Two deals with a combined value of $676.5 million were announced yesterday in yet another sign of the continued resurgence in the collective sale market.
One involved the sale of Rio Casa, a privatised HUDC estate in Hougang, while mixed-use development Goh & Goh Building, near Beauty World MRT station, was also snapped up. These follow the sale of One Tree Hill Gardens for $65 million to Lum Chang Group this month. The number of deals has now matched the three done in all of last year: Shunfu Ville, Raintree Gardens and Harbour View Gardens.
Brisk new-home sales and the recovering sentiment in the residential property market have fuelled demand for sites among developers. Continue reading
The collective sale market, which saw a resurgence last year, is still firing with the sale of One Tree Hill Gardens for $65 million – the first such deal this year.
Marketing agent Knight Frank said yesterday that a unit of Lum Chang Group bought the freehold landed residential redevelopment site near Orchard Road.
The price works out to a land rate of about $1,664 per sq ft, it added. Continue reading
RIO Casa, a former HUDC (Housing and Urban Development Company) estate, was on Monday put up for collective sale by its marketing agent, Knight Frank Singapore.
The owners of the river-fronting estate along Hougang Avenue 7 are expecting offers of more than S$450.8 million for the property. This translates to a land rate of about S$586 per square foot per plot ratio, inclusive of a differential premium of about S$141.5 million for intensification of the site, as well as a lease top-up premium of about S$57.5 million for a fresh 99-year lease.
Knight Frank expects to see interest from developers for redevelopment opportunities, given the site’s more than 200 metres of riverfront and greenery views.
The residential redevelopment site is a privatised HUDC estate comprising seven residential blocks of 286 apartment and maisonette units. It has a site area of 36,811.1 square metres.
Under the Master Plan 2014, the site is zoned for “residential” with a gross plot ratio of 2.8. This translates to a maximum permissible gross floor area of about 1.1 million square feet.
The immediate vicinity is predominantly residential in nature, comprising landed housing, condominium and public housing estates.
The tender for Rio Casa will close on May 23, 2017, at 3pm.