Ex-HUDC estate Ivory Heights seeks home owners' support for $1.34b collective sale
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The collective sale committee at former HUDC estate Ivory Heights is working to garner 80 per cent of home owners' approval to put the 654-apartment estate up for sale at $1.34 billion.
PHOTO: SLP INTERNATIONAL PROPETY CONSULTANTS
Annabeth Leow
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SINGAPORE - Former HUDC estate Ivory Heights in Jurong East has taken a step towards an en-bloc sale with a vote in favour of the move at an extraordinary general meeting.
The collective sale committee is eyeing a reserve price of roughly $1.34 billion, marketing agent SLP International Property Consultants said on Monday (Oct 9).
It is now working to gather the required support of 80 per cent of home owners in the 654-apartment estate.
Based on a land area of 825,502 sq ft, the reserve price works out to about $979 per sq ft per plot ratio.
A successful bidder would also have to pay roughly $160 million to to top up the 99-year lease on Ivory Heights, which was built in 1986.
