The 244-unit residential project sits on a 296,913 sq ft site.
Serangoon Ville, a privatised HUDC estate at Serangoon North Avenue 1, has been put up for collective sale, marketing agent ERA Realty Network said on Wednesday (21 June). The site has 69 years left on its lease.
The 244-unit project sits on 296,913 sq ft of land with a plot ratio of 2.8. There are three blocks of 13-storey and four blocks of four-storey walk-up apartments.
More than 80 percent of the owners consented to the sale, said Stanley Koo, Division Director at ERA. They are expecting offers in the range of $400 million to $430 million.
This excludes an estimated $200 million to $220 million for intensification of the site and to top-up the lease to 99 years. The price works out to $720 psf per plot ratio, inclusive of the additional charges.
Each owner is expected to receive between $1.6 million to $1.7 million.
Serangoon Ville is close to Kovan MRT station, NEX shopping mall, and numerous local and international schools.
The tender exercise will close on 25 July, said ERA.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
