Whitley Heights, a 45-unit condominium development located off Whitley Road, has been re-launched for sale at a lower price.
Credo Real Estate, which is marketing the property, said that the first attempted sale in January this year was unsuccessful, as the offer it had received was below the owners’ initial reserve price.
“Earlier, the owners were hoping to achieve between S$185 million and S$210 million, which reflected a land rate of S$1,421 to S$1,613 per sq ft (psf),” said Karamjit Singh, Managing Director of Credo.
Over 80 percent of the owners have agreed to reduce the reserve price for the property, which now stands at S$165 million (approximately S$1,268 psf).
Mr. Singh remains optimistic that the tender for the property will be successful after the adjustments.
“It should be all right because the owners have made a significant enough adjustment to attract developers’ interest. At S$165 million for the land, the developer may expect to break even at around S$3 million per strata terraced. They should be able to sell the new strata units at an average of S$3.6 million to S$3.7 million per unit.”
Whitley Heights, which is situated on a 130,165 sq ft freehold site, is located in District 11, one of Singapore’s prime neighbourhoods. Some analysts said that the unsuccessful tender early this year does not reflect the current property market but more the nature of the site and its development uses.
Most of the residential apartments that were put up on the collective sale market have been redeveloped into high-rise condo units. However, Whitley Heights is to be redeveloped into a series of two-storey landed homes.
This means that the developer can redevelop the site into a combination of conventional terraced, detached and semi-detached houses, or strata homes, including semi-detached and terraced houses, as well as bungalows.
The tender for the property will close on 8 July.
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