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Five residential sites worth over $1.2b launched for collective sale

Five residential sites worth over $1.2b launched for collective sale.

The five sites are Cavenagh Gardens off Orchard Road, Flynn Park in Pasir Panjang, Rosalia Park near Serangoon Central, La Ville in Tanjong Rhu Road, and the joint sale of three single-storey detached houses at Lorong H Telok Kurau. The three houses in Telok Kurau are owned by three families and do not require approval from the Strata Titles Board.

Cavenagh Gardens, at a minimum price of $480 million, has the biggest price tag among the five sites, translating to a price per sq ft (psf) of $1,640. The property is located in District 9 and close to Orchard Road.

Meanwhile, the low-rise Flynn Park in Yew Siang Road, which is going for a minimum price of $363.8 million, could be developed to offer views of the sea, JLL highlighted.

Rosalia Park at Lorong Ong Lye has a minimum price of $175 million, and a new development could attract "potential upgraders" from surrounding Housing Board estates.

Meanwhile, the high-rise La Ville in the Tanjong Rhu area has a minimum price of $152 million, or $1,540 psf. It is close to the Singapore Sports Hub and Singapore Indoor Stadium, Gardens by the Bay and East Coast Park.

Finally, the minimum asking price for the three houses in Telok Kurau is $36 million to $38 million in total.

Sole marketing agent JLL has launched five freehold residential sites for collective sale with a total value exceeding $1.2 billion.

Mr Tan Hong Boon, regional director at JLL, expects "keen interest" for the sites from both local and foreign developers and investors.

He said: "While many developers and investors have successfully acquired sites over the past year, there is still strong demand for residential land given that the prices of private residential properties have reached the lowest point and they look set for further upswing over the medium term. Developers, encouraged by their recent strong sale performances at new price levels, will continue their land acquisition efforts."

He also highlighted that 26 sites amounting to $8.33 billion have sold over the past 41/2 months, close to the $8.79 billion sold for the whole of last year.

The tender closing dates for the different sites range from June 19 to 29.

Adapted from The Straits Time, May 17, 2018.