1,600 HDB flats at 10-ha Farrer Park Field will be redeveloped with existing and new sports and recreational facilities

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Amo Residences Ang Mo Kio price

Catering to first-time customers are BTO flats located at Farrer Park Field planned to launch within the next three years. “The flats located in this region could launch as PLH (prime public housing) in this location, because of their closeness to the city center as well as integrated sports facilities” states Christine Sun, senior vice head of research and analysis, OrangeTee & Tie.

The developer submitted the highest Amo Residences Ang Mo Kio price bid of S$381.4 million, translating to S$12,031 per square meter of GFA.

Additionally, the first PLH project in Rochor is located just 800m away from Farrer Park. Farrer Park site, according to Nicholas Mak, ERA Realty Network head of research and consulting. “If there is a chance that the Rochor HDB BTO site could be classified as to be a PLH project in turn, then the HDB flats on Farrer Park should also be included. Farrer Park site should also be included in this PLH project model.”

The median cost for resales apartments in the Kallang/Whampoa zone was $750,000 in the 1Q2022 period as per Sun from OrangeTee & Tie. Two brand new PLH apartments were launched close by. Should the Farrer Park apartments are released with the intention of being PLH flats, then they may be sold for the same cost as earlier PLH flats or perhaps higher, if you take into consideration inflation in the next couple of years from now She believes.

Four-room apartments on this site could range from $500,000 to $700,000 once it is first launched. “The site will likely see an influx of buyers when it is the site is launched,” says Sun. “Previous BTO launches for Kent Heights, River Peaks I & II and King George’s Heights were oversubscribed.”

The BTO flats located at Farrer Park Field are probably the first time public housing is being developed and seamlessly integrated into the facilities for sports and recreation as noted by Lee Sze Teck, Huttons Asia’s chief director (research). “This will revitalize the neighborhood in Little India,” he says.

The most recent time an BTO was established within the area was in 2002 on Farrer Park Road, reckons Lee. Resales of five and four-room flats located at Farrer Park Road are currently being sold for $700,000 and higher.

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Verdun House development was relaunched for en bloc sale in March 2022 to Fragrance Group CEO

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Amo Residences showflat

James Koh, the executive chairman and the founder Koh, the executive chairman and founder Fragrance Group, has won the open bid for Verdun House Verdun House, which is a mixed-use project situated at the intersection of Verdun Road and Sam Leong Road in Farrer Park.

Amo Residences showflat appointment has been awarded to United Ventures Development by URA.

As per a news release issued on April 27 , by Delasa the marketing agent for the group sale of Verdun House the commercial property was auctioned off for $55.1 million through the tender process that concluded on the 26th of April.

The price is $1,793 per square foot of the potential gross floor for commercial use space on the site. The developer is not required to pay a development fee for redeveloping the site at its maximum proportion of 4.2.

Verdun House Verdun House a four-storey building that houses the shops of four and F&B restaurants on the ground and 12 apartments on higher floors. The building was constructed in the 1980s.

The 15 title owners in the strata of Verdun House have given their consent to sell the house. However, the sale is subject to The Strata Titles Board’s acceptance. In the event that the deal is approved each apartment owner will earn approximately $2.1 millions and $2.8 million, and each shop owner will receive the sum of $5.7 million to $7.5 million.

The sale to Verdun House comes after several unsuccessful attempts. The project was first launched to be sold as a collective purchase in the year the year 2018 with a reserve in the range of $60,000. The owners attempted again in August 2021, with the Reserve price of $55million and the tender for en bloc was launched again at the same reserve rate at the beginning of March in 2022.

“While Verdun House may be renovated, it had greater prospects as a value-added proposition which could see the buyer renovating the property before updating the tenancies as well as the income. The interest that it attracted was mostly from local long-term property investors who are familiar with the area extremely well.” states Karamjit Singh the director of Delasa.

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What a potential hotel development might look like at Devonshire Road

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Amo Residences Ang Mo Kio

A freehold site located at 6,8,10 Devonshire Road has been put for sale via expressions of interest. As per ERA Realty Network, this site is estimated to fetch a cost of $50 million. ERA Realty is the sole marketing agent for the exercise of expression of sale which will begin on April 28.

Amo Residences Ang Mo Kio sits on a 12,679.4 sqm land area next to Bishan-Ang Mo Kio Park, District 25 of Singapore.

According to a press announcement from ERA on April 26th, the land up to be sold comprises five plots that have a total site space of 5.370 square feet. According to the most recent URA Master Plan, the site is designated for hotel use, with a an average plot ratio of 2.8.

The site currently has been granted approval for redevelopment to become a hotel development of six floors comprising 44 rooms that are approximately 318 sq feet each.

It’s not the first time that this site was put up for auction. In the month of December 2021, EdgeProp stated that the site was being offered to be sold with a suggested estimate of between $33 million to $35 million. The mortgagee sale for the site was overseen by the auction group of Knight Frank, but that auction was not successful and there were no bids until February 11 of this year.

In 2012 the site was originally planned to be redeveloped into a six-story apartment development named Devonshire 8 by developer Ivy Lee Realty. The developer company was unable to make payments on credit and liquidators from the court ordered the sale of the site for $25.9 million in July of 2016.

The opening of the 6,8,10 Devonshire Road comes two days after a similar freehold development located at the 118 Killiney Road was also put on the market. The six-storey structure is listed at $76 million, and is promoted via Edmund Tie.

The site located at The property at 118 Killiney Road is zoned “Residential with Commercial at 1st Storey” under the current Master Plan. The site has also been promoted as a potential redevelopment project for investment in the hospitality industry. Its tender to purchase the site expires on the 1st of June.

Just one block from 110 Killiney Road is the former Tai Wah Building which was transferred in a block in a single transaction to Lucrum Capital for $84.89 million in November 2017. In December 2021 the firm that invests in private equity declares that it is moving forward with the construction of a hotel on six floors with the capacity of 115 rooms.

So so far we have 7,8,10 Devonshire Road and 110 Killiney Road are the only development sites within the area that have been designated to be used for hotels.

“It is uncommon to find the freehold hotel development site being available in the market in which a boutique hotel can be planned from scratch. Therefore, we anticipate to see a great deal of demand from property developers and hospitality operators, and even institutional fund managers,” states Donald Goh director of Capital Markets and Investment Sales, ERA Realty.

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The adjoining shophouses on Kreta Ayer Road are for sale at an indicative price of $50 mil

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Amo Residences UOL

Two adjoining shophouses with conservation freeholds situated on 45B and 43 Kreta Ayer Road are available for sale through an expressions of interest for an estimated selling cost of $50 million or $5,836 per square foot.

Amo Residences UOL attracted 15 bids, including from top developers like Far East Organization, Sekisui House, and Sino Group.

The shophouses, which are situated on the 3,160 square feet of land, have three stories and an attic. They provide an aggregate total gross floor space (GFA) in the range of 8 568 sq feet. The two units were last renovated in 2012, with regular repair and re-decorative tasks carried out to keep the properties.

Nearly fully leased The shophouses are approved in F&B and entertainment at three different levels. “These shops are different in that they are conservation freehold properties. The owners currently are seeking to sell their property as they retire and believe there’s a need for shophouses located in locations that have a rich past, such as Chinatown,” says Benjamin Peh who is the associate senior director at C&H Properties, which is selling the shophouses.

The shophouses are situated in the Bukit Pasoh Conservation Area and are zoned for commercial use as per the 2018 Masterplan. Therefore, the shophouses do not have to pay Extra Purchaser’s Stamp Duty (ABSD) or Seller’s Stamp Duties (SSD).

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IMM Investment marks Gaw Capital’s maiden data centre in South Korea

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Amo Residences condominium

Gaw Capital Partners has signed agreements with IMM Investment Corp, a Korean private equity company to gain access to Korea’s Korea Internet data centre (IDC) market.

Amo Residences condominium will be developed jointly by three developers, UOL Group, Kheng Leong Company, and Singapore Land Group.

The agreement will result in Gaw Capital make a strategic investment in Dreammark1, an IDC with nine floors. IDC and make a strategic alliance along with IMM Investment Corp to grow Dreamline, which is a Korean Telecommunications service company which holds Dreammark1 as its affiliate.

In a press release on April 26 that announced the partnership, Gaw Capital says that the partnership will expand the Dreamline telecom business . It also marks as the initial stage for Gaw Capital to tap into the Korean IDC market.

“The ever-growing demand for data centers across Asia Pacific will continue to increase due to the increase in Internet use driven by the pandemic” declares Kok Chye Ong the head of IDC Platform, Asia (ex-China) and of Gaw Capital Partners.

Globally Gaw Capital’s Data Centre portfolio includes data centres located in China, Indonesia, Japan and South Korea. The private equity firm has stated they will search for opportunities to increase it’s IDC participation within South Korea.

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