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.
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| 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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