Laguna Park off Marine Parade Road has been relaunched for sale by tender with a reserve price of $1.48 billion, marketing agent Knight Frank Singapore announced yesterday.
The 99-year leasehold private residential estate in the East Coast area was put up for collective sale in September last year at the same reserve price, after two attempts by owners of the development in 2007 and 2010.
The reserve price of $1.48 billion translates to a land rate of $1,231 per square foot per plot ratio (psf ppr), subject to the authorities' approval.
This rate takes into account an additional differential premium estimated at $407.4 million for intensification of the site to a plot ratio of 2.8 under the Urban Redevelopment Authority's (URA) 2014 Master Plan, as well as a lease top-up premium of about $420.7 million.
As a result of development charges being adjusted downwards by the URA, the land rate is now slightly lower than the $1,253 psf ppr announced in September last year.
Mr Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore, said: "With Laguna Park over 40 years old, the maintenance cost is expected to go up. Owners are open to achieving a sale by moderating their price expectations.
"Laguna Park is a special site and possibly the only site launched for collective sale which offers both panoramic sea views and the convenience of an MRT station entrance at its doorstep," he added.
The development is situated near the upcoming Siglap MRT station along the Thomson-East Coast Line. The station is targeted for completion in 2023.
Number of residential units in Laguna Park.
Mr Loh said the owners are serious about selling, depending on the market's reaction.
Laguna Park comprises seven blocks of 516 residential units and 12 commercial units, with a site area of about 62,200 sq m.
Under the 2014 Master Plan, the site is zoned as "residential" with a gross plot ratio of 2.8, and can yield about 1.87 million sq ft of gross floor area upon redevelopment.
The tender for Laguna Park will close at 3pm on May 8.