Serangoon Ville, a previous Housing and Urban Development Company (HUDC) flats at Serangoon Avenue North, is being introduced for collective sale. Along with the proprietors, hoping proposals that varies from S$400 million to S$430 million. This links the rash of properties being raised for sale this year, urged by a revitalization in the enbloc market.
The 244-unit Serangoon Ville covers a land area of 296,913 square foot with a scheme ratio of 2.8. Every unit is projected to obtain sale profits extending from S$1.6 million to S$1.7 million as of the collective sale. Serangoon Ville partakes 69 years on its tenancy.
Over 80% of the owners by means of strata area and share value at Serangoon Ville have marked the collective sale contract inside an extent of 7 months, said the division director and marketing agent for the collective sale, Mr. Stanley Koo at ERA Realty Network Singapore.
The approaching developer is anticipated to hook up S$200 million to S$220 million for strengthening of the spot and a replenishment to a new 99-year leasehold. This decodes to an over-all land price of S$720 to S$750 per sqft, per plan ratio (all-encompassing of 10% extra gross floor expanse) and an assessed breakeven rating of S$1,100 per square foot for a fresh project on the location, Mr. Koo said.
The site is approximately 15 to 20 minutes’ drive to the Orchard and Central Business District, along with nearby schools such as St Andrew Junior School, Australian International School, Rosyth Primary School, Lyc Franis de Singapour and Nanyang Junior College.
The Serangoon Ville location also propose suitable contact to several amenities and facilities in the site, such as banks, wet markets, post offices, NEX Shopping Centre and Chomp Chomp Food Centre. The closest MRT stations are Lorong Chuan, Serangoon and Kovan. The tender for the spot will near enough on July 25.
Hitherto, this year, 4 en bloc sales costs slightly over S$1.5 billion have been closed, outstanding last year’s 3 sales costs around S$1 billion.
Mr. Tan Hong Boon, the JLL regional director of the capital markets mentioned that the collective sale committee (CSC) has been designated around 30 properties in the pipeline and another 10 properties where proprietors are fixing to design the CSC.
Suzie Mok, the Savills Singapore senior director for investment sales likewise projected around 30-40 properties that have designed the CSC or are starting the development. Savills Singapore is one of a kind marketing Hollandia condominium spot.
Knight Frank is advertising Dunearn Courtsite in major District 11 as well as the freehold classic condo Kemaman Point in Balestier.
Properties being promoted by JLL such as Florence Regency, Amber Park, Boon Teck Tower, Brookvale Park Condominium and Cavenagh Gardens. It has introduced the en bloc tender intended for The Albracca, an elegant 11-unit residential development laterally Meyer Road, this month.
Galven Tan, the CBRE director for investment properties mentioned that he is still confident of presenting collective sale tenders for the District 9, Cairnhill Mansions, and fabulous 12-unit Villa D’Este along District 10, in Dalvey Road this year as they are bordering close to the necessary 80% consensus mark.
This year has also seen picked up activities in enbloc sector as seen in Tampines Court, Rio Vista and also Sims ville.