En bloc contagion spreads to commercial, mixed-use properties – The Business Times
Katong Shopping Centre’s last reserve price of S$630 or S$2,248 psf ppr looks a bit stretched, considering the 60% residential use requirement set by URA. Taking into consideration CDL/Hong Leong’s recent acquisition of Amber Park at S$1,515 psf ppr, and if we price KSC’s residential component at the same rate, that would imply a S$3,300 psf ppr value pegged to KSC’s commercial component! Almost double the S$1,689 psf ppr that IOI paid for a Marina Bay site last year!
With the failure of the last enbloc attempt, reserve price should come down. Could CDL/Hong Leong come in and snatch up KSC this time round, to protect its pricing power for the new Amber Park redevelopment? Given that CDL owns 60 units and 323 carpark lots in KSC at a very low cost, their effective cost will also be reduced by offsetting with the enbloc proceeds for the units they owned there. Hopefully, KSC owners will get lucky this time round.
Dunearn Court sold to Roxy-Pacific for $36.3m – Property Guru
Enbloc has been a daily affair in recent times. Each owner will get S$2.91m to S$3.12m! Congratulations to the 12 multi-millionaires!