Serangoon Ville up for sale at $400 million
By Michael Lim
/ The Edge Property |
Serangoon Ville (below), a former HUDC estate, located along Serangoon North Avenue 1 has been put up for enbloc sale by tender.
According to ERA, the appointed market agent, the guide price for the development is between $400 and $430 million before an estimated $200 to $220 million payable to the state for intensification of the site and top-up to a fresh 99-year lease. The price inclusive of intensification and TOP up is estimated at around $721 psf per plot ratio.
Each unit is expected to receive a sale proceed ranging from $1.6 million to $1.7 million from the sale, says ERA. Serangoon Ville has 69 years left on its lease.
Serangoon Ville, which was privatised in 2014, sits on a land area of 296,913 sq ft with a plot ratio of 2.8. The estate comprises three blocks of 13-storey and four blocks of four-storey walk-up apartments. It consists of 244 units.
The tender closes on July 25.
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