The 99-year leasehold condo at Marine Parade Road is near the upcoming Siglap MRT station. (Photo: Knight Frank)
After two en bloc sale attempts in 2007 and 2010, owners of former HUDC estate Laguna Park are making another bid at a collective sale, reported Channel NewsAsia.
Carrying a reserve price of $1.48 billion, the 99-year leasehold development at Marine Parade Road comprises seven blocks of 506 standard apartments, 10 penthouses and 12 commercial units.
Marketing agent Knight Frank noted that the land price translates to $1,253 psf per plot ratio (psf ppr) after factoring in a $416.1 million lease top-up premium and a $453.5 million additional differential premium.
It added that the 62,000 sq m site may be redeveloped to yield 2,487 new units averaging 70 sq m each.
“Laguna Park is possibly the first and only en bloc site to be launched for collective sale offering both panoramic sea views and the convenience of an MRT station entrance at its doorstep,” said Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore.
The nearby Siglap MRT station is set to be completed by 2023.
The tender for Laguna Park will close on 1 November.