Laguna Park on en bloc sale

Laguna Park, a residential redevelopment site in District 15, is up for en bloc sale at an expected price of S$1.33 billion.

This is the second time the 33-year-old development has been put up for sale, with a previous attempt in October 2009.

Sole marketing agent Knight Frank said the prime leasehold site is located along Marine Parade Road and has a land area of nearly 63,000 square metres.

The land is zoned for residential use at a plot ratio of 2.8.

Laguna Park currently comprises 516 residential apartments and 12 commercial units with sizes ranging from 135 square metres to nearly 315 square metres.

Knight Frank said this translates to a land price of S$975 per square foot per plot ratio, based on the potential gross floor area of about 176,000 square metres and the expected price of S$1.33 billion.

Laguna Park residents will be pocketing about S$2.2 million each from the successful sale of the property.

Knight Frank added that the site is a rare one with unblocked sea views spanning 300 metres and a clear city skyline.

The tender will close on July 5.

Source : Channel NewsAsia – 23 May 2011

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