Proprietor at Harbour View Gardens sited in Pasir Panjang are believing to make it 2nd time fortunate, after unveiling the development for collective sale at approximately $34 million.
Around 3 years ago, the projected sale of the parcel to Roxy Pacific Holdings for about $33 million and was closed by the High Court, and the judgment was supported by the Court of Appeal.
The ground for the refusal was that the public conditional offers was presented even before the necessary 80% of proprietors had agreed.
There was as well “inappropriate bias of treatment of contradicting owners”, as a $200,000 incentive had been provided by the marketing agent Colliers International and collective sales committee to one contradicting proprietor merely not to others.
At this moment, the proprietors of 13 out of 14 units in the development, which comprise of 3-storey low-rise units, have given their permission. That is approximately 92% based on share amount and 89% based on overall area.
The 2,856 square meters land parcel has a freehold tenure and has a 1.4 total plot ratio . As the present development has already maximized the allowed gross floor area, no project charges would pertain, marketing agents Joey Sia and William Gan of William Gan Realty stated in The Straits Times.
Prospective purchasers can build a development of approximately 57 units at an mean of 70 square meters for each one, up to 5 storeys in height. When they go for to the Land Transport Authority to buy a public car-park in the fore of the development, the joint area could assist a development of around 71 units.
The capital cost works out to more or less $788 per square feet (psf) per plot ratio. A property can get around $1,600 psf, as stated by Mr. Gan.
Proprietor can anticipate to obtain returns varying from $3.29 million for the largest 252 square meters 4-bedroom units and $1.48 million for the smallest 94 square meters 2-bedroom units . That is good above market costs of about $1.8 million for larger units and $1.1 million up to $1.2 million for smaller ones.
The development was established in year 1986 and several are the 1st proprietors of the units there. The land parcel is around 500 meters from the Haw Par Villa MRT Station, whereas Alexandra Retail Center and Pasir Panjang Food Center are close to the vicinity. Recent mixed-used development Icon at Pasir Panjang is only across the road.
There are 4 or 5 potential purchasers have already uttered interest in the development since Mr. Gan began figure out requests for the past few months.
“It’s best for us to perceive recent news of the Shunfu Ville en bloc, and we have likewise been bucked up by the interest up to now,” mentioned Mr. Gan.
The tender was ended last July 7, 2016.