SINGAPORE - A former HUDC estate at Hougang Avenue 7, which has been privatised, is now up for sale.
The marketing agent for the collective sale committee, Knight Frank, announced the launch for sale of the 396.23 sq ft site today (April 10).
Owners at Rio Casa, formerly called Hougang N3,are expecting offers above S$450.8 million, which translates to a price of about S$586 per square foot per plot ratio. This price includes a lease top-up premium of about S$57.5 million for a fresh 99-year lease, as well as a premium of S$141.5 million for intensification of the site.
As there are 286 apartment and maisonette units, each owner would receive about S$1.6 million per unit through the sale.
The site has more than 200 metres of riverfront and greenery views, and is in an area with schools such as Holy Innocents' Primary and High School, as well as CHIJ Our Lady of the Nativity.
The tender for Rio Casa will close on May 23.