SC Global to pay $266m for Paterson Tower
20 Mar 06
SC Global Developments will pay $266 million or $1,064 per sq ft per plot ratio (psf ppr) for 8 Paterson Hill, Paterson Tower.
In a press release yesterday, SC Global said that its offer, made by wholly owned subsidiary Grandon Pte Ltd, for the en-bloc purchase of all 72 units at Paterson Tower, had been accepted by a majority of unit owners.
Paterson Tower was put on the market in February and its marketing consultant United Premas had indicated an asking price of $280 million. The failure to achieve this price suggests that prices for such prime redevelopment sites may have plateaued.
Prices for prime redevelopment sites had been rising steadily this year. In February, Far East Organization paid $120 million or $1,058 psf ppr for Angullia Mansion, the highest price achieved since 1997. Then, earlier this month, Hasetrale Holdings paid $138 million or $1,218 psf ppr for Eng Lok Mansions, an all-time high for a collective sale site. Both properties are within a stone's throw of Paterson Tower.
The price for Paterson Tower may not have broken any records but owners will still walk away with about double the market price for their homes. The current market price is about $1.85-1.9 million per unit.
The $266 million price tag includes the price for a 6,459 sq ft adjoining plot of state land. The combined land area is 121,006 sq ft and the plot ratio is 2.1. This will give the new development on the site a potential gross floor area of 254,112 sq ft and a building height of 24 storeys.
In line with SC Global's niche development strategy, a high-end luxury residential development will be built.
The Boulevard Residences around the corner, which was also developed by SC Global, made the headlines last year when a three-bedroom unit sold for $2,200 psf in October, a record high.
By ARTHUR SIM
20 Mar 06
SC Global Developments will pay $266 million or $1,064 per sq ft per plot ratio (psf ppr) for 8 Paterson Hill, Paterson Tower.
In a press release yesterday, SC Global said that its offer, made by wholly owned subsidiary Grandon Pte Ltd, for the en-bloc purchase of all 72 units at Paterson Tower, had been accepted by a majority of unit owners.
Paterson Tower was put on the market in February and its marketing consultant United Premas had indicated an asking price of $280 million. The failure to achieve this price suggests that prices for such prime redevelopment sites may have plateaued.
Prices for prime redevelopment sites had been rising steadily this year. In February, Far East Organization paid $120 million or $1,058 psf ppr for Angullia Mansion, the highest price achieved since 1997. Then, earlier this month, Hasetrale Holdings paid $138 million or $1,218 psf ppr for Eng Lok Mansions, an all-time high for a collective sale site. Both properties are within a stone's throw of Paterson Tower.
The price for Paterson Tower may not have broken any records but owners will still walk away with about double the market price for their homes. The current market price is about $1.85-1.9 million per unit.
The $266 million price tag includes the price for a 6,459 sq ft adjoining plot of state land. The combined land area is 121,006 sq ft and the plot ratio is 2.1. This will give the new development on the site a potential gross floor area of 254,112 sq ft and a building height of 24 storeys.
In line with SC Global's niche development strategy, a high-end luxury residential development will be built.
The Boulevard Residences around the corner, which was also developed by SC Global, made the headlines last year when a three-bedroom unit sold for $2,200 psf in October, a record high.
By ARTHUR SIM