A 358-unit residential project in the Upper Thomson neighborhood of Singapore has been put up for a collective sale with the buyers asking for a minimum price of SGD688 million, The Straits Times reported. The Shunfu Ville complex comprises three 16-storey apartment blocks and three low-rise blocks of six-storey maisonettes.
Marketing agent JLL told the newspaper that given the plot’s size, roughly 408,927 sq.ft., the site could yield about 1,100 units with an average size of 1,000 sq.ft. The building’s potential location is also quite desirable. Shunfu Ville is nearly 200 meters from Marymount MRT Station on the Circle Line and over half a kilometer from the future Upper Thomson MRT Station on the Thomson East-Coast Line. The extension is expected to be ready by 2020.
“The new project could be the tallest residential development within its one kilometre radius, with breath-taking views all around, as the Master Plan 2014 provides for a building height of up to 36 storeys,” JLL regional director of capital markets Tan Hong Boon added. “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.”
He added that more than 80 percent of the owners have agreed to the collective sale and are expecting offers to exceed their minimum price of SGD688 million. The land would end up costing SGD791 per sq. ft. if the buyers were able to receive the minimum SGD688 million asking price coupled with the added estimated differential premium. That would top up the lease to 99 years and allow for intensifying land use.
The current owners of Shunfu Ville believe they can expect to receive gross sales proceeds of at least SGD1.9 million per unit, or about 50 percent more than what they can get by selling their units on the open market.
