SINGAPORE - Far Horizon Gardens (FHG), a condominium located in Ang Mo Kio Avenue 9 in District 20, has elected an 11-member collective sale committee.
The 99-year leasehold development has 272 units in total. The size of the estate is about 430,000 sq ft, with a gross plot ratio of 1.4.
The latest transaction for the estate was in last month, when a 1,948 sq ft unit was sold for S$1.62 million on the resale market. This translates to a unit price of S$832 per sq ft (psf).
On the rental front, a two-bedroom apartment (1,100 to 1,200 sq ft) was rented out for S$1,900, while a three-bedroom unit (1,900 to 2,000 sq ft) was rented out for S$3,200 in December, statistics from the Urban Redevelopment Unit and SRX Property show.
"The main motivation for the FHG collective sale committee is to address the ageing estate (35 years out of a 99-year lease), and to unlock the property value for the individual sub-proprietor," said deputy chairman of the committee Loh Choon Seng.
The committee is now in the process of shortlisting managing agents for the project, and expects the tender to be called in the second half of this year.
Far Horizon Gardens is near Yio Chu Kang MRT station, as well as Lentor and Mayflower stations on the Thomson-East Coast Line, due in 2020.