With 7 collective sale transactions closed in 8 months, will yet another in Hougang make it 8? Florence Rule, the former Housing as well as Urban Advancement Firm (HUDC) is placing themselves on the market for $600 million. The Hougang Avenue 2 site flaunts an outstanding location near Kovan and Hougang MRT stations. The latter will become an interchange station under LTA's plans for the Cross Island Line. It is additionally near the Hougang Central Bus Interchange as well as Hougang Mall. Other ands also include its proximity to institutions such as the Holy Innocents' Primary School and French School of Singapore. The owners of Florence Regency are hopeful concerning getting deals between $615 million and also $650 million. The 389,923 sq feet site has 71 years left on its lease and can generate in between 1,100 to 1,300 apartments according to its single advertising and marketing representative, JLL.
The minimal proposal price is evaluated $600 million. Taking the $249 million estimated differential premiums right into factor to consider, land expenses comes near be $779 psf ppr. This approaches the $861 psf ppt and also $965 psf ppr in the 2 newest land sales in Serangoon. More to sign up with rankings in Collective Sale market. The land sales market has actually seen rather a great deal of activity lately, and also this promises to proceed well into the year. The latest effective purchases consist of Serangon Ville as well as a Government Land Sales (GLS) site in Serangoon North. Parc Life is the most recent offering as well as Parc Botannia condominium may also sign up with the ranks.