Recent en bloc deals in the Singapore market

tessensohn residence connexion

The en bloc market continues its run with a number of projects being marketed, latest of which is Dalvey Court which is up for S$160m.

The reserve price of S$160m for the 32 unit apartment in District 10 represents a land rate of about S$2,009 per sqft per plot ratio.

The project’s gross floor area of 7,401 sqm or 79,660 sqft can be redeveloped into an apartment with 93 units, each of which is assumed to have a unit size of 70 sqm.

Located close to Botanic Gardens, Dalvey Court is near a stretch of high-profile schools such as St Joseph’s Institution, Singapore Chinese Girls’ School and Anglo-Chinese School (Barker Road).

Selegie Centre

Just last week, news appeared that an en-bloc attempt is being done for Selegie Centre.

The 10-storey commercial building has obtained approval from around 90% of owners by share value and strata area to launch a tender.

The reserve price of S$120m works out to S$1,942 per sqft per plot ratio.

This is the development’s third bid at an en bloc sale.

ERA is managing the sale process.

The development consists of 33 shops and 25 apartments.

According to M Thomas, chairman of the collective sale committee (CSC), the areas around Mackenzie Road/Bukit Timah Expressway are rapidly being rejuvenated. Buyers will find that the project has excellent investment potential.

Also read: Increase in prices of new private home sales in May

Peace Centre

Just nearby at Sophia Road, Peace Centre is also attempting an en-bloc sale. The requisite 80% approval level has not been achieved yet, with 70% of owners by share value and strata area agreeing to an en-bloc sale.

Marketing agent JLL said that the owners are eyeing a reserve price of S$650m.

Near the Singapore Art Museum, National Museum of Singapore, School of the Arts and Singapore Management University, Peace Centre has 32 floors, 84 apartments and two penthouses.

The development sits on a 76,617 sqft site, with a gross floor area of just over 600,000 sqft.

With 50 years of lease left on its 99-year original tenure, potential buyers will have to fork out an estimated S$200m of premium for a lease top up.

Also read: SRX reports an increase of 0.2% in non-landed private home and HDB rents

Sengkang Central Government Land Sale

On Friday 22nd June, the Business Times reported that seven bids were obtained for a commercial and residential site at Sengkang Central.

Developers included a tie up between CapitaLand Singapore and City Developments Ltd (CDL), Wing Tai Holdings and Keppel Land, Perennial Singapore and Qingjian Realty, Singapore Press Holdings and Kajima Development, MCC Land and Grantral Land, and Far East Organization.

The Sengkang Central sits on a piece of land 37,284.8 sqm in size and is strategically located next to Buangkok MRT station.

Potential developers can build a project of approximately 700 residential units with a gross floor area of 78,299 sqm.

Similar to the Holland Road site, this project will be sold under a Concept and Price revenue tender system.

Essentially, the concept proposals will be first evaluated by a Concept Evaluation Committee based on a set of criteria in the tender packet. Developers would have access to this information and are expected to design and build according to this criteria.

Only tenders that meet the criteria will be considered for the award.

In the second stage, the price envelopes of proposals with acceptable concepts will be opened. The site will be awarded to the tenderer with the highest price bid.

Also read: APAC Realty – is this stock a potential gem?

In other news, Rochor Centre, a gem in central Singapore, will be demolished gradually starting June 26.

Rochor Centre consists of four residential blocks and is an iconic building in the Rochor/Bugis area.

The development will be demolished floor by floor to reduce dust and noise pollution to the surrounding residents.

In the ashes of Rochor Centre will be a new expressway that connects towns in the Northern Region of Yishun, Woodlands and Ang Mo Kio to the city centre.

The expressway is anticipated to be complete in 2026.

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