Aerial view of the Shunfu Ville site. (Photo: JLL)
UPDATED: Chinese property developer Qingjian Realty has announced that it has entered into a sales and purchase agreement with the homeowners of Shunfu Ville.
The agreement was signed on Thursday (19 May) at a collective price of $638 million. Each owner at the 358-unit residential development stands to receive an average payout of about $1.78 million.
Built in the late 1980s by the former Housing & Urban Development Company (HUDC), Shunfu Ville was recently privatised in 2013.
This is the third biggest collective sale by total value, behind Farrer Court and Leedon Heights, which were sold in 2007 for $1.34 billion and $835 million respectively, reported The Straits Times.
It is also the first collective purchase that Qingjian has undertaken since it started developing projects in Singapore eight years ago.
According to Qingjian, 80 percent of the owners had signed the collective sale agreement, paving the way for a successful deal.
The site has an estimated gross floor area of over 100,000 sq m and expected plot ratio of 2.8 (subject to approval by authorities).
“We hope to be able to build over 1,000 homes at this site, and given the long-term popularity of the Bishan-Thomson area, we believe that the market will welcome them,” said Li Jun, Qingjian’s General Manager.
The site is close to the Marymount, Bishan and future Upper Thomson MRT stations, while established schools like Ai Tong School and Raffles Institution are also nearby.
In April this year, Qingjian launched The Visionaire in Sembawang, Singapore’s first executive condominium (EC) with smart homes.