SINGAPORE - Shunfu Ville, a 358-unit residential project in Upper Thomson, is up for collective sale with a minimum price of $688 million.
The estate was built in the late 1980s by the former Housing & Urban Development Company (HUDC) and privatised in 2013.
It comprises three 16-storey apartment blocks and three low-rise blocks of six-storey maisonettes.
Given a plot size of about 408,927 sq ft and gross plot ratio of 2.8, the site could yield about 1,100 units with an average size of 1,000 sq ft, said marketing agent JLL.
"The new project could be the tallest residential development within its 1km radius, with breath-taking views all around, as the Master Plan 2014 provides for a building height of up to 36 storeys," said JLL regional director of capital markets Tan Hong Boon.
"Its close proximity to the MacRitchie Reservoir and the Singapore Island Country Club and towering height promises spectacular views of the water bodies and lush greenery."
More than 80 per cent of the owners have agreed to the collective sale and are expecting offers more than their minimum price of $688 million, he added.
At $688 million and adding an estimated differential premium - to top up the lease to a fresh 99 years and for intensifying land use - land cost would be about $791 psf per plot ratio on the potential gross floor area, JLL said.
Estimated breakeven cost for a project should be about $1,250 psf, said Mr Tan. "New units can expect to fetch between $1,400 psf and $1,450 psf."
As for current owners of Shunfu Ville, they can expect to receive gross sales proceeds of at least $1.9 million per unit, or about 50 per cent more than what they can get by selling their units on the open market.
Shunfu Ville is about 200m from Marymount MRT Station on the Circle Line, and about 600m from the future Upper Thomson MRT Station on the Thomson East-Coast Line, which is expected to be ready in 2020.
The tender for Shunfu Ville closes on Oct 27.