In Singapore, the Chancery Court initiated its collective sale via tender with a selling price amounted to S$390 million. When this will work then it will mark as the five among 18 of Singapore’s HUDC estates which still exists.
The 99-year freehold property area located right at Dunearn Road has an advantageous position: Only about 5 to 7 minutes walk to Newton MRT station and only adjacent to Good Class Bungalows and landed estates. In fact, this is only 1 km heading to he timeless school around such as Anglo Chinese School (primary and junior) and Junior level of the St Joseph Institution. Seated not more than 2 Km are the famous, CHIJ Primary (Toa Payoh), Singaporean Chinese Girls Primary School and St Margaret’s Primary School.
The developments hold 136 flats and 8 commercial spaces rolled over 1 skyscraper block and 7 blocks of the lavish walk -up four storey maisonettes.
The property development area covers a total land area of 24,074.4 square metres, more or less 259,134 square feet, and is being set as Residential of total plot ratio( GPR) of 1.4 stipulated in the Master Plan of 2014.
A redevelopment can significantly outturn the maximum which is 480 units, size of 70 sqm told by one and only estate marketing agent, Orange Tee Advisory Pte Ltd.
The property development site is still under PAFS or Pre Application Feasibility Study related to traffic concerns and a consultant was given the task to take in charge of the study, shared Orange Tee.
After integrating an approximation on a differential premium of S$180 million to the authority to win the lease proposal which started for a 62 years and soared high to 99 years and the growth of the area or site to 1.4 GPR. the selling price works best over to a land rate of S$1,572 psf ppr or psf per plot thus it made Alex Oh, the Executive Director stated, “Is analogously interesting area in relation to the newest land sales in the neighbourhood.”
Marcus Oh, the industry’s managing director explained furthered, ” To give assurance to the developers, we decided to manage the PAFS thus anticipating the advisory over the highest property development units from the government prior to the closing of the tender. Through this, developers are given the chance to handle the redevelopment feasibility study with less stress thus achieving peace of mind.”
There are at least twelve HUDC estates which are sold, five of it are the Eunosville, Serangoon Ville, Rio Casa, Florence Regency and Tampines Court which were sold the previous year and the rest in some other years.
While the left five such as the Pine Grove, Laguna Park, Ivory Heights, Lakeview and Braddell View are at different stages of the process on collective sale.
The Government started the development of HUDC estates way back 1974 and has stopped after 10 years because of the shrinking popularity. Though having the scenario still it managed to build 7,731 units. A decade after, the authorities decided to allow privatization of the said estates.
At 3 pm on May 15, closes the tender for Chancery Court.