This week in property: Highlights from Oct 1 to Oct 5
By Rachael Tan
/ EdgeProp |
Property highlights of the week from Oct 1 to Oct 5 :
Faber Garden has relaunched for its second collective sale attempt on Oct 3, according to sole marketing agent CBRE. Located at Angklong Lane, off Upper Thomson Road, the 544,738 sq ft site made its first en-bloc attempt in April this year.
The reserve price for the District 20 property remains unchanged at $1.18 billion. Including the development charge, the land price works out to $1,414 psf per plot ratio, or $1,342 psf ppr if space for balconies is factored in.
Singapore-listed property giant CapitaLand has invested $27 million for a 50% stake in co-working operator, The Work Project. The two-year-old operator has two co-working and serviced office spaces in Singapore – a 24,000 sq ft space in OUE Downtown, and a 15,000 sq ft space at Park View Square in Bugis. It also has a 36,000 sq ft space in Hong Kong.
According to its latest flash estimates, the URA’s private residential property index rose 0.5% in 3Q2018. It is a “significant moderation” from the 3.4% increase in the previous quarter, and a sign that the property cooling measures implemented on July 6 are slowing price growth in the private property market, says Ong Teck Hui, national director of research and consultancy at JLL Singapore. He expects any price increase to remain low or flatten out over the next few quarters.
A company which owns Three Buckley, a residential development on Buckley Road in prime District 11, has put it up for sale. The asking price for the 11-unit development is $41 million, or $1,657 psf on the gross floor area, according to marketing agent Edmund Tie & Company (ET&Co). The unnamed company had bought Three Buckley from the developer, Gazelle Land.
The property sits on a 15,550 sq ft, freehold site, and comprises duplex units of about 2,200 sq ft each. Since most of the units are tenanted, the property offers stable rental income, says Tan Chun Ming, senior director of investment advisory at ET&Co. A future en bloc or redevelopment plan may also be an ideal exit strategy, he adds. The development was completed in 2010.
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