tag:blogger.com,1999:blog-7199796605339305108.post7294099511122616263..comments2023-10-20T23:20:55.719+08:00Comments on Enblocing Singapore: Bayshore Park Goes on TV Monday 17 Sep 8.30pmDr Minorityhttp://www.blogger.com/profile/06233189352842088284noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-7199796605339305108.post-17942047452598676422007-09-28T13:10:00.000+08:002007-09-28T13:10:00.000+08:00Business Times - 28 Sep 2007Collective sale site f...Business Times - 28 Sep 2007<BR/><BR/><BR/>Collective sale site flipped for 100% profit<BR/><BR/>Bought for $73m one year back, Emerald Mansion site sold for $148m<BR/><BR/>By KALPANA RASHIWALA<BR/><BR/>(SINGAPORE) The Cheong family, which bought Emerald Mansion through a collective sale last year for $73 million or $931 psf per plot ratio, recently sold the District 9 freehold property for double that amount, or around $148 million or $1,888 psf ppr, sources say.<BR/><BR/>The unit land price of $1,888 psf ppr is a new high for residential land in the Cairnhill area, surpassing the $1,788 psf ppr that Char Yong Gardens fetched in June this year.<BR/><BR/>BT understands that the new buyer of Emerald Mansion is a joint venture comprising a property fund managed by LaSalle Investment Management, and a local contractor - with the latter taking a minority stake.<BR/><BR/>No development charge is payable for the 29,810 sq ft site, which can be redeveloped up to its current gross floor area of 78,401 sq ft, which reflects a plot ratio of about 2.63. This is higher than the 2.1 plot ratio indicated for the site under Master Plan 2003.<BR/><BR/>BT understands that the original collective sale to the Cheong family - which has a substantial stake in International Plaza at Anson Road and is related to SC Global chairman and CEO Simon Cheong - was completed just a few months ago.<BR/><BR/>DTZ Debenham Tie Leung is believed to have brokered the latest sale of Emerald Mansion to the LaSalle Investment Management fund. DTZ declined to comment on the deal.<BR/><BR/>Based on LaSalle Investment Management's $1,888 psf ppr acquisition cost of Emerald Mansion, the breakeven cost for a new apartment development on the site could be about $2,400 psf, according to market watchers. The site can be developed into around 55 apartments averaging 1,500 sq ft.<BR/><BR/>The developer of a project on the Emerald Lodge site next door is said to be eyeing an average price of about $3,000 psf in an upcoming launch.<BR/><BR/>Last month, LaSalle Investment Management clinched a 99-year leasehold commercial plot next to International Plaza at a state tender. Its winning bid of $237.2 million reflects a unit land price of $941 psf ppr.<BR/><BR/>The real estate money management firm, which is part of the Jones Lang LaSalle group, bid on behalf of its LaSalle Asia Opportunity III Fund, and is planning a 20-storey office development with about 200,000 sq ft net lettable area.Anonymousnoreply@blogger.com