Seletar Garden sold in collective sale exercise for S$96.2m

The freehold mixed-use development Seletar Garden has been successfully sold in a collective sale exercise for S$96.2 million to a consortium led by Oxley Holdings. It is the first successful en bloc sale out of the eight sites launched this year.

The sale price is much higher than the asking price of between S$80 million and S$85 million.

Each apartment owner is set to receive between S$2 million and S$2.3 million, while each shop owner can get between S$5 million and S$5.4 million.

The freehold site, launched on February 2, has an area of 73,098 square feet. It has a gross plot ratio (GPR) of 1.4 and an allowable height of up to four storeys.

The current development comprises 20 apartments and 10 shop units.

More than 80 per cent of the owners – by share value and strata floor area – had signed a collective sale agreement to sell the property.

Credo Real Estate, who handled the sale, said the sale price reflects a land rate of S$890 per square foot per plot ratio. This is also after factoring in the potential of acquiring the adjoining state land sites, Credo said.

“The Singapore Land Authority (SLA) has also granted an in-principal approval for the amalgamation of some adjoining state land parcels for comprehensive redevelopment of the site,” Credo said.

Seletar Garden received five bids when its tender closed on March 7.

One of the attractions of the site is its proximity to the upcoming the 320-hectare Seletar Aerospace Park, which will open in 2018.

Source : Channel NewsAsia – 9 Mar 2012

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