Court of Appeal gives Shunfu Ville sale the green light

Four years after the collective sale committee at Shunfu Ville was formed, the sale of the Bishan estate has finally got the green light.

The Court of Appeal yesterday dismissed an appeal filed by objectors against the sale of the 358-unit privatised HUDC estate. The sale grabbed headlines last May, when more than 82 per cent of the owners agreed to sell the estate for $638 million to property developer Qingjian Realty.

But the deal hit a snag when some owners objected to the sale last July, later filing an appeal to the High Court. One objection queried if the transaction was done in good faith, taking into account the sale price. Continue reading

Advertisements

Shunfu Ville Qingjian

The 358-unit Shunfu Ville, built in the late 1980s by the former Housing and Urban Development Company (HUDC) and privatised in 2013, sits on a 408,927 square foot site with about 70 years left on its lease and a plot ratio of 2.8. The residential plot was sold to Qingjian Realty for $638 million, the largest collective sale since 2007. There has not been any government sites in the Bishan-Thomson area up for sale since October 2014. The site could potentially yield over 1,000 units with an average size of 1,000 sq ft.

Shunfu Ville is conveniently located near to Marymount MRT Station, serving the Circle Line. In terms of MRT connectivity, Shunfu Ville is just one stop away from Bishan Station and the conveniences of Junction 8 mall. The new project can rise up to 36 storeys. This will give the future condo project on the site nice views of MacRitchie Reservoir and the surrounding greenery. For golf lovers, another attraction is that the site is a short drive from the Singapore Island Country Club; the club’s Sime Course will become a public golf course after 2021. While that site is in a more central location, Shunfu Ville can be seen as part of the more upmarket Thomson location.

The new condominium is expected to launch in 2H 2017. For latest update on Shunfu Ville Qingjian, simply fill up your details below and our salesperson will get in touch with you shortly!

High Court approves Shunfu Ville collective sale

Property developer Qingjian Realty yesterday obtained High Court approval for the collective purchase of Shunfu Ville estate.

The Straits Times understands that two owners who had objected to the sale were at the High Court yesterday, but were not represented by lawyers.

No written judgment was issued, but the objecting owners have 30 days to file an appeal. Continue reading

Collective sales make blockbuster comeback

NOUVEL 18

Value: $965.4 million

To avoid hefty penalties over unsold units at the Orchard Road condominium, City Developments (CDL) worked out a complex financial deal in October.

It sold its stake in the project via a profit participation securities scheme, which involved equity shares worth $102 million that were reportedly taken up by 14 high net-worth investors, including Osim founder Ron Sim and Fragrance Group boss Koh Wee Meng. Continue reading

Raintree Gardens sold en bloc for $334.2m

The modest comeback of collective sales has kept up with the sale of Raintree Gardens in Potong Pasir for $334.2 million, after more than five developers bid for the site.

Many unit owners of the 175-unit privatised HUDC estate will walk away with about $1.9 million per unit, which is a premium of almost 90 per cent over the last transaction price of about $1.1 million this year. Continue reading