SINGAPORE - Privatised HUDC estate Serangoon Ville has been put up for collective sale on Wednesday (June21), with home owners expecting about S$400 million to S$430 million for the property.
Marketing agent ERA Realty Network said the successful bidder will have to fork out an additional S$200 million to S$220 million in estimated charges for intensifying the use of land and top up the lease to a fresh 99 years.
The asking price plus the extra charges work out to a land rate of S$720 per square foot per plot ratio, ERA added.
Serangoon Ville, in Serangoon North Ave 1, comprises 244 units of apartments and maisonettes across seven residential blocks.
Each owner is expected to receive about S$1.6 million to S$1.7 million from the sale depending on the size of their property, ERA said.
The unit sizes at the development, which sits on a 296,913 sq ft plot, range from 151 sqm to 161 sqm.
Serangoon Ville was privatised in 2014 and has 69 years of lease left.
This tender comes amid brisk en-bloc sale activity recently.
There were four successful collective sales so far this year - One Tree Hill Gardens, Goh & Goh Building, Rio Casa and Eunosville - fetching a total value of about S$1.5 billion.
The Serangoon Ville collective sale tender closes on July 25.