The 99-year leasehold Laguna Park off Marine Parade Road is up for collective sale at $1.48 billion for the third time. The earlier two en-bloc attempts were in 2007 and 2010.
This is Laguna Park's third attempt at a collective sale (Credit: Knight Frank Singapore)
The sale price translates to a land rate of S$1,253 psf per plot ratio. It includes an additional differential premium of about $453.5 million for the intensification of the site to a gross plot ratio (GPR) of 2.8 under the 2014 Master Plan, and a lease top-up premium estimated at $416.1 million for a fresh 99-year lease.
Laguna Park, previously an HUDC estate, comprises seven residential blocks of 506 apartment units, 10 penthouses and 12 commercial units. The 669,484 sq ft site has dual frontage onto Marine Parade Road and Siglap Link.
The site is zoned “residential”. It can yield a gross floor area (GFA) of about 1,874,557 sq ft. There is potential for 2,487 new residential units upon redevelopment, based on the potential GFA and assuming an average unit size of 70 sq m (about 753 sq ft).
A pre-application feasibility study has been conducted. Knight Frank Singapore is the marketing agent for Laguna Park. The tender will close on Nov 1.
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