Owners at Harbour Views Gardens can expect to receive between $1.48 million and $3.29 million if the planned sale goes through.
Harbour View Gardens in Pasir Panjang has once again been put up for collective sale at around $34 million, reported The Straits Times.
Roxy Pacific Holdings’ $33 million proposed sale of the site was blocked by the High Court three years ago, and the decision was upheld by the Court of Appeal.
The court ruled that the public tender for the site was launched without the required 80 percent approval from owners for the collective sale.
Also, there was “unacceptable inequality of treatment of dissenting proprietors”. The collective sales committee and marketing agent Colliers International offered a $200,000 inducement payment to one dissenting owner, but the others were not extended the same offer.
This time around, owners of 13 of 14 units at Harbour View Gardens agreed to the sale. This works out to around 89 percent based on total area and 92 percent based on share value.
The freehold site has an area of 2,856 sq m and a plot ratio of 1.4. Marketing agents William Gan and Joey Sia of William Gan Realty noted that no development charge is payable for the site.
The successful buyer could build a five-storey project of around 57 units, with an average size of 70 sq m each.
Meanwhile, owners can expect returns of between $1.48 million for the smallest two-bedroom unit and $3.29 million for the largest four-bedroom apartment. This is much higher than current market values of $1.1 million to $1.2 million for smaller apartments and more than $1.8 million for bigger units.
Built in 1986, the project is around 500 metres away from Haw Par Villa MRT station, while Alexandra Retail Centre and Pasir Panjang Food Centre are also nearby.
Around four or five potential buyers have expressed interest in the site since Gan began sussing out demand last October.
“It’s good for us to hear recent news of the Shunfu Ville deal, and we have also been encouraged by the interest so far,” said Gan.
The tender for the site closes on 7 July.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
