Whitley Heights, a District 11 condominium development located off Whitley Road has been re-launched for tender with a lower reserve price.
This follows the unsuccessful tender exercise called for in January this year.
Credo Real Estate managing director, Mr Karamjit Singh, who is handling the sale, said the offers received for the site were below the owners’ initial Reserve Price.
This prompted the Collective Sale Committee to seek a fresh mandate from the rest of the owners to lower the price.
Earlier the owners were hoping to achieve between S$185 million to S$210 million, which reflected a land rate of S$1,421 to S$1,613 per square foot.
At the moment, more than 80 per cent of the owners have consented in writing to a lower Reserve Price of S$165 million, which translates to S$1,268 dollars per square foot over the land area.
Whitley Heights currently comprises 45 units of walk-up apartments housed in three three-storey blocks.
It has a land area of some 130,165 square feet and was built in the ’80s.
Mr Singh says at S$165 million for the land, the developer may expect to breakeven earning around S$3 million per strata terrace.
This means they should be able to sell the new strata units at an average of S$3.6 million to S$3.7 million per unit.
The tender for Whitley Heights now closes at 2.30 pm on July 8.
Source : Today – 16 Jun 2011