Based
on caveats evidence, Hong Kong's Swire Properties is thought to have bought all
12 units in the four-storey Hampton Court for $155 million. This is understood
to work out to $2,526 per square foot per plot ratio (psf ppr), which is
inclusive of an estimated development charge of $22.3 million.
This
unit land price would pip the standing record by just $1 psf ppr set in
November 2007, when Westwood Apartments in Orchard Boulevard was bought by YTL
for $2,525 psf ppr.
Like
Hampton Court, which stands at the corner of Draycott Park and Draycott Drive,
Westwood Apartments is freehold. YTL is expected to launch a 77-unit project on
that site this year.
Swire
Properties Pte Ltd director Charles Bremridge, in an email response to BT's
queries yesterday, said: "We are very pleased to confirm the purchase for
investment of eight units at Hampton Court for an agreed purchase price of
$99.5 million."
He
declined comment on anything other than the eight units.
However,
market watchers believe that because the caveats for all 12 units were lodged
on the same day in December by a unit of Swire Properties Pte Ltd, the group is
probably buying the other four as well.
The
price for the 12 units, going by caveats information, is $155 million.
Swire
Properties Pte Ltd is a recently formed, wholly owned subsidiary of Swire
Properties Ltd in Hong Kong. This is its first property acquisition, said Mr
Bremridge.
Asked
about Swire's future plans in Singapore's real estate sector, he replied:
"We are committed to looking for suitable opportunities in the Singapore
property market, on which we can appropriately use our property development
skills. These include commercial as well as residential property."
Although
immediate redevelopment of the Hampton Court site may not be on the cards,
industry observers are still paying close attention to the transaction's unit
land price - at least that based on caveats evidence - which indicates a new
high in the Singapore market.
Swire
was in the headlines last year for setting a benchmark price in Hong Kong. It
sold a 6,683 sq ft apartment last October in Opus Hong Kong, designed by Frank
Gehry, for HK$455 million (S$72 million) or HK$68,083 per square foot (psf).
The price for that Peak District apartment bust the previous psf record of
HK$63,999 set for a duplex at 39 Conduit Road, it was reported.
Hampton
Court was launched for sale via tender in late 2011. The tender closed on Dec
8, 2011, a day after the additional buyer's stamp duty was introduced, and the
exercise was inconclusive.
The
property consultancy group is thought to have brokered the recent sale through
a private treaty deal, but it declined comment when contacted by BT.
A
bungalow owned by Quek Bak Song, a former chairman and co-founder of Overseas
Union Bank, used to sit on the site. He died in 1980 at age 78.
In
the mid-1980s, his family developed the site into Hampton Court, with various
family members continuing to own the units, which they are now selling.
Analysts
reckon the existing development has probably tapped a 1.4 plot ratio (ratio of
maximum gross floor area to land area).
Under
the current Master Plan 2008, the 33,425 sq ft site is given a much higher plot
ratio of 2.1 and can be built up to 24 storeys. Hence there is significant
redevelopment potential for the site.
Going
by some estimates, the site can accommodate a new development comprising 33
apartments with an average size of 2,000 sq ft.
The
plum site is next to Tanglin Club and opposite The Claymore.
Source: Business Times –9 January 2013
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