ST PATRICK’S Gardens estate off East Coast Road has been sold for $172 million – the second-biggest collective sale this year but still below what the owners had initially counted on.
The price UOL Group paid for the freehold condominium on site works out to $812 per sq ft (psf) per plot ratio (ppr), inclusive of a 10 per cent balcony allocation.
When it was launched for sale in June, the block had an indicative price of $188 million, or $888 psf ppr, including the additional balcony space.
It failed to get a buyer and owners relaunched the 98-unit development in October without an indicative price.
The Straits Times understands that the $172 million sale price was slightly below the reserve price and that marketing agent Colliers International had to collect the 80 per cent support for the sale again.
The owners of the flats, whose sizes range from 89 sq m to 146 sq m, are expected to receive between $1.53 million and $2.06 million in gross proceeds.
The 137,561 sq ft site has an allowable gross plot ratio of 1.4 and can be redeveloped to five storeys accommodating 176 units of 1,200 sq ft each, Colliers had earlier said.
Ms Tang Wei Leng, Colliers’ executive director for investment services, also said the project does not fall under recently announced rules by the Finance Ministry that require developers to complete and sell all the units in a residential development within five years or pay an additional stamp duty of 10 per cent.
Land bought on or before Dec 7 with the option exercised on or before Dec 28 are not subject to these rules. The option to purchase St Patrick’s Gardens was issued before Dec 7 and already exercised, Ms Tang noted.
UOL said the deal will be financed by internal resources and bank borrowings.
The sale comes after a cluster of shops and homes at Henry Park Apartments went for $176 million earlier this month.
The amount is also slightly more than that for the collective sale of Hong Leong Garden Shopping Centre, which sold for $171 million in September.
The Straits Times – December 16, 2011
By: Esther Teo