Business

Serangoon Ville sold en-bloc for $499 million

Privatised HUDC estate Serangoon Ville in Serangoon North Avenue 1 has been sold to an Oxley Holdings-led consortium for $499 million, as collective sale fever grows even hotter.

The price is well above the $400 million to $430 million the owners were expecting when the property was put on the market last month.

The sale marks the sixth en-bloc deal so far this year - already double the three deals in all of last year.

It is the third HUDC project to succeed in the en-bloc market this year after Eunos Ville and Rio Casa in Hougang.

The consortium also has to pay $195 million in estimated charges to top up the lease to 99 years and intensify the land use.

The additional charges and purchase price work out to a land rate of $835 per square foot per plot ratio, noted marketing agent ERA Realty Network.

"We saw very competitive bidding involving more than five bidders. All of them offered prices above what the owners had asked for," Mr Stanley Koo, ERA division director, told The Straits Times.

Serangoon Ville comprises 244 apartments and maisonettes across seven blocks, with sizes ranging from 1,625 sq ft to 1,733 sq ft.

Each owner will receive about $2 million from the sale - much higher than the $1.6 million to $1.7 million they had hoped for earlier.

Sitting on a 296,913 sq ft triangular-sized plot, it was privatised in 2014 and has 69 years of lease left.

It is near the Australian International School and the popular Rosyth Primary School.

FOR MORE, READ THE STRAITS TIMES TODAY

HOUSINGPropertySingapore