Laguna Park residents to pocket S$2.2m each from sale

Laguna Park residents will be pocketing about S$2.2 million each from the successful sale of the property, which will be put up for tender on May 24.

With a plot ratio of 2.8, Laguna Park’s price works out to S$975 per square foot per plot ratio.

The 528 unit, 677,493 square feet property is attempting a second collective sale attempt with Knight Frank as its sole marketing agent.

Knight Frank said the 33-year-old Laguna Park possesses many quality traits – it is the only available landsite along Marine Parade with a seafront view and it sits on a rectangular-shaped plot.

But the winning buyer would be tasked with (building a) potential 1,580 units for the redeveloped site, said Tan Tiong Cheng, chairman of the Knight Frank marketing team handling Laguna Park’s sale.

He maintains that with a rectangle-shaped plot, a consortium of developers could split the land up and sell the units in phases.

The firm is currently marketing the project to large property developers as well as a number of foreign ones.

Knight Frank has also highlighted Pine Grove as one of the key competitors to Laguna Park.

On top of Pine Grove, the marketing agent pointed out the large supply of government land and other key en-bloc projects as competition.

The overall sentiment among residents of Laguna Park is one of confidence.

“Residents are more positive about the sale this time around, because property market is more robust and developers are building up their land bank now. The previous time it was put on sale was about 2009, when the property market sunk due to the Lehman Brothers crisis,” said a resident who declined to be named.

Source : Channel NewsAsia – 18 May 2011

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