalia Park at Lorong Ong Lye	103,177	1.4 [1.54]	$175	$1,243 [$1,198]	28 June
4	La Ville at Tanjong Rhu Road	47,012	2.1 [2.31]	$152	$1,540 [$1,436]	19 June
5	Nos. 75, 77 & 79 Lorong H Telok Kurau	24,050	1.4 [1.54]	Asking Price: $36 – $38	Asking Price: $1,076-$1,136 [$1,035-$1,089]	21 June
* Price psf/pr is inclusive of development charge where applicable. ** Estimated “as-built” plot ratio, subject to verification with the relevant authorities. *** In-principle approval granted for amalgamation.

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