SINGAPORE: The owners of private housing estate Windy Heights on Tuesday (Feb 27) launched a tender for the collective sale of the freehold site with a reserve price of S$806.2 million.
The site, which is located near Kembangan MRT station, comprises 192 apartment units in four residential blocks, eight penthouses and two commercial units, said marketing agent Knight Frank in a press release.
It has a site area of 250,702 sq ft with a built-up gross floor area (GFA) of 625,9294 sq ft. It may yield about 581 new residential units assuming an average size of 1,076 sq ft, based on the current GFA, Knight Frank added.
The reserve price for the site translates to a land rate of S$1,288 per square foot per plot ratio (psf ppr).
With the inclusion of a 10 per cent bonus balcony GFA, the land rate works out to S$1,171 psf ppr, subject to the authorities’ approval. No development charge is payable due to the high development baseline, Knight Frank added.
“Windy Heights is one of the largest freehold residential redevelopment sites in District 14. The new development built on site will enjoy unblocked views over low-rise landed houses and apartments in the vicinity," said Mr Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore.
AdvertisementAdvertisement"There also isn’t much impending supply in Kembangan and the Bedok area in Districts 14 and 16 from land sales and collective sales, hence new launches in the area are likely to be sought after in lieu of the low supply," he added.
The tender for Windy Heights will close on Apr 18 at 2.30pm.
Windy Heights' tender comes amid a spate of collective sales in Singapore, with a number of sales resulting in multi-million dollar payouts for property owners.
Last year, 37 en bloc tenders worth more than S$8.7 billion were awarded, including one that set one of the biggest en bloc records at S$906.7 million.
However, some analysts have said that the increase in the Buyer’s Stamp Duty announced in the Budget 2018 would likely impact developers.
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