SINGAPORE – Former HUDC estate Ivory Heights in Jurong East has taken a step towards an en-bloc sale with a vote in favour of the move at an extraordinary general meeting.
The collective sale committee is eyeing a reserve price of roughly $1.34 billion, marketing agent SLP International Property Consultants said on Monday (Oct 9).
It is now working to gather the required support of 80 per cent of home owners in the 654-apartment estate.
Based on a land area of 825,502 sq ft, the reserve price works out to about $979 per sq ft per plot ratio.
A successful bidder would also have to pay roughly $160 million to to top up the 99-year lease on Ivory Heights, which was built in 1986.