SINGAPORE - Shunfu Ville, a 358-unit residential development in the Bishan/Thomson area has been relaunched for tender, its sole marketing agent JLL said on Wednesday (Jan 27).
Over 80 per cent of the development's owners have consented to the collective sale.
Interested developers will have to stump up the asking price of S$688 million. This works out to S$791 per square foot (psf) per plot ratio, JLL said in a statement.
"At S$688 million, the estimated breakeven cost for the successful purchaser should be around S$1,250 psf, with the new units expected to fetch between S$1,400 psf and S$1,450 psf," JLL added.
Shunfu Ville comprises three 16-storey apartment blocks and three low-rise blocks of six-storey masionettes.
It covers an area of 408,927 sq ft and was built in the late 1980s.
Under the Master Plan 2014, Shunfu Ville is zoned "residential" with a gross plot ratio of 2.8. JLL said the site could potentially yield about 1,100 units, with an average size of 1,000 sq ft.
Shunfu Ville was put on sale in September with a simliar asking price. The tender exercise closed with no formal bids lodged, but two developers submitted expressions of interest.
Ms Yong Choon Fah, national director of Capital Markets at JLL believes the latest tender "would be better received this time round than the first tender, when two letters of interest were received", as it is an attractive site for developers keen to replenish their land bank.
She noted that there has not been any government land sales site in the Bishan/Thomson area up for sale since October 2014.
The site is 200m from Marymount MRT Station and about 600m from the upcoming Upper Thomson MRT Station on the Thomson-East Coast Line, due to be completed in 2020.
The tender exercise for Shunfu Ville closes on March 10, 2016 at 2.30pm.