SINGAPORE'S collective sale market is showing signs of taking off again with two sales this week and now a bid to sell a former HUDC estate in Eunos for $688 million.
If successful, this would be the largest collective sale in six years.
The 330-unit Eunosville, in Sims Avenue, which was privatised in 2011, is making its maiden attempt at a collective sale.
The asking price works out to a unit price of $799 per sq ft (psf) per plot ratio (ppr). This is after taking into account $155 million payable to the Government to top up the lease from about 74.5 years to 99 years, and for intensification of the site's use, said marketing agent Jones Lang LaSalle (JLL).
This week, two smaller collective sales have gone through. Developer Tuan Sing bought Gilstead Court in the exclusive Novena-Newton area for $150.2 million and Yi Mei Garden in Tampines Road was sold to Roxy-Pacific Holdings for $136 million.
Another large collective sale, of Thomson View to Wee Hur Holdings for $590 million, inked in September last year, has now hit a legal snag.
Mr Karamjit Singh, head of investments and residential at JLL, said the required 80 per cent of owners at Eunosville had given their consent to the collective sale this month, leading the sales committee to launch the tender now.
Over the past six years, other privatised HUDC estates that have been sold en bloc include Gillman Heights, at $548 million, Waterfront View, at $385 million, Minton Rise, at $342 million, and Amberville, at $183 million.
Eunosville may be shaping up as a large collective sale but it falls short of 618-unit Farrer Court, sold for $1.34 billion in 2007.