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Thread: Ex-HUDC Serangoon Ville up for collective sale

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    Default Ex-HUDC Serangoon Ville up for collective sale

    Ex-HUDC Serangoon Ville up for collective sale

    Jun 22, 2017

    Wong Siew Ying


    Home owners at Serangoon Ville have struck while the iron is hot and put their estate up for collective sale.

    Owners of the privatised Housing and Urban Development Company (HUDC) development in Serangoon North Avenue 1 expect the property will sell for $400 million to $430 million amid a resurgent market. Marketing agent ERA Realty Network said the winning bidder will have to fork out an additional $200 million to $220 million in estimated charges for intensifying the use of land and to top up the lease to a fresh 99 years.

    The asking price plus the extra charges work out to a land rate of $720 per sq ft per plot ratio.

    "I think the response to the tender will be good, looking at deals like Rio Casa and Eunosville recently. The owners want to hit the market while it is hot," said ERA division director Stanley Koo.

    Serangoon Ville comprises 244 units of apartments and maisonettes across seven blocks. Each owner is expected to receive about $1.6 million to $1.7 million from the sale, depending on unit sizes, which range from 1,625 sq ft to 1,733 sq ft. Serangoon Ville, which sits on a 296,913 sq ft plot, was privatised in 2014 and has 69 years of its lease left.

    Mr Koo said the site can be redeveloped to offer 750 to 900 apartments with an average size of 750 sq ft.

    This tender comes amid brisk collective sale activity. There have been four sales this year - One Tree Hill Gardens, Goh & Goh Building and the former HUDC estates Rio Casa and Eunosville. Rio Casa in Hougang sold last month for $575 million. Eunosville in Sims Avenue went for $765 million in a deal finalised this month. Both were done above the owners' asking prices.

    "Now the home owners (at Serangoon Ville) are hoping the same goes for their tender too," Mr Koo said. The Serangoon Ville tender closes on July 25.

    Analysts expect collective sale activity to pick up this year amid developers' hunger for sites, healthy new home sales and positive sentiment in the private residential market.

    Two other former HUDC estates in Tampines and Hougang could also be put up for collective sale. The Straits Times understands that owners at the 560-unit Tampines Court are asking for at least $960 million, with the intention to launch the tender early next month. Owners at the 336-unit Florence Regency in Hougang plan to commence signing of the collective sale agreement next month, marketing agent JLL said.

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    Serangoon Ville put up for collective sale

    Owners of the former HUDC estate expect offers ranging from S$400 million to S$430 million

    June 22, 2017

    Lynette Khoo


    SERANGOON Ville, a former HUDC estate at Serangoon Avenue North, has been launched for collective sale, with the owners expecting offers in the range of S$400 million to S$430 million. This joins the spate of properties being put up for sale this year, spurred by a revival in the en bloc market.

    The 244-unit Serangoon Ville sits on a land area of 296,913 sq ft with a plot ratio of 2.8. Each unit is expected to receive sale proceeds ranging from S$1.6 million to S$1.7 million from the collective sale. Serangoon Ville has 69 years left on its lease.

    More than 80 per cent of the owners by share value and strata area at Serangoon Ville have signed the collective sale agreement within a span of seven months, said Stanley Koo, division director at ERA Realty Network Singapore and marketing agent for the collective sale.

    The incoming developer is expected to cough out S$200 million to S$220 million for intensification of the site and a top-up to a fresh 99-year leasehold. This translates to a total land cost of S$720-S$750 per square foot per plot ratio (inclusive of 10 per cent bonus gross floor area) and an estimated breakeven pricing of S$1,100 per sq ft for a new project on the site, Mr Koo said.

    The location is about 15 to 20 minutes' drive to the Central Business District and Orchard, as well as near schools including Australian International School, St Andrew Junior School, Rosyth Primary School, Nanyang Junior College, and Lycée Français de Singapour.

    The Serangoon Ville site also offers convenient access to many amenities and facilities in the area, such as NEX Shopping Centre, Chomp Chomp Food Centre, wet markets, banks, and post offices. The nearest MRT stations are Kovan, Serangoon, and Lorong Chuan. The tender for the site will close on July 25.

    So far this year, four en bloc sales worth slightly over S$1.5 billion have been sealed, surpassing last year's three sales worth about S$1 billion.

    JLL regional director for capital markets Tan Hong Boon said there are about 30 properties in the pipeline, where the collective sale committee (CSC) has been elected, and another 10 properties where owners are preparing to form the CSC.

    Savills Singapore senior director for investment sales Suzie Mok also estimated some 30-40 properties that have formed the CSC or are initiating the process. Savills Singapore is marketing Hollandia condo site.

    Knight Frank is marketing Dunearn Court site in prime district 11 and freehold condominium Kemaman Point in Balestier.

    Properties being marketed by JLL include Amber Park, Florence Regency, Brookvale Park Condominium, Boon Teck Tower and Cavenagh Gardens. It has launched the en bloc tender for The Albracca, an 11-unit residential development along Meyer Road, this month.

    CBRE director for investment properties Galven Tan said he is still hopeful of launching collective sale tenders for Cairnhill Mansions in district 9, and 12-unit Villa D'Este on Dalvey Road in district 10 this year as they are edging near the requisite 80 per cent consensus mark.

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