Owners at the Shunfu Ville residential development near Bishan are having another go at a collective sale after failing to find a buyer in the first tender last year.
The 358-unit development in Shunfu Road was relaunched for tender yesterday with the same minimum asking price of $688 million.
Shunfu Ville went up for collective sale in September but the tender exercise closed with no formal bids lodged although two developers made expressions of interest.
Say yes to was relaunched as the value indicated by two coders did not connect with owners’ hope.
The lowest asking price of $688 , 000, 000 works out to $791 psf per piece ratio. Each one owner may pocket regarding $1. 78 million if your deal goes thru – regarding 50 % more than whatever they could get in the marketplace.
It is estimated that the web page would be considerably better received these times round versus the first put forward, as the 408, 927 sq toes site could attract coders keen to replenish all their land finance institutions.
With the method to obtain sites via the government’s confirmed list slowing down, condominium land prices, especially those with unique attributes, are not expected to drop very much.
A recent government tender for a large site at Siglap, which attracted a top offer of $624. 18 million, reflected a strong underlying medium term confidence of market recovery.
In addition , there have not been any government sites in the Bishan/Thomson area up for sale since October 2014.
Shunfu Ville, which comprises three 16-storey towers and three low-rise blocks, is near Marymount MRT station and the Upper Thomson station on the Thomson-East Coast Line, due to be completed in 2020.
The site could yield about 1, 100 units, with an average size of 1, 000 sq ft.
The estimated break-even cost would be around $1, 250 psf, with the new units expected to fetch between $1, 400 and $1, 450 psf.