#Former Florence Regency En Bloc Sales

[dominiquewald]

[i-am-the-taytay]

[asukashikinamis]

[notyourfavurite]

[filltheemptypagesofyourlife]

[davisng91739144]

The Florence Residences @ Hougang Singapore

The Florence Residences @ Hougang Singapore

The Florence Residences (Florence Regency) Singapore

A new launch condo development The Florence Residences (Former Florence Regency HUDC) is coming your way at Hougang Avenue 2 District 19 of Singapore. It is sold through collective sale (en bloc) to chinese developer, Logan Property (Singapore).

The 389,236 sq ft site in Hougang is zoned residential with a gross plot ratio of 2.8, and could…

[donnapointon-blog]

Affinity at Serangoon Price

• On the weekend two of the largest projects in District 19, Affinity at Serangoon (Oxley Holdings) and The Garden Residences (JV between Wingtai and Keppel Land) were launched on the market and collectively secured over 170 buyers.

• The build-up to the launch was widely anticipated while the take-up for these projects would have been a good pre-cursor in the demand for new units in the positioning which is anticipated to see a fair number of new supply from recent en blocs.

• Centered on media reports both projects saw “healthy” first weekend sales, with Affinity at Serangoon securing 112 buyers (out of 300 units launched) and The Garden Residences selling a lot more than 60 units.

• Sales for Affinity at Serangoon was well spread over one-bedders to four-bedders-plus-study apartments with three out of ten strata houses sold at typically S$2.33m.

• Charges for both projects set a new benchmark for the positioning with Affinity at Serangoon achieving an average selling price of S$1,550 psf while Garden Residences units were sold at a touch higher at S$1,660psf.

• Centered on selling prices if sustained, these translate into a margin of 14% (The Garden Residences) and 19% (Affinity at Serangoon) respectively.

Just how do they compare?

• Centered on marketing materials by agents, we do note that Oxley's Affinity at Serangoon has more varied unit-types (by virtue to be the more expensive estate) and do have more flexibility and space to appeal to a broader array of family types.

• Comparing the 1/2/3-bedroom units, it appears that Affinity at Serangoon's average unit sizes (by type) are usually bigger by 30-50 sqft.

• Therefore, we think that buyers who are restricted by total quantum will prefer slightly larger units at Affinity at Serangoon vis-à-vis The Garden Residences. The differentiating factor will then originate from buyer perception of "good quality and prestige" from a Keppel-Wingtai project when compared with “practicality and value” from Oxley. Who'll win? We will know in time.

More choices for homebuyers as competition gets hotter in the vicinity but upcoming projects have higher breakeven points

• Given your competition, buyers'attentions look like split and we believe this had somewhat affected the weekend sell-through rates for both projects.

• The journey while early, is still long with close to 1,665 units for both projects (1,052 for Affinity at Serangoon and 613 for The Garden Residences) looking for buyers.

• Given that both projects are observed near a sprawling Serangoon landed estate and a large population living in nearby HDB flats, we think that inherent demand for upgraders (new families) to be located near existing homes will remain strong.

• While still early, we do note that in the pipeline, other projects in District 19 (former Rio Casa and former Florence Regency) which are expected to add another 2,800 units (estimated 1,400 units each) have already been targeted to launch in the coming months. This can mean more choices for buyers and sales momentum could slow somewhat.

• Independent of the former Rio Casa development which is won by Oxley where we believe the timing of launch and strategy could be managed, the former Florence Regency site's (won by Logan Property) higher breakeven (estimated at S$1,400 psf or above) will need the incumbent projects to complete better to be able to achieve higher selling prices.

• Singhaiyi, with two projects at How Sun Drive (former How Sun Park and Sun Rosier) with close to 380 units in the wings, will need rosier times with breakeven prices in the north of S$1,600-1,800 psf.

• This sets the stage for the upcoming 2 Woodleigh property developments. In light with this, prices above S$2,000 psf may not seem all that impossible now.

To learn more kindly visit Affinity at Serangoon Price

[swimsharks-blog]

Park West condo owners eye S$750m in third try at collective sale

Lynette Khoo, Business Time

OWNERS of condominium project Park West are hoping that third time's the charm in their collective sale attempt, this time at an expected selling price of S$750 million.

They saw a strong start on Saturday when signatures from around 30 per cent of owners by share value and strata area were collected on their first meeting to approve the collective sales agreement. Huttons Asia was also appointed as their marketing agent.

The asking price for Park West is lower than the indicative price of S$803 million during its 2011 en bloc tender, which received no bids. An earlier 2007 attempt did not achieve the requisite 80 per cent consensus among owners.

        Frankie Lim, chairman of the Collective Sales Committee, noted that the 2011 attempt took place towards the end of an en bloc up-cycle but this time, market conditions are favourable.

SEE ALSO: Normanton Park on sale with S$800m reserve price  

"Now we can see that developers are hungry and looking for good sites. We also feel that Park West is one of the few sites available in the west zone and the government is going to launch the High Speed Rail terminal station in Jurong East," he said. "There are good malls and the Ng Teng Fong General Hospital in Jurong East. The western region is also where the tertiary education institutions are mainly located."

Including an estimated S$339 million in differential premiums for site intensification and lease top-up, the land rate for Park West site is estimated to be S$818 per square foot per plot ratio (psf ppr).

Located near Clementi MRT Station and Nan Hua Primary School, Park West condominium has 432 apartments and four shop units. The site spans 633,644 square feet, with 64 years left on the lease and a gross plot ratio of 2.1. Apartment owners are expected to bag around S$1.25 million to S$2.1 million each while the shop unit owners are each expecting to pocket S$1.1 million to S$1.5 million.

Elsewhere, JLL will be launching the tender for Florence Regency, a privatised HUDC estate in Hougang, on Aug 23 with a reserve price of S$600 million and freehold Amber Park condominium in the east on Aug 29 with a reserve price of S$768 million, said JLL regional director for capital markets Tan Hong Boon. This translates to a land rate of S$779 psf ppr for Florence Regency, inclusive of the differential premium of S$290 million for intensification of the site and lease top-up. The tender for Florence Regency will close on Sept 27.

For freehold Amber Park condominium, whose tender will close on Oct 3, its land rate is estimated to be S$1,284 psf ppr, with no development charges payable as its baseline gross plot ratio of 2.843 is higher than the plot ratio of 2.8 under the 2014 Master Plan, Mr Tan said.

So far this year, seven successful collective sales have chalked up a combined value of S$2.5 billion, far surpassing last year when only three deals worth S$1 billion were closed. These include residential projects One Tree Hill, Rio Casa, Eunosville, Albracca, Serangoon Ville as well as Goh & Goh mixed-use building and Citimac industrial complex.

Tampines Court, a privatised HUDC estate, is said to have received a bid of S$970 million with conditions attached but the deal is not officially closed yet.

More collective sale aspirants have also appointed their marketing agents. Former HUDC estates Laguna Park and Lagoon View have appointed Knight Frank and Edmund Tie & Company respectively. Freehold condominium Faber Garden has appointed CBRE.

[williamtanhomes]

En bloc fever is getting even hotter with privatised HUDC estate Florence Regency in Hougang likely to be put up for collective sale soon. The approval level from owners at the 336-unit project is over 75 per cent. The Straits Times understands three other former HUDC developments – Laguna Park, Pine Grove and Ivory Heights […]

[carsonhuttons]

Privatised HUDC estate Florence Regency in Hougang could be next collective sale

Privatised HUDC estate Florence Regency in Hougang could be next collective sale

SINGAPORE – En bloc fever is getting even hotter with privatised HUDC estate Florence Regency in Hougang likely to be put up for collective sale soon.

The approval level from owners at the 336-unit project is nearing the requisite 80 per cent mark.

The Straits Times understands that three other former HUDC developments – Laguna Park, Pine Grove and Ivory Heights – have also started the collective…

[swimsharks-blog]

Yet another en bloc sale launch with ex-HUDC estate Florence Regency up for tender

By Ann Williams, Straits Time

Former HUDC estate Florence Regency is up for collective sale at a minimum price of S$600 million, the latest offering as en bloc fever heats up in Singapore.

Its sole marketing agent JLL announced on Tuesday (Aug 22) the launch of a tender exercise for the 336-unit estate along Hougang Avenue 2.

Just a day earlier, owners of another privatised housing estate - Normanton Park - announced its collective sale while over the weekend, came news that Park West condominum owners were making a third try to garner enough signatures.

This is the first collective sale attempt by the owners of Florence Regency, which was built in the late 1980s. It took less than three weeks for more than 80 per cent of the owners to sign the collective sale agreement, said JLL.

Under URA's Master Plan 2014, the Florence Regency site is zoned residential with a gross plot ratio of 2.8.

With a balance lease term of some 71 years, the 389,236 square foot site could potentially support a total gross floor area of over 1.1 million sq ft or an estimated 1,100 to 1,300 apartment units, said JLL.

With a minimum bid price set at S$600 million and with current estimated differential premiums of about S$249 million, the land cost reflects about S$779 per sq ft per plot ratio (psf/pr).

JLL said this compares favourably with prices achieved last month with the collective sale of Serangoon Ville and the Serangoon North Avenue 1 government land sale (GLS) site at S$861 psf/pr and S$965 psf/pr respectively.

"With very strong demand from developers for both the GLS sites and collective sale projects currently, owners of Florence Regency are optimistic that the well located site would attract premium bids and are expecting offers from developers of between S$615 million and S$650 million onwards," said Tan Hong Boon, JLL regional director of capital markets.

"There are good reasons for the owners' optimism as the Florence Regency site is in a superior location, with good attributes and of good size that appeals to mid-to-large developers to capitalise on the economies of scale. However, it is not too large to risk missing the 5-year deadline for the 15 per cent Additional Buyer's Stamp Duty remission," Mr Tan added.

Florence Regency is near Hougang MRT Station, which will become an interchange station when the planned Cross Island Line is completed, the bus interchange and Hougang Mall. It is also within walking distance of Kovan MRT Station along Upper Serangoon Road.

Located within 1 km from Holy Innocents' Primary School, a Special Assistance Plan school and in close proximity to the French School of Singapore.

Mr Tan added: "In fact, the key selling point of the site is its 270-degree unblocked views of the surroundings, being located next to landed housing estates and across the Hougang Stadium and the Sports & Swimming Complex."

The tender for Florence Regency closes on Sept 27.

This year to date has seen seven successful en bloc sales worth a combined S$2.5 billion compared to just three deals last year worth S$1 billion. These include residential projects One Tree Hill, Rio Casa, Eunosville, Albracca, Serangoon Ville as well as Goh & Goh mixed-use building and Citimac industrial complex.

[williamtanhomes]

En bloc fever is getting even hotter with privatised HUDC estate Florence Regency in Hougang likely to be put up for collective sale soon. The approval level from owners at the 336-unit project is over 75 per cent. The Straits Times understands three other former HUDC developments – Laguna Park, Pine Grove and Ivory Heights […]