Another development has joined the long line of projects in the collective sale market – former HUDC estate, Florence Regency. The collective sale committee succeeded in procuring the required 80% approval from owners at the property within 3 weeks and they are asking for a minimum of $600 million for the 389, 236 sq ft plot.
Located along Hougang Ave 2, Florence Regency has 71 years left on its lease and the prospective buyer of the development will have to fork out another $249 million in differential premium. This will work out to about $779 psf per plot ratio.
With a gross plot ratio of 2.8, the 336-unit property could be redeveloped into 1,100 to 1,300 apartment units with a total gross floor area of 1.1 million sq ft. A spokesperson for the project’s marketing agent JLL has said that the key selling points of the development are its “270-degree unblocked views of the surroundings” and prime location. They are expecting bids of between $615 million to $650 million.
Florence Regency is located near Hougang Mall, Holy Innocents’ Primary School and the French School of Singapore. Public transportation options nearby include Hougang bus interchange, Hougang MRT station and Kovan MRT station.
The sales tender for Florence Regency closes on 27 September.
Read more on this at the Straits Times website
The collective sales market has been booming in recent months and you can count on Aiden Real Estate to keep you up-to-date with the latest news. Here are some of the other residential developments that are eyeing successful en bloc sales bids in July: