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ARDMORE
It's not uncommon in Asia for entire blocs of
condominiums to be purchased and demolished for new luxury housing,
especially in the Singapore's most prime Freehold tenured plots.
Ardmore is experiencing a resurgence because of the Orchard
Turn effect.
 
Ardmore site up for en bloc sale at $471m
Asking price works out to record $1,500 psf per plot
ratio
2006: Anderson 18,
a prime freehold residential site in the Ardmore area,
is up for collective sale to the tune of $470.8 million - or a staggering
$1,500 per square foot per plot ratio (psf ppr).
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| Anderson 18:
If the asking price is met, the sale could be the largest en bloc
offering in Singapore, both in absolute dollar value terms and in
the price paid per square foot per plot ratio |
If the asking price is met, the sale
could well shape up to be the largest en bloc offering in Singapore, both in
terms of absolute dollar value as well as in the price paid psf ppr, said
Knight Frank, the property consultancy brokering the sale.
The price includes an estimated
development charge (DC) of $43.9 million.
The 10,400 square metre site has a plot
ratio of 2.8 and a maximum building height of 36 storeys. Any successful
developer would be able to build about 149 units with an average size of
2,000 sq ft each, said Knight Frank.
'The recent improvement in take-up rate
for high-end condominium developments on the back of the economic recovery
should increase the site's attractiveness to developers,' said Knight Frank.
'In pricing the apartments, the developer will take the cue from the sale of
similar developments such St Regis, The Tate Residences and Ardmore II.'
Based on this, the owners are asking for
$426.9 million, excluding the DC.
Right now, Anderson 18 is a tower block
of 71 residential apartments.
Owners stand to walk away with between
$5.9 million and $6.1 million a unit, which translates to an en bloc premium
of about 70 per cent.
The tender will close at 3pm on Jan 25.
- by Uma Shankari SINGAPORE
BUSINESS TIMES December 16, 2007
More than 50% of Ardmore II units sold
Wheelock Properties, which
conducted a soft launch of its latest luxury condominium, Ardmore II, on
Tuesday, said yesterday that more than half of the units were snapped up on
the very first day.
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| Ardmore II offers four-bedroom
luxury apartments at prices between $4.2 million and close to $5.5
million. At a standard 2,023 sq ft a unit, the average price of the
units works out to $2,300 per square foot. |
About 52 per cent of the 118 units at
Ardmore II, located in the prime Ardmore Park area, were sold, said the
company.
Ardmore II offers four-bedroom luxury
apartments at prices between $4.2 million and close to $5.5 million. At a
standard 2,023 square feet a unit, the average price of the units works out
to $2,300 psf.
Even before the soft launch, interest in
the development was high, said Tan Bee Kim, general manager for marketing at
Wheelock Properties. Tuesday's launch was via appointment only, and all
appointment slots were fully booked. Wheelock offered five appointments for
each half hour period.
Ms Tan said the project saw especially
strong interest from buyers of Wheelock's previous developments such as The
Cosmopolitan and Grange Residences. 'We are delighted and encouraged that
our development has attracted such enthusiastic response and definitive
endorsement from our past purchasers,' she said.
'For the soft launch, we are giving a
discount of about 10 per cent, but depending on the response, we will review
the pricing.'
For Ardmore II, most of the buyers (80
per cent) were locals, said Wheelock.
Ms Tan said Wheelock's past projects
usually had a good mix of Singaporean and foreign buyers. For The
Cosmopolitan, Singaporeans account for about half of purchases; for Grange
Residences, locals make up 60 per cent of buyers.
Designed by Architects 61, Ardmore
II's two 36-storey towers sit on 90,000 sq ft of land across from the
Shangri-La Hotel. The development is targeted for completion at end-2009.
- by Kalpana Rashiwala SINGAPORE
BUSINESS TIMES Sept 28, 2006
Wing Tai closes in on Ardmore Point
Wing Tai Holdings is said to be close to
buying the freehold Ardmore Point in prime Ardmore Park for around $200
million.
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| Buying spree: Last October,
Wing Tai clinched Belle Vue in Oxley Walk (next) for $227.3 million
and it may soon pay around $200 million for Ardmore Point (above) |
This works out to a unit land price of
about $1,358 per sq ft of potential gross floor area, including an estimated
development charge (DC) of $31 million.
The unit land price matches the record
set last month for Pin Tjoe Court next door, which was awarded to Pontiac
Land Group for $201 million.
CB Richard Ellis brokered the collective
sale of Pin Tjoe Court and is doing the same at Ardmore Point, which is
being sold through a private treaty.
The tender for Ardmore Point closed on
Aug 8 but there was no sale because potential bidders were said to be
waiting for the outcome of the tender for Pin Tjoe Court site, which closed
on Sept 20.
The thinking was that potential bidders
may have been keen on buying both sites with a view to amalgamating them for
a more substantial condominium project.
But the whopping $1,358 psf per plot
ratio (psf ppr) fetched for Pin Tjoe Court last month caught most market
watchers by surprise, as it was 10.6 per cent higher than the previous
benchmark of $1,228 psf ppr set for Habitat One across the road in July.
Wing Tai can redevelop the 60,533 sq ft
Ardmore Point site into a new condominium with about 95 units averaging
1,800 sq ft. The breakeven cost could be around $1,800 psf or more, analysts
say.
Both Ardmore Point and Pin Tjoe Court are
zoned for residential use with a 2.8 plot ratio - the ratio of potential
gross floor area to land area - and a 36-storey height limit.
The existing 20-storey Ardmore Point has
47 units, according to an earlier report.
Wing Tai recently posted its best
financial results since 1997, achieving a net profit of $128 million for the
year ended June 30, 2006 - up from $24.4 million the year before.
The property group has been buying
prime freehold housing sites through collective sales to
restock its landbank and ride on the luxury
residential boom.
In May this year it snapped up Newton
Meadows through a collective sale for $73 million, or $666 psf per plot
ratio including DC. And in October last year it clinched Belle Vue in Oxley
Walk for $227.3 million or $666 psf ppr. Wing Tai also bought Phoenix
Mansion in Cairnhill Road for $57.9 million or $716 psf ppr in July last
year. - SINGAPORE
BUSINESS TIMES October 11, 2006
A new benchmark could be set if the $220m asking price for the prime
location is met - Ardmore Point - sold to Wing Tai - article above
A new benchmark could be set for the price of freehold
residential land if owners of Ardmore Point are successful in the collective
sale of their homes in the prime Ardmore Park location.
They are asking for $220 million, which translates to a unit land price
of $1,432 psf of potential gross floor area, including an estimated $22.7
million development charge (DC).
Market watchers suggest the actual reserve price set by the owners could
be 5 to 10 per cent lower, at $1,289 to $1,360 psf per plot ratio including
DC.
But even at these levels, if they are achieved, Ardmore Point will still
topple the current record of $1,218 psf ppr set by Eng Lok Mansion in March
this year.
'We're confident that with competition from bidders, we'll be able to
exceed Ardmore Point's reserve price,' says CB Richard Ellis executive
director Jeremy Lake, whose firm is marketing the collective sale. Based on
the asking price of $1,432 psf ppr, the breakeven cost for a new condo
project on the Ardmore Point site could work out to around $1,950 psf. Using
the likely reserve price, the breakeven would be a lower $1,830 psf. That
still leaves a profit margin for its developer going by current pricing
expectations for coming launches in the area.
Across the road, Wheelock Properties (Singapore) will launch in October
its 118-unit condo, Ardmore II, on the amalgamated Ardmore View and Habitat
II site at an average $2,250 psf, Wheelock CEO David Lawrence told BT
yesterday.
The development will comprise of two 36-storey towers and all 118 units
in the project will be four-bedroom apartments of 2,050 sq ft each.
Ardmore Point has a freehold land area of 60,533 sq ft and market
watchers say that whoever bags it is also likely to be eyeing the next door
Pin Tjoe Court, which is expected to be put up for tender soon.
The two sites will have a combined land area of over 120,000 sq ft -
enough to accommodate a new condo with about 165 units averaging 2,000 sq
ft. Both sites are zoned for residential use with a 2.8 plot ratio (ratio of
potential maximum gross floor area to land area) and a maximum height of 36
storeys.
Ardmore Point's tender closes on August 8.
The existing 20-storey Ardmore Point has 47 units.
Based on the $220 million asking price, owners stand to receive sums
ranging from $2.3 million to $7.9 million per unit.
These are about 120 per cent more than what the units would fetch if sold
individually. - by Kalpana Rashiwala SINGAPORE
BUSINESS TIMES July 5, 2006
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ESSENTIALS |
ARDMORE PARK |
| Street
Address:
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9
Ardmore Park
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| District:
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10
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| Tenure: |
Freehold |
| Built: |
2001 |
| Total: |
330
units
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| Facilities:
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Swimming Pool
Tennis Court
Wading Pool
Barbeque Area
Gymnasium
Fitness Track
Clubhouse
Playground
Putting green
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| Unit Size: |
4 bedrooms: |
268 sq m |
|
Penthouse: |
812 sq m |
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