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Laguna Park up for collective sale

Posted on 3 Sep 2009 | Comments Off

More than 80% of owners consent to sale at a reserve price of $1.2b

Laguna Park, a 528-unit ex-HUDC estate in Marine Parade, has just been officially put up for collective sale. More than 80 per cent of the owners have inked their consent to the collective sale agreement at a reserve price of $1.2 billion.

On the market: The 528-unit ex-HUDC estate in Marine Parade has a land area of about 677,493 sq ft and a gross plot ratio of 2.8

The price works out to $844 per square foot per plot ratio (psf ppr), including an estimated total cost of about $400 million payable to the state for the increase in intensity of the site to the plot ratio of 2.8 and the topping up of the lease term to fresh 99 years.

Laguna Park has a land area of about 677,493 sq ft and a gross plot ratio of 2.8. The successful developer would be able to build close to 1.9 million sq ft of gross floor area or some 1,500 apartments with an average size of about 1,200 sq ft. Laguna Park is one of the few known sites that have successfully obtained majority owners’ consent under the amended Land Titles (Strata) Act, which came into effect in October 2007.

‘Although the 80 per cent consent was obtained in December 2008, the tender exercise was put on hold till now, as major developers have only recently returned to the land market with confidence,’ said Tan Hong Boon, deputy managing director at Credo Real Estate, which is marketing the project. Continue reading →

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Posted in Developers, En-bloc / Collective Sales

Tagged Developer Sales, En-bloc / Collective Sales, Enbloc, Laguna Park, Land Sales

410 units snapped up at Trevista preview

Posted on 1 Sep 2009 | Comments Off

Singaporeans make up 87% of buyers; even Swiss nationals among purchasers.

NTUC Choice Homes has sold 410 of the total 460 units it released for the preview of its Trevista condo in Toa Payoh last week. The co-operative is expected to release more units in the 590-unit project this weekend when it does an official launch, accompanied by an advertising campaign, for the project.

Worth the wait: More units in the 590-unit project are expected to be released at its official launch this weekend

Singaporeans picked up 87 per cent of the total 410 units. Permanent residents made up 7 per cent and non-PR foreigners, 6 per cent, of buyers.

The majority of PRs and non-PR foreigners were from China; some were also from Indonesia and Malaysia; there were also a few Swiss nationals, an NTUC Choice Homes spokeswoman said.

She said 70 per cent of the buyers have HDB addresses and the other 30 per cent, private addresses.

About 80 per cent of buyers purchased on the normal progress payment scheme. The remaining 20 per cent who opted for interest absorption scheme are being charged a 2 per cent price premium, the Choice Homes spokeswoman said.

When sales in the 99-year leasehold condo began on Friday morning for the first batch of 210 units, the average price was $898 per square foot, but with two subsequent batches of additional units released, prices were adjusted marginally upwards, although this also had to do with the newer units being on higher floors and having better orientation.

The average price currently is understood to be around $920 psf. Continue reading →