Former HUDC estate Rio Casa was on Monday (Apr 10) put up for collective sale, announced its marketing agent Knight Frank in a news release.
Owners of the river-fronting estate along Hougang Avenue 7 are expecting offers above S$450.8 million for the property, which translates to a land rate of about S$586 per square foot per plot ratio, according to Knight Frank. The price includes about S$141.5 million for intensification of the site, as well as a top-up of about S$57.5 million for a fresh 99-year lease, it added.
The estate, with a site area of 36,811.1 square metres, comprises seven residential blocks of 286 apartment and maisonette units.
The required 80 per cent consensus from residents for a sale tender to be called was obtained in an unusually short period, in under three weeks, said Knight Frank Singapore’s executive director and head of investment and capital markets Ian Loh.
“For most developments, this can take up to a year,” Mr Loh told Channel NewsAsia. “Existing unit sizes range from 151 square metres to 166 square metres. Each unit will be getting in excess of S$1.5 million.”
Knight Frank added that it expects strong interest from developers for redevelopment opportunities, as the site has more than 200 metres of riverfront and greenery views.
The tender for Rio Casa will close on May 23 at 3pm, the real estate consultancy said.
Source : Channel NewsAsia – 10 Apr 2017