Laguna Park up for en bloc sale for third time at S$1.48 billion

Laguna Park up for en bloc sale for third time at S$1.48 billion

Former HUDC estate Laguna Park has been put up for collective sale at a reserve price of S$1.48 billion, marketing agent Knight Frank Singapore said on Monday (Sep 17).

This is the third time owners of the development at Marine Parade Road are attempting an en bloc sale, after two earlier shots in 2007 and 2010.

The 99-year leasehold development was built in 1978 and comprises seven blocks of 506 apartments, 10 penthouses and 12 commercial units. It has a site area of more than 62,000 sq m.

Assuming an average unit size of 70 sq m, the redeveloped site may yield 2,487 new residential units, Knight Frank said.

The land price works out to S$1,253 psf ppr after factoring in an additional differential premium of about S$453.5 million and a lease top-up premium of about S$416.1 million for a fresh 99-year lease.

Despite recent property cooling measures, developments continue to be put up for collective sale, including two freehold sites near Orchard Road on Monday.

However, analysts have said that developers are likely to be more circumspect after the additional property curbs announced in July.

“Laguna Park is possibly the first and only en bloc site to be launched for collective sale offering both panoramic sea views and the convenience of an MRT station entrance at its doorstep,” said Mr Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore.

Siglap MRT station on the Thomson East Coast Line is expected to be built by 2023.

The tender for Laguna Park will close on Nov 1 at 3pm.

Source: Channel NewsAsia – 17 Sep 2018