The Windy Heights condominium in Kembangan (Jalan Daud) is having another stab at a collective sale, with owners ready to cut the reserve price to attract buyers in a cooling market.
The move comes hot on the heels of a failed bid for the freehold District 14 development that ended in April and tough new property cooling measures that kicked in on July 6 which include a 10-percentage point hike in the remissible additional buyer’s stamp duty (ABSD) to 25 per cent for entities and a new, non-remissible 5 per cent ABSD.
The $806.2 million reserve price is unchanged from the earlier attempt, but marketing agent Knight Frank Singapore said yesterday that “owners are going through a re-signing process to revise the reserve price”. If enough owners agree, the price tag will drop by almost 7 per cent to $750 million.
The revised price would work out to $1,089 per sq ft per plot ratio (psf ppr), including a bonus balcony gross floor area of 10 per cent, subject to approval.
This is down from the original land rate of $1,171 psf ppr, or $1,288 psf ppr without the balcony area. No development charge is payable.
Knight Frank said the plot could be redeveloped into as many as 581 new homes. Mr Ian Loh, Knight Frank’s executive director and head of investment and capital markets, said there “isn’t much impending supply in the Kembangan and Bedok area … hence new launches in the area are likely to be sought after”.
The Windy Heights comprises 192 apartments, eight penthouses and two commercial units on a 23,291 sq m (250,702 sq ft) site.
The new tender for Windy Heights closes at 2.30pm on Sept 7.