Shunfu Ville sold for S$638m, below S$688m reserve price

Shunfu Ville has been sold for S$638 million to developer Qingjian Realty. It is one of the largest collective sale deals since Farrer Court in 2007.

The deal was struck after 80 per cent of the owners agreed to accept the offer, despite it being lower than the reserve price of at least S$688 million.

With the sale, owners of the 358-unit development will receive an average of S$1.78 million for their homes, which works out to S$747 per square foot per plot ratio.

This is the second time Shunfu Ville has been put up for collective sale. In September last year, the tender closed without finding a buyer.

Source : Channel NewsAsia – 20 May 2016

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