SINGAPORE (THE BUSINESS TIMES) - Chuan Park at Lorong Chuan has been relaunched for sale at the same indicative price tag of $938 million.
The 99-year leasehold condominium was last put up for tender from Oct 5 to Nov 18, 2021, before the latest cooling measures were rolled out by the Government in December. After the tender closed, it went into private treaty negotiations.
At $938 million, the land rate, which includes an upgrading premium of $192.62 million, works out to $1,256 per sq ft per plot ratio (psf ppr), according to marketing agent ERA Realty. The development change is not payable due to the existing high baseline, ERA said.
The 400,588.72 sq ft site has a gross plot ratio of 2:1 under the Urban Redevelopment Authority's Master Plan 2019 and an achievable proposed gross floor area of 841,236.3 sq ft. Subject to the necessary approvals, ERA estimates that it can be redeveloped into 900 units. It currently comprises 444 residential units and two commercial units.
In 2018, Chuan Park attempted to mount a collective sale with an asking price of $900 million - up from an intial $790 million - but did not garner the required 80 per cent consent from owners.
The property has a 99-year lease that commenced in 1980 and will expire on June 5, 2079. It is located near Lorong Chuan MRT and New Tech Park. Meanwhile, schools in the vicinity of the condo include St Gabriel's primary and secondary schools and Nanyang Junior College. The tender for Chuan Park closes on April 26 at 3pm.
Analysts have said that the property curbs - which include a higher additional buyer's stamp duty of 35 per cent applicable to housing developers - heighten development risks when it comes to collective sale sites, particularly for large residential parcels.
Earlier this month, a freehold 14-unit residential building, Baode Building, at 8 Lorong 35 Geylang was sold to Amitabha Buddhist Society via private treaty for $27 million following a relaunch of its tender on Dec 14, 2021. The sale price matched the owners' asking price and worked out to a land rate of $1,007 psf ppr.
Last week, 23 terrace factories at Hillview Terrace that are zoned for residential use were put on the market at a reserve price of $255.4 million.