Shunfu ville, a privatised HUDC estate on Marymount Road in Thomson was sold to Qingjian Realty for $638million in May 2016. Each flat owner stood to pocket an average of $1.78 million. The 358 units sits on a 99 year leasehold site of 408,927sqft with a plot ratio of 2.8 will be developed into a new residential project. The developer Qingjian Realty planned to develop 1000 units estimated high rise apartments of 25 storey and landed units.
The asking price for the Shunfu ville en bloc translates into $791 psf per plot ratio (ppr) on the potential gross floor area after including $218million differential premium payable to the government for a fresh lease of 99 years leasehold. The breakeven cost for the new condo launch Jade Scape will be $1250psf and at an estimated selling price of $1400-$1500psf. The site was successfully sold with an lower offer to Qingjian Realty at below reserve price of $688 million. The plot will be redeveloped into a new launch condo and named as Jade Scape in Year 2018.
Raintree Gardens located at Potong Pasir was sold for $334.2million in October 2016. Owners of the 175 privatised HUDC units will walk away with about $1.9million per unit. The developer UVD (Projects) a joint venture with UOL Group and United Industrial Corporation won the HUDC enbloc sales. UVD (Projects) decided to develop the 201,405 site to house about 750 units for $797 per sqft per plot ratio. The payment including top up fresh lease of 99 years and for redevelopment of the site to a gross plot ratio of 2.8.
The new condo launch development, The Tre Ver is expected to launch by 2nd half of Year 2018 onwards. Raintree Gardens is privatised in Year 2014 and the Raintree Gardens en bloc comprises two 12 storey maisonette block and one 7 storey maisonette block.
The former HUDC Rio Casa enbloc with a river fronting estate along Hougang Avenue 7 are sold for $575million in May 2017 to a joint venture company KSH Development, Oxley Holdings, Lian Beng Group and Apricot Capital. The joints venture company are known as Oxley Lian Beng Venture under Oxley Holdings. This translates to about $586 per square feet per plot ratio. The price include estimated about $202.8 million intensification of the site as well as top up of fresh lease of 99 years.
The HUDC Rio Casa en bloc with site area of 36811.1 square metres consists of 7 residential blocks of 286 apartment and maisonette units with a gross plot ratio of 2.8. Each owner is expecting to receive an excess of $2 million gross sale price through the completion sale of the estate. Previously the owners are expecting offers at above $450.8million only. The new condo launch will be coming in the second half of 2018 named as Riverfront Residences. As of today, over 500 units were sold at Riverfront Residences
The Privatised HUDC Serangoon Ville in Year 2014 is located in Serangoon North Avenue 1 has been sold to an Oxley Holdings led consortium for $499million. This is the third HUDC enbloc sales to succeed in collective sale in July 2017. The Serangoon Ville enbloc was bid by the joint venture firm Oxley Serangoon. The joint partners including Oxley Holdings, Lian Beng Group, Apricot Capital and entities of KSH Holdings and Heeton Holdings.
The piece of land translates to a land rate of $835 per sqft per plot ratio and the consortium has to pay estimated $195million to top up the lease to 99 years and intensify the land use. Each Owner will received $2million from the sale. Serangoon Ville consists of 7 blocks of 244 apartments and maisonettes sitting on a 296,913 triangular shaped plot of land. The site will be called as Affinity at Serangoon, a new condo launch in the first half of Year 2018. Besides Affinity at Serangoon, there will be another upcoming new condo launch under government land sales (GLS) located net to it at Serangoon North Avenue 1 too. The site is called The Garden Residences by HongKong Developer WingTai Asia.
Tampines Court the largest Singapore HUDC enbloc sales in the decade for HUDC (Housing Urban Development Company Estate). It has been sold to Sim Lian Developer for $970million in August 2017. Tampines Court located at Tampines Street 11 with a site area of 702,164 square feet & a plot ratio of 2.8 is able to yield around 2100 units estimated. Each owner will get to pocket around $1.7 million to $1.75 million.
The Tampines Court en bloc comprises 14 blocks with 560 units in total. The site works out to be about $676 psf including $359million for the top up for fresh lease of 99 years and to enhance the intensify for the site’s use. The breakeven costs for the upcoming new launch condo development is estimated at around $1,050 to $1,150 per square feet. Sim Lian Developer past tracks record at Treasure trove in Punggol, Waterview at Tampines West and several new launch executive condo mainly in Tampines area.
Florence Regency located at Serangoon Avenue 2 has finally closed a collective HUDC enbloc sale with Chinese Logan Property under private treaty in October 2017. The 389,236 sqft site is zoned residential with a gross plot ratio of 2.8 that could yield around 1000 units. The land costs works out to be $842 per sqft per plot ratio after factoring in the differential premium $286million to top up fresh lease of 99 years and to develop the site to gross plot ratio of 2.8.
Owner of the 336 units will each get to receive between $1.84 million to $1.89 million. Earlier on the Florence Regency enbloc had received a bid from Chinese Developer Kingsford that exceeded the reserve price of $600 million & the other two that did not. However, Logan Property is the only one whom agreed to match the independent value of $629 million.
The Chinese Logan Property also just launched their first site at Stirling road called Stirling Residences. This was their second land parcel in Singapore.
Privatised Estate HUDC enbloc sales Eunosville has been sold to MCL Land for $765 million in Jan 2017. It is located along Changi Road & Sims Avenue with a rectangular frontage opposite Eunos MRT station. The price was higher than the $643 million or $653 million the owners had asked for in April 2017. The additional differential premium of $194 million works out to a land cost of $909 per sqft per plot ratio to enhance the intensify of the site and to top up fresh lease of 99 years.
Each owner stands to gain a gross sale price of $2.25 million to $2.41 million upon successful of the sale. Eunosville enbloc comprises 330 units of 250 maisonettes over 6 blocks and 4 walk up apartments blocks with 75 units. It can be expected to yield up to 1399 units with an average of $1,700 to $1750 psf for a land size of 376,713 square feet area. MCL Land recent year new condo launch is at Jurong Lake Link called Lake Grande.
Farrer Court went through HUDC enbloc sales successfully in Year 2007 by consortium CapitalLand, Hotel Properties & US based Wachovia Development Corporation. The site was sold to them at $1.3388 billion. The price translates to around $762 to $783 per square feet. It includes the price of topping up the site’s remaining lease to 69 years to 99 years for a sum of $175 million to $225 million and also the differential premium for enhancing & intensify the site use to a 2.8 plot ratio.
The Farrer Court en bloc located at Leedon Heights has 618 privatised units. Each owner will get sum of $2.238 million & $2.122 million. The expected breakeven costs would have to be from $1200 to $1300 per square feet for the land area of 838,488 square feet. The main developer in charge CapitalLand planned to develop the site to a new 36 storey new condo launch with estimation of 1500 residential units in Year 2009. The latter now known as d’Leedon Residences located at Leedon Heights.
The initial reserve price was proposed to be $700 million in September Year 2006. By January Year 2007, it raised upwards to $840 million and followed by a final revision of $1.2 billion in March.
The privatised HUDC Ivory Heights is planning to join for the ongoing HUDC enbloc sales by gathering at least 80% consent from the homeowners of Ivory Heights. The reserve price of Ivory Heights is about $1.34 billion or $979 per square foot per plot ratio on the existing build up area and plot area of 1.86. And it includes an estimated differential premium of $160 million to top up the lease to 99 years. As of today, it left with balance lease of 69 years.
The Ivory Heights has a land size of 825,502 sqft and it comprises three high rise tower blocks and five blocks of low rise 4 storey walk up maisonette apartments. It is located at a prime location near Jurong East MRT station & Chinese Garden MRT station. And also near the future upcoming Kuala Lumpur to Singapore High speed train terminus. If the Ivory Heights en bloc went through, the took over developer would be able to build more units with it and gained most profits out of it. As for each owners will be expecting to pocket more than $2 million.
Pine Grove near Ulu Pandan were planning to attempt 3rd times HUDC enbloc sales at a reserve price of $1.65 million in September 2017. Based on the reserve price, each owner targeted to pocket at least $2.08 million to $2.64 million per unit.
The first attempt was in Year 2008, followed by Year 2011 second attempt failed to elicit any bids after the owner raised the bids to $1.33 million to $1.7 million reserve price. The previous two attempts tensions arises for the Pine Grove en bloc progressed. Pine Grove is left with 66 years balance of lease. Now is pending to tender for sale.
Braddell View build in Year 1981 was privatised in March 2017. It is the Singapore largest’s 18 HUDC estate. The 918 unit development is planning to form collective sale committee first and the owners is targeting each to pocket at least $2 million on the 1.124 million sqft land. The 99 years leasehold development has a balance of 63 years lease located at Braddell Hill.
For the Braddell View en bloc, total 82% out of 400 owners responded wanted to go for the HUDC en bloc sale.
Laguna Park located at Marine Parade road next to Siglap MRT station in East Coast is going for third attempt for collective sale. The 528 units HUDC development was build around 40 years ago. 56% of homeowners has gathered signatures for the collective sale. It has balance 59 years lease left. The reserve price is set at $2.1 million compared to a resale price of $1.4 million for a 1650 sqft apartment for the Laguna Park en bloc but failed to proceed in Year 2018. Currently It was relaunched again for sale by tender in April this year 2019 for a reserve price of $1.48 billion making it 4th bid to sell an en bloc for this price tag.
The reserve price translates to a land rate of $1,231 per square foot per plot ratio. The rate takes into consideration of an differential premium estimated of $407 million for intensification of the site to a plot ratio of 2.8 under the Urban Redevelopment Authority 2014 Master Plan. And a lease top up premium of about $420.7 million. Now the land rate will be slightly lowered than the $1,253 psf per plot ratio announced in September last year 2018.
Chancery Court a privatised HUDC located along Dunearn road has been launched for tender at an asking price of 390 million. The winning bid $401.78 million translates to about $1,610 per square foot based on the gross floor area. It is 6% higher than its reserve price for the bid price in May Year 2018. The amount of $182.4 million is for the differential premium for intensifying the site use, top up to fresh lease of 99 years for the remaining 73 years lease and redeveloped the site to a gross plot ratio of 1.4 based on a maximum gross floor area of 362,788 sqft.
The Chancery court has a land size of 259,134 sqft comprises 16 storey tower block and 7 blocks of 4 storey walk up maisonette on a site area. The owners of the 136 apartments and 8 commercial owners stands to receive a gross sale proceeds of $1.8 million to $3.5 million and $934,000 t0 $4.7 million. The winning developer is not announced for the Chancery Court en bloc sale.
Lakeview Estate a former HUDC was privatised in Year 2003 is looking to form collective sale committee soon. The 99 Years leasehold is located at Upper Thomson Road with 240 units in the development. It was build in Year 1977 for the middle income families with public housing of condominium spaces.
Amberville enbloc went through in January Year 2006 by Far East Organisation. They had paid $183 million for the 168 unit development and has since built the 99 years leasehold Silversea condo on the plot of land. The price exceeded their reserve price of $171 million. Each owner is expecting to pocket at least $1.089 million.
The price translates into $396 per square foot per plot ratio and include charge of $35.2 million and a differential premium of $23.8 million to top up to the fresh lease 71 years to 99 years.
Gillman Heights was acquired by CapitalLand for $548 million back in February Year 2007. It was put for sale in previous Year 2006 but did not received any offers they can accept now. Gillman Heights en bloc has 607 apartments in total around 1700 to 1975 square feet each & a shop unit. Each owner is expected to get $880,000 to $950,000 based on $363 per square foot per plot ratio.
The sum is included a differential premium of $90 million to top up the lease to 99 years and maximise the use of site ratio from 1.65 to 2.1. The winning developer CapitaLand planned to build 1200 units on the 24 storey new condominium and to be launched in Year 2008 which is known as The Interlace now.
Minton Rise a former HUDC was bought over by Kheng Leong a privately owned property group by family banker Wee Cho Yaw. The owners of the privatised HUDC en bloc sale each will get around $611,000 averagely. The land price works out to be $236 per square feet of potential gross area, inclusive of estimated $84 million development charge and $19.5 million of upgrading the site’s lease from 79 years lease to a fresh 99 years lease.
Minton Rise has total 342 apartment units. The land size 472,378.5 sqft is zoned for residential use of 2.8 ratio. It is now redeveloped as The Minton located in Hougang Street 11.
Waterfront View a former HUDC estate facing Bedok reservoir was sold to joint venture Far East Organization and Fraser Property for $385 million back in May Year 2006. It works out to a land price of $241 per square feet per plot ratio which inclusive of $102.2 million payment to enhance site’s plot ratio and top up the lease to 99 years from a balance lease of 78 years. The huge plot of land with size 809,037 sqft with over 2 million gross floor area can be redeveloped into a project about 1600 units.
The owners of the 583 units apartments and maisonette will each expecting to receive around $660,337. The former Waterfront view en bloc was redeveloped and divided into 4 current condominiums. The 99 years leasehold developments are named as Waterfront Waves, Waterfront Gold, Waterfront Key and Waterfront Isles.Visit New Launch Sg Property Homepage for other new launch condo!What is HUDC? HUDC is Housing Urban And Development Company (HUDC) where those buildings were privatised by the government in the recent years. The HUDC was meant to use for the soldiers and government sector for their housing needs etc.