SINGAPORE - Florence Regency has finally closed an en bloc sale under private treaty after Chinese developer Logan Property (Singapore) agreed to match the independent valuation of S$629 million for the property at Hougang Ave 2.

Each owner will get between S$1.84 million and S$1.89 million.

Owners of the 336-unit estate had earlier received a bid that exceeded the reserve price of S$600 million, and two that didn't, according to collective sale committee chairman Jagir Singh Touwana.

But none of the offers met the S$629 million valuation by independent valuer Colliers International. The tender closed on Sept 27 with the three bidders refusing to match the valuation.

But the collective sale agreement required that the sale price be no lower than the valuation. This prompted JLL to court other developers in a bid to close the deal under private treaty within 10 weeks of the close of the public tender.

The 386,236 square foot site is zoned residential with a gross plot ratio of 2.8.

The land price works out to $842 psf per plot ratio after factoring in the estimated differential premiums of $288.6 million to top up the lease to a fresh 99 years and to develop the site to the gross plot ratio of 2.8.

It is the second site snapped up by Hong Kong-listed Logan Property, which in May made history after it and fellow Chinese developer Nanshan Group put in the top bid of $1.003 billion for the 21,109 sq m site in Stirling Road.

That was the first time that a purely residential site in the Government Land Sales programme had crossed the billion-dollar mark.