Shunfu Ville, a 358-unit residential sale in the Bishan-Thomson area, has been launched for collective sale by tender, marketing agent JLL announced on Wednesday (Sep 2).
The Shunfu Road estate comprises three 16-storey apartment blocks and three low-rise blocks of 6-storey maisonettes. It was built in the late 1980s by the former Housing and Urban Development Company (HUDC) and was privatised in 2013.
The 408,927 square foot (sq ft) plot which has a leasehold of 99 years could potentially yield about more 1,100 residential units with an average size of 1,000 sq ft, JLL said.
“The new project could likely be the tallest residential development within its 1 km radius, with breath-taking views all round, as the (Urban Redevelopment Authority) Master Plan provides for a building height of up to 36 storeys,” said Mr Tan Hong Boon, regional director of Capital Markets at JLL. “Its close proximity to the MacRitchie Reservoir and the Singapore Island Country Club and towering height promises spectacular views of the water bodies and lush greenery.”
More than 80 per cent of the owners have signed their consent for the collective sale. They are expecting offers in excess of their minimum price of S$688 million for the whole estate.
“The estimated breakeven cost for the successful purchaser should be around S$1,250 per square foot (psf), with the new units expected to fetch between S$1,400 psf and S$1,450 psf,” said Mr Tan.
“Owners can look forward to receiving gross sales proceeds of at least S$1.9 million per unit, or about 50 per cent more than what they could obtain by selling their units individually.”
Shunfu Ville is 200 metres away from Marymount MRT station on the Circle Line and 600 metres away from the upcoming Upper Thomson MRT station on the Thomson-East Coast Line.
The tender exercise for Shunfu Ville closes on Oct 27.
Source : Channel NewsAsia – 2 Sep 2015