Beaufort on Nassim, a prestigious residential plot for sale by tender
Savills Singapore on Aug 28 announced the launch for sale by tender, the collective sale of Beaufort On Nassim in prime District 10 at a minimum expected price of S$222.68 million which translates to a unit land rate of S$3,508 per sq ft per plot ratio. 26 out of 30 owners, representing 86 per cent of the development’s total share value and strata area, have given their consent to the sale.
Completed in 2008, the four-storey development, Beaufort On Nassim. occupies a site of approximately 4,212.6 sqm (or 45,344 sq ft).
The freehold 30-unit condominium comprises a mix of two- three-bedroom apartments and penthouses spanning from 115 sqm to 343 sqm. Under the 2014 Master Plan, the site on which Beaufort On Nassim sits is zoned for residential use with a gross plot ratio of 1.4. Subject to approvals from the relevant authorities, the site may be developed into a luxury condominium of up to four-storey height limit with an approved gross floor area of 5,890.82 sq m (or 63,408 sq ft).
The site boasting a wide visible frontage of nearly 65m, is positioned in the most enviable Nassim Road enclave, arguably the priciest residential address hosting an exquisite collection of residences to some of the city’s most prominent and well-heeled individuals. The surrounds include embassies, luxurious high-end condominiums: Nassim Park Residences, Sage, The Nassim, elegant black and white colonial bungalows with an eclectic mix of the most prestigious Good Class Bungalows (GCBs) predominantly. The development offers captivating views of the cityscape and lush green of the GCBs in the immediate vicinity.
Beaufort on Nassim is a stroll to Singapore main shopping belt of Orchard Road and minutes’ drive to the Central Business District, UNESCO crowned Botanic Gardens, food and beverage (F&B) chill-outs at Dempsey Hill and elite international schools. Conveniently located near the Orchard MRT station, it will enjoy greater connectivity with the completion of the Orchard Boulevard and Napier MRT stations on the Thomson-East Coast Line.
Suzie Mok, Senior Director of Investment Sales at Savills, Singapore, handling the sale, commented: “Beaufort at Nassim offers developers an extremely rare opportunity to secure a plum land along Nassim Road. Low density residential plots on this short stretch are far and few between, further limited by single-stakeholders’ plots which are tightly held and unavailable for sale. This will be the first collective sale site in Nassim Road in 13 years since the sale of Nassim Park in 2006. The latest registered deal is the sale of a freehold site of 66,452 sq ft at No.14/14A Nassim Road via private treaty at S$218 million (S$2,744 per sq ft per plot ratio including development charge).”
“Great locational attributes, prestige and rare availability of such site present a good value offering to developers. With the recent resurgence of property purchases in the luxury home segment by a growing stream of wealthy foreign buyers and multiple GCBs transactions at benchmark price tags in the vicinity, this premier neighbourhood is poised to benefit from a land value boost”, she added.
The tender for Beaufort On Nassim will close at 3pm on 30 September 2019.
The vibrant en bloc sale market was checked with the introduction of the property cooling measures introduced by the Government in July last year. The Government said the property cooling measures were necessary to check sharp increase in prices, which could run ahead of economic fundamentals and raise the risk of a destabilising correction later, especially with rising interest rates and the strong pipeline of housing supply.
Some observers said that the en bloc sales market will be dampened by the cooling measures. As developers become wary of end-demand and are hurt by the 5 per cent non-remittable Additional Buyers’ Stamp Duty (ABSD) on land purchase, it is expected to have an impact on their offer prices.
Before the introduction of the property cooling measures, overall private property prices rose across most market segments, with the largest price surge seen in the Core Central Region (5.5%) and Outside of Central Region (5.6%).
As developers’ existing stock continues to diminish and supply of completed homes remain low, many projects especially those in the CCR have raised prices of their unsold units, some by even double-digits this year. Private residential market continued to gain traction with individual re-sellers have also seized the opportunity of increasing their asking prices in light of the more positive market sentiment fueled by the recent collective sales frenzy.
The higher launch prices at some new projects have however slowed the buying momentum in the primary market and sales volume has dipped considerably quarter-on-quarter. While overall sales had slipped quarter-on-quarter, it rose marginally on a year-on-year basis.
Mr Paul Ho, the chief mortgage officer at iCompareLoan said, “despite the cooling measures, Beaufort on Nassim may appeal to developers because it is located in a low-density area with luxurious high-end condominiums and GCBs in the mix.”
He added: “Whatever decisions owners facing en bloc sale make, it is better to make it fast so that the sale (or non-sale) can be concluded with minimal delay and maximum benefit to the owners.”
One way is to conduct a Collective Sales Agreement (CSA) as well as concurrently collect a “Non Collective Sales Agreement (NCSA)”, so that once a NCSA reaches 20%, the collective sale process is called off. There is really no point to drag on.
Mr Ho suggested that if one’s home is at risk of en bloc, the owner could consider a home loan where there is no locked-in penalty, but instead entails a higher housing interest rate cost. The next best option is to look for packages with a waiver of locked-in penalty due to sale of property. Such owners may contact a mortgage broker to assist them to find such packages with waiver of locked-in penalty.
Whatever decisions owners facing en bloc sale make, it is better to make it fast so that the sale (or non-sale) can be concluded with minimal delay and maximum benefit to the owners. One way is to conduct a Collective Sales Agreement (CSA) as well as concurrently collect a “Non Collective Sales Agreement (NCSA)”, so that once a NCSA reaches 20%, the collective sale process is called off. There is really no point to drag on.
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