Property windfalls: Four of the biggest en bloc sales of 2017

SINGAPORE: The sale of Amber Park condominium, which was announced on Wednesday (Oct 4), set a record for Singapore’s largest freehold collective sale by dollar value, at S$906.7 million.

At this price, owners of the 200-unit freehold condominium would expect to receive gross sale proceeds of between S$4.3 million and S$8.3 million for their flat, marketing agent JLL said.

This sale comes as the local en bloc market heats up, with a number of sales resulting in multi-million dollar payouts for property owners.

Here are some of those which have grabbing the headlines this year.

TAMPINES COURT

A former Housing and Urban Development Company (HUDC) estate, Tampines Court was sold in August earlier this year for S$970 million – the biggest deal for a former HUDC property since 2007.

The sale left each owner set to receive between S$1.71 million and S$1.75 million each, depending on the size of the unit.

Located at Tampines Street 11, the 101-year leasehold property has 69 years left. At 702,164 sq ft, the plot of land is able to yield 2,600 units of an average size of 753 sq ft.

RIO CASA

Each owner of Rio Casa stood to receive a gross sale price of about S$2 million upon successful completion of the river-fronting estate’s sale, when the former HUDC estate sold for S$575 million to joint venture company Oxley-Lian Beng Venture in May this year.

The estate, with a site area of 36,811.1 sq m, comprises seven residential blocks of 286 apartment and maisonette units.

SERANGOON VILLE

Another former HUDC estate, Serangoon Ville was sold for S$499 million to joint venture company Oxley Serangoon in July this year.

Owners of the estate, which was privatised in 2014, will get about S$2 million per unit upon completion. The sales price and additional charges work out to a rate of S$835 per square foot per plot ratio, according to the marketing agent ERA Realty.

SUN ROSIER

Owners of the 78-unit Sun Rosier condominium off Bartley Road stood to receive between S$2.86 million and S$4.77 million, at an average of S$1,885 per square foot, when the freehold development was sold for S$271 million last month.

It was snapped up by SingHaiyi Group, which submitted a bid that was S$36 million above the asking price of S$235 million.

The 146,046 sq ft How Sun Drive site has a gross plot ratio of 1.4 under the Urban Redevelopment Authority’s 2014 Master Plan.

 

Source: CNA/nc

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