SINGAPORE - Bishan Park Condominium in District 20 has been launched for collective sale, with the owners expecting offers of around $680 million to $688 million, marketing agent ERA Realty said on Tuesday (Sept 24).
Located at 14 Sin Ming Walk, the estate comprises five blocks of 10 storeys each, totalling 320 units. The 99-year leasehold development, with 71 years left on its lease, sits on 269,796 square feet (sq ft) of land area with a plot ratio of 2.1.
After factoring in a 7 per cent bonus balcony gross floor area (GFA), the land rate works out to around $1,122 per square foot per plot ratio, ERA said.
An estimated $70 million to $75 million will be required for the intensification of the site and also to top up to a fresh 99-year lease, subject to approval from the relevant authorities.
The owners stand to receive sales proceeds ranging from $1.9 million to $2.3 million for each unit from the en bloc sale.
More than 80 per cent of the condo's subsidiary proprietors by share value and strata area have signed the collective sale agreement, said Stanley Koo, ERA's division director.
Bishan Park Condominium is 400 metres from the upcoming Bright Hill MRT Station on the Thomson-East Coast Line. It is a 15-20 minute drive from the central business district and the Orchard Road shopping belt, and is also connected to major expressways.
Amenities and facilities nearby include Bishan Park and Gardens, the Upper Thomson Road stretch of eating establishments, as well as the Thomson Plaza and Junction 8 malls. Also in the vicinity are schools such as Ai Tong School, CHIJ St Nicholas Girls' School, Ang Mo Kio Primary School, Raffles Institution and Catholic High School.
The proposed residential redevelopment will not require a pre-application feasibility study, ERA noted.