Kentish Green, St Thomas Ville seeking to sell en bloc again

The $200 million reserve price for Kentish Green would deliver each owner a net amount of between $1.5 million and $1.8 million.
The $200 million reserve price for Kentish Green would deliver each owner a net amount of between $1.5 million and $1.8 million.PHOTO: ERA

More collective sales are in the works as two more deals head to market after their owners missed out on earlier attempts.

Kentish Green condominium has been again put up for collective sale with a $200 million reserve price - a reduction from theprevious asking price of $230 million.

And St Thomas Ville is also up for collective sale again. It is eyeing bids of at least $58 million - no change from an earlier attempt to go en bloc.

Located in St Thomas Walk near River Valley Road, the 23-unit freehold District 9 property was up for sale last August, but the tender was called off due to delays in verification of technical details that stretched into the year-end holiday season.

The 122-unit Kentish Green in Oxford Road, off Rangoon Road, has an area of 59,165 sq ft, and 76 years left on its lease.

The buyer will have to pay a premium to top up the lease to a fresh 99 years - estimated at about $20 million, subject to further assessment and increase in the plot ratio.

The $200 million reserve price would deliver each owner a net amount of between $1.5 million and $1.8 million.

The collective sale committee was told by the Urban Redevelopment Authority that it had potential permissions to increase development parameters. These include an increase of the plot ratio from 2.8 to 3, an increase in height from six storeys to potentially 28, and an added commercial component of 0.3 per cent of the gross floor area.

The site is near Farrer Park MRT station and adjacent to an empty plot of land where the Russian Cultural Centre is slated to be built. The building will also house the Russian Orthodox Church.

The tender closes at 4pm on March 28.

The St Thomas Ville collective sale committee decided on a new launch after getting more than 80 per cent of owners' consent.

The $58 million reserve price works out to $1,816 per sq ft per plot ratio (psf ppr), before factoring in any bonus balcony.

There will be no development charge payable for site intensification due to a high development baseline. This includes a bonus gross floor area of up to 10 per cent. It has a gross plot ratio of 2.8 and an allowable height of up to 36 storeys.

The site is not subject to a pre-application feasibility study by the Land Transport Authority, and the guidelines on minimum average size of 85 sq m are also not applicable as it is within the central area.

The condo is near Great World City, Orchard Road and schools such as River Valley Primary School and Chatsworth International. The tender closes at 3pm on March 27.

A version of this article appeared in the print edition of The Straits Times on February 27, 2019, with the headline 'Kentish Green, St Thomas Ville seeking to sell en bloc again'. Print Edition | Subscribe