Former Park View Mansions Goes for Sale at $260M Collective Sale
A former park view mansion has gone up for collective sale, with prices starting at $260M, with a public tender closing on 27 July at 2 pm. Located in Bukit Panjang, the property is zoned residential with a maximum height of 12 storeys. A similar property in Tampines Court went for S$575M.
Phoenix Heights condominium in Bukit Panjang is for sale at $260 million collective sale
Phoenix Heights is a 32-unit condominium in Bukit Panjang. The current lease is up in 2019, but the owners plan to redevelop it and apply for a new 99-year lease. A joint venture between OKP Holdings and USB Holdings is planning to redevelop the condominium, and it will seek approval from various authorities for the project.
The sale of Phoenix Heights comes as the Government’s cooling measures are taking effect, aimed at curbing a sharp increase in prices. However, prices are still running ahead of the fundamentals and there is a risk of a destabilising correction in the future. This could be compounded by rising interest rates and a large supply of new residential units.
Phoenix Heights is zoned residential with a maximum height of 12 storeys
Phoenix Heights is a neighbourhood in southwest Toronto, zoned RS (residential with a maximum height of 12 storey) and ZI-2129 (enterprise zone). Both zones are intended to encourage pedestrian-oriented development while ensuring that automobiles can access the neighbourhood. Depending on the height of the development, there is a higher FAR in the height districts two and three than in the other two zones.
Shunfu Ville HUDC estate
Singapore’s largest collective sale of en bloc properties is set to be held on May 23. Shunfu Ville HUDC estate is Singapore’s third-largest en bloc by quantum and features 358 units. The estate is located near Marymount MRT station. The average price of a one-bedroom unit starts at S$703,000.
The price range for the project varies by developer. St Michael’s condominium in Serangoon is expected to fetch $112 million. The development has a high baseline GFA and includes a 10% bonus balcony. With this extra bonus balcony, the proposed plot ratio will be 3.08, which would translate to about $1,072 psf ppr.
Tampines Court HUDC estate sold for S$575 million
The Tampines Court HUDC estate sold to Oxley-Lian Beng Venture Pte Ltd for S$575 million includes a 286-unit development called Rio Casa. The sale comes after an earlier attempt to sell the estate had failed. The owners are expected to pocket between S$1.84 million and S$1.89 million for each unit.
The estate was put up for collective sale in April and more than 80 percent of the owners agreed to an en bloc sale. The price includes development charges and lease top-up premium. The developers intend to redevelop the site.
Rio Casa HUDC estate sold for S$575 million
The 286-unit Rio Casa HUDC estate on Hougang Avenue 7 in Singapore has just been sold for S$575 million to a joint venture consisting of Oxley Holdings, Lian Beng Group and Apricot Capital. The sale price is significantly higher than its asking price of $450 million. The estate is located close to Hougang MRT station and offers river views.
The consortium of investors is believed to have an 80 per cent majority in Rio Casa. The sale was completed in less than three weeks from the signing of the first contracts. The sale of the property was also supported by a recovery in the residential property market and brisk new home sales. This has fueled the collective sale market, and analysts expect it to remain active this year.
Shunfu Ville HUDC estate sold for $970 million
The estate, which is one of the few remaining HUDC estates in Singapore, was sold for $638 million. That figure is 50% higher than the average price of a unit. The estate’s land area is roughly equivalent to three similar land plots sold under the government’s land sale programme. The sale was facilitated by JLL, a real estate investment firm.
It is the largest residential collective sale in Singapore. The sale includes 305 units, including one and two-storey apartments. The National University of Singapore is one of the owners of some of the units in the estate. The university plans to use the apartments for off-campus accommodation. The average sale price for these apartments is $890,000, with higher prices for units with two storeys.