The immortal lines of Shelly, if winter comes, can spring be far behind? has provided encouragement agelessly.
As first blooms of spring make their appearance in the Residential En Bloc Market, the market cheers the new launches and relaunches expecting a stabilization period filled with realistic expectations and balanced growth.
Grange Heights, the freehold residential property at St Thomas Walk, River Valley Planning Area (D9) is the latest En Bloc Sale relaunch through Marketing Agent, Colliers International.
Market watchers appreciate the caution and confidence displayed by the owners in maintaining the price tag at S$820 Million, kindling the developer’s interest and their competitive spirit.
Because mixed reaction prevails in the market – some sellers have been subdued to lower the reserve price while some others have dared to increase.
Others like Horizon Towers in the Orchard Road area have maintained their previous asking price like Grange Heights.
The reserve price S$820 million translates to S$1,948 psf ppr, which includes bonus balcony GFA.
Built in 1976, the 120 residential units of Grange Heights are spread over three blocks on a 136,676 sq ft site, which attracts no development charges and has GPR of 2.8.
Located in the Central Region, it escapes the recent restriction on the maximum number of units in non-landed residential developments and minimum size requirement of 85 sqm.
It has the potential to be developed into GFA 420,965 sf of 508 units in different sizes under the height control of 36-storeys, against approval.
Having units in size between 1,884 sq ft and 4,575 sq ft, successful En Bloc sale of Grange Heights would yield their owners between S$5.24 million and S$10.76 million.
Ho Siew Lan, Chairman, Collective Sales Committee is cautious as well as enthusiastic over the exercise and believes that the luxurious features and non-availability of similar properties in the vicinity would strongly attract the developers.
The Changi Airport is accessible via East Coast Parkway under 30 minutes; the Raffles Place (CBD) could be reached within 10 minutes and the shopping belt Orchard Road within six minutes.
The River Valley Primary is located within 500 meters and ISS International School within 1.5 km from Grange Heights.
The nearest MRT Stations are Somerset (450m approx.) and Orchard (800m approx.) at less than 10 minutes walking distance from Grange Heights.
The Morningside, Airview Tower, River Valley Primary School, National Youth Council, the Cosmopolitan are some bus stations in the neighbourhood.
The Istana Park, which is open 24 hours, is situated less than 1km from Grange Heights.
Within a radius of 1km, the Supermarkets available are TripleOne Somerset Cold Storage, Takashimaya Cold Storage, Great World City Cold Storage, Fairprice – Orchard Grand Court, Fairprice Finest – Scotts Square, Paragon Market Place, Jasons ION and 313@Somerset.
Several Medical Centres, Dental Clinics, Psychology and Aesthetic Clinics are within walkable reach from Grange Heights.
The Standard Chartered Bank, POSB and OCBC, which are located within 500 meters (approx.) in the vicinity offer banking transactions with ease.
Tang Wei Leng, Managing Director, Colliers International draws insight from analytical inputs and forecasts that redevelopment of properties like Grange Heights is essential to maximize the land use.
The yearly requirement of residences has been closed to 13,000 in the last decade.
Presently, almost all the new developments and redevelopments have their TOP by 2022.
To continue to cater beyond 2023, in line with the historical average requirement, En Bloc sites like Grange Heights are highly in demand.
The tender exercise for the En Bloc sale of Grange Heights closes on March 11, 2019 at 3 pm.