SINGAPORE (EDGEPROP) – Owners of freehold Windy Heights in the Kembangan area in their 2nd collective sale attempt, are seeking to reduce the reserve price by over $50 million in a bid to go for collective sale. This comes after its earlier bid in April 2018 which was unsuccessful.
The reserve price in the previous attempt was $806.2 million, but now, with their 2nd collective sale attempt, the price may drop by 6.97 per cent to $750 million.
Windy Heights is one of the largest freehold residential redevelopment sites in District 14. The private residential estate comprising of four residential blocks of 192 apartment units, 8 penthouses and 2 commercial units has a site area of 23,291 sqm (approx. 250,702 sq ft). The site is regular and enjoys dual frontage onto Jalan Daud and Lengkong Tiga.
Under the 2014 Master Plan, the site is zoned “Residential” with a Gross Plot Ratio (GPR) of 2.1. The current built-up Gross Floor Area (GFA) for the site is verified by the Urban Redevelopment Authority (URA) to be 58,150.74 sqm, which translates to a Gross Plot Ratio of 2.4967. Based on the current GFA and assuming the average size of 100 sqm, there is a potential for 581 new residential units upon redevelopment.
The site is located along the Eastern Coastal Loop (Siglap Park Connector), which connects to Bedok and East Coast Park. The route promotes a relaxing 2-minute cycle or 9-minute walk to Kembangan MRT station. It is only 2 MRT stops to Paya Lebar Business Hub, 3 MRT stops to Changi Business Park, and 8 MRT stops to the Central Business District, improving accessibility for car-lite commuters.
Major arterial roads, as well as expressways such as the Pan-Island Expressway (PIE), Sims Avenue, Changi Road and Still Road, provide seamless connectivity to other parts of Singapore. The site is a 15-minute drive to the Central Business District and Changi International Airport. The shopping and entertainment strip of Orchard Road is less than 15 minutes’ drive away.
Knight Frank Singapore which is the marketing agent for the first as well as the 2nd collective sale attempt, said the $806.2 million reserve price is unchanged from the earlier attempt, but that “owners are going through a re-signing process to revise the reserve price”.
If enough owners agree, the price tag for the 2nd collective sale attempt will drop by 6.97 per cent to $750 million.
The revised price for the 2nd collective sale attempt would work out to $1,089 per sq ft per plot ratio (psf ppr), including a bonus balcony gross floor area of 10 per cent, subject to approval. This is down from the original land rate of $1,171 psf ppr, or $1,288 psf ppr without the balcony area. No development charge is payable.
Mr Ian Loh, Knight Frank’s executive director and head of investment and capital markets, said there “isn’t much impending supply in the Kembangan and Bedok area… hence new launches in the area are likely to be sought after”.
Knight Frank said if the 2nd collective sale attempt is successful, the plot could be redeveloped into as many as 581 new homes, at 100 sqm on average for each unit. The new tender for Windy Heights closes at 2.30pm on Sept 7.
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