Business

Kentish Green and St Thomas Ville up for collective sale again

More collective sales are in the works with two more condos going on the market after their owners failed in earlier attempts.

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

St Thomas Ville is also up for collective sale again. It is eyeing bids of at least $58 million, the same as in an earlier attempt to be sold 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 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, next 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, before factoring in any bonus balcony.

The tender closes at 3pm on March 27. - THE STRAITS TIMES

Property