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Property News30 Jan 2019

Gilstead Court, Lakeside Apartments relaunched for collective sale, with ongoing bids to lower reserve prices

ST 20190130 XGILSTEAD 4588065
Two sites, Gilstead Court and Lakeside Apartments, are back on the market for sale en bloc, likely with lower reserve prices amid the cooling collective sale fever.

Freehold Gilstead Court in the Novena-Newton enclave has been relaunched for sale by tender, and its collective sale committee has proposed to lower the reserve price from $168 million to $153 million.

Its marketing agent JLL yesterday said the move comes after the July 6 cooling measures last year, as well as the Urban Redevelopment Authority's revised maximum allowable dwelling units in non-landed residential developments.

The almost 9 per cent price cut was approved by those present at an extraordinary general meeting, and owners supportive of lowering the reserve price have begun signing a supplemental agreement.

Nonetheless, for the change to take effect, the legal process requires approval from owners representing at least 80 per cent by total share value and by total floor area. As of yesterday, owners representing more than 60 per cent have approved the lower reserve price, JLL said.

The original reserve price of $168 million translates to a land rate of about $1,590 per sq ft per plot ratio (psf ppr), or about $1,486 psf ppr after factoring in the 7 per cent bonus balcony plot ratio.

However, based on the lower proposed reserve price of $153 million, the unit land rate will be reduced to $1,448 psf ppr, or $1,353 psf ppr with the 7 per cent bonus balcony plot ratio. No development charge is payable for the 75,479 sq ft site, which has a gross plot ratio of 1.4.

The tender for Gilstead Court closes at 2.30pm on Feb 27.

Meanwhile, the 99-year leasehold Lakeside Apartments in Yuan Ching Road relaunches for collective sale by public tender today, with its reserve price possibly being lowered to $205 million from $240 million.

The effort to garner fresh 80 per cent support from owners is still ongoing, with the current support level at 70 per cent, said marketing agent SLP International.

With the new reserve price, the land rate would be about $939 psf ppr after taking into account the lease extension premium, differential premium, possible bonus balcony and the 5 per cent additional buyer's stamp duty introduced last July.

The land size is 12,465 sq m and there are 120 units with the same built-in size. The tender will close on Feb 27 at 3pm.

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