D10 | Farrer/Holland - Waterfall Garden, Sommerville Park, Verdure @ Holland Park, Botanika

[Guest]

Published February 9, 2006

MCL Land buys Waterfall Gardens
Price works out to $550 psf ppr, inclusive of charges, premium

By KALPANA RASHIWALA

MCL Land has bought the freehold Waterfall Gardens in Farrer Road and two smaller adjoining sites for $131.75 million. The price works out to $550 per square foot of potential gross floor area inclusive of development charges and a development premium payable to the state to maximise the site's redevelopment potential.

New 12-storey condo coming up: MCL Land could build about 200 units averaging 1,800 sq ft each and is expected to get the project launch-ready by the fourth quarter of this year
MCL Land's breakeven cost for a new 12-storey condo could be about $800 to $850 psf. The total land area is 160,932 sq ft.

The group is buying the property through an en bloc deal from its owner Farfor Investments, controlled by members of a family with Indonesian and Hongkong connections, although some family members are now Singapore citizens.

The family members go by two surnames - Tan and Lim.

This is the same family that developed the Shearesville project in Holt Road and bought one block of Cuscaden Residences for $1,028 psf in early 1999 from Hotel Properties - and later sold it to the Hong Leong Group and Japan's Mitsui group for $1,380 psf in August 2000.

Waterfall Gardens was sold through a private tender handled by DTZ Debenham Tie Leung. It closed late last month and attracted a handful of bids. Farfor's offer was the highest.

Farfor originally bought Waterfall Gardens, with a site area of 138,016 sq ft, in 1999 for $102 million. It later bought a remnant strip of private land next door for a couple of million dollars, sources say. And it recently purchased an adjoining state site of 20,602 sq ft for about $7 million.

These three parcels, involved in the latest sale to MCL Land, add up to 160,932 sq ft. The site is zoned residential with a 1.6 plot ratio - ratio of potential gross floor area to land area - and has a 12-storey height restriction.

MCL Land could build about 200 units averaging 1,800 sq ft each and is expected to get the project launch-ready by the fourth quarter of this year.

This weekend MCL is officially launching its Esta freehold condo in Katong. It has sold about 250 units in the 21-storey development since last month and is expected to raise the average price from $700 psf to $710 psf. Another MCL project that is expected to hit the market later this year is an exclusive low-rise condo comprising fewer than 50 units in Fernhill Road.

For Waterfall marketing agent DTZ, this is the second major investment sale deal it has announced in as many days. It also handled the $120 million collective sale of Angullia Mansion to Far East Organization.

[arthur]

Waterfall Gardens Site
The 170,000 sqft Waterfall Gardens site is advantageously located along Farrer Road near the Holland Road junction, where the major Farrer/Queensway and Holland arterial roads intersect and lead to all other parts of Singapore. Eventual homeowners of the redeveloped property (an anticipated 132-unit condominium) can look forward to a multitude of conveniences: the proposed Farrer MRT Station will be within walking distance, while just a short bus-ride away, the dining and recreational delights of the ever-popular Holland Village await.

It is also a convenient drive down Napier Road to the natural attractions of the Singapore Botanic Gardens and just beyond it, the Orchard Road shopping and entertainment belt. In addition, esteemed education institutions like Nanyang Primary School, St Margaret's Secondary School and Singapore Chinese Girls' School are in the vicinity.



above is taken from MCL's website.

[PropSurvey]

This is the artist's impression.

[hyacinthus]

This development has 3 12-storey blocks.

They are constructing a showflat now. So, I guess it's anytime March / April?

[hyacinthus]

This is how Waterfall Gardens used to look.

[hyacinthus]

Taken on 18 Jan 2005.

[ayanami]

Do you think there will be any views of the city ? Given that there are 2/3 buildings (don't know the name of the condo) behind it.

[arthur]

Originally Posted by ayanami

Do you think there will be any views of the city ? Given that there are 2/3 buildings (don't know the name of the condo) behind it.

The Levelz

[ayanami]

Originally Posted by arthur

The Levelz

Hmm....I mean "behind WaterFall Gardens", that is, away from the main road.

In other words, if someone stays at the WaterFall Gardens, and tries to look towards the Botanical Gardens direction, there are 2/3 building in this line of sight.

[Maverick713]

Originally Posted by ayanami

Hmm....I mean "behind WaterFall Gardens", that is, away from the main road.

In other words, if someone stays at the WaterFall Gardens, and tries to look towards the Botanical Gardens direction, there are 2/3 building in this line of sight.

It should be Sommerville Park just behind. This old estate could be en-bloc anytime soon.

[ayanami]

Originally Posted by Maverick713

It should be Sommerville Park just behind. This old estate could be en-bloc anytime soon.

Thanks Maverick713. Yes, that's the one I am referring to. What do you mean by "en-bloc" anytime soon ? There is an "expression of interest" already ?

[ayanami]

Decided to recce the site today. Here's the photo showing the 3 blocks of condo "behind" WaterFall Gardens.

[/QUOTE]

[ayanami]

Here's the photo showing the entrance of WaterFall Gardens.

[Aaronchong]

FYI...they already marketing the project oversea with 50% sold @ 1500psf..

[ayanami]

Originally Posted by Aaronchong

FYI...they already marketing the project oversea with 50% sold @ 1500psf..

If this is true, it's rather unbelievable! Farrer Road for S$1500 psf.

[seakei]

Originally Posted by ayanami

If this is true, it's rather unbelievable! Farrer Road for S$1500 psf.

wow.. plot ratio of 1.6 and 12 storey height limit can sell for $1500 psf??

So if, and a big "IF" here, Farrer Court (HUDC) enblocs, with a 2.8 plot ratio and 36 storey height limit (?? not sure but seems norm; 1.6pr:12st, 2.1pr:24st, 2.8pr:36st) that towers over every project in that area..

Does it mean FC can hit..er.. $2000 psf for a 99yr leasehold 36th storey penthouse unit?

[redstone]

Farrer Road tends to have bad traffic jams in rush hour.

[seanchew]

Originally Posted by redstone

Farrer Road tends to have bad traffic jams in rush hour.

soon will be gone after the MRT construction. and it's so near to orchard or everywhere as it's quite centralise. anyway anywhere also got jam during rush hour.

[falconeye]

Originally Posted by seakei

wow.. plot ratio of 1.6 and 12 storey height limit can sell for $1500 psf??

So if, and a big "IF" here, Farrer Court (HUDC) enblocs, with a 2.8 plot ratio and 36 storey height limit (?? not sure but seems norm; 1.6pr:12st, 2.1pr:24st, 2.8pr:36st) that towers over every project in that area..

Does it mean FC can hit..er.. $2000 psf for a 99yr leasehold 36th storey penthouse unit?

Not sure what happened above. But what I meant to say was that plot ratio and height limit on their own would not necessarily affect the selling price of a new development. Some of the most exclusive developments (e.g. Ladyhill, Nassim area) have plot ratios of 1.4. In fact, other than the view, I would consider condo developments with 1.4 plot ratio to be more exclusive and desirable for the simple reason that for the same size of land and units, I'm sharing with 1/2 as many units in a 1.4 plot ratio development compared with a 2.8 plot ratio.

[arthur]

Originally Posted by seakei

wow.. plot ratio of 1.6 and 12 storey height limit can sell for $1500 psf??

So if, and a big "IF" here, Farrer Court (HUDC) enblocs, with a 2.8 plot ratio and 36 storey height limit (?? not sure but seems norm; 1.6pr:12st, 2.1pr:24st, 2.8pr:36st) that towers over every project in that area..

Does it mean FC can hit..er.. $2000 psf for a 99yr leasehold 36th storey penthouse unit?

will you pay for that? no developer will price their penthouse in farrer area at $2000psf, not now and not in the near future. i cant see that happened.