Laguna Park launches collective sale; 2 prime sites up for sale too
Laguna Park launched its mega collective sale yesterday with a reserve price of $1.48 billion, while two prime freehold residential sites in District 9 near Orchard Road are taking another stab at a collective sale.
The two freehold sites are Grange Heights in St Thomas Walk, which will be put up for public tender for $820 million, and Cairnhill Astoria in Cairnhill Rise, to go for $196 million, said Colliers International.
For Laguna Park, together with an additional differential premium of about $453.5 million for the intensification of the site to a plot ratio of 2.8 and a lease top-up premium estimated at $416.1 million for a fresh 99-year lease, this translates to a land rate of $1,253 psf ppr, subject to the authorities' approval.
Knight Frank Singapore's executive director and head of investment and capital markets Ian Loh said the Laguna Park site offers both panoramic sea views and the convenience of an MRT station, which is set to be completed by 2023.
The tender for Laguna Park will close on Nov 1, at 3pm.
For Grange Heights, this marks the second attempt at a collective sale by its owners.
Depending on the size of their property, each owner can potentially receive between $5.235 million and $10.762 million from the successful sale of the development.
The tender for Grange Heights will close at 3pm on Oct 29.
As for Cairnhill Astoria, the pricing for the site remains unchanged from when it was originally put on the market on May 17.
Depending on the unit size, each owner at Cairnhill Astoria could get between $2.275 million and $14.261 million upon successful completion of the transaction.
The collective sale tender for Cairnhill Astoria will close at 3pm on Oct 17. - THE STRAITS TIMES
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