Built in the late 1980s, Florence Regency comprises 336 units of apartments and maisonettes. It has a gross plot ratio of 2.8 and a site area of 389,236 sq ft. With 71 years left on its lease, the site could yield up to 1,300 apartment units. (Photo: JLL)
Former HUDC estate Florence Regency has been launched for collective sale, with the owners expecting bids of between S$600 million and S$650 million.
Built in the late 1980s, Florence Regency comprises 336 units of apartments and maisonettes. It has a gross plot ratio of 2.8 and a site area of 389,236 sq ft. With 71 years left on its lease, the site could yield up to 1,300 apartment units.
Florence Regency carries a land rate of S$779 psf per plot ratio, given its minimum price of S$600 million and differential premium of around S$249 million.
Marketing agent JLL revealed that this is the first attempt by the development’s owners at a collective sale, with over 80 percent of the owners giving their consent to the sale in less than three weeks.
SEE ALSO: Analyst: People are buying because of bad economy
“There are good reasons for the owners’ optimism as the Florence Regency site is in a superior location, with good attributes and of good size that appeals to mid-to-large developers to capitalise on the economies of scale. However, it is not too large to risk missing the five-year deadline for the 15 percent Additional Buyer’s Stamp Duty remission,” said JLL regional director of capital markets Tan Hong Boon.
Located near the bus interchange with Hougang Mall as well as the Hougang MRT Station – which is set to become an interchange station following the completion of the planned Cross Island Line – Florency Regency is within walking distance to the Kovan MRT Station along Upper Serangoon Road.
The estate also enjoys easy access to major roads and expressways such as the Kallang-Paya Lebar Expressway and Central Expressway. Nearby schools include Holy Innocents’ Primary School, a Special Assistance Plan school and the French School of Singapore.
Tan believes the “key selling point of the site is its 270-degree unblocked views of the surroundings, being located next to landed housing estates and across the Hougang Stadium and the Sports & Swimming Complex”.
“This location will be ideal for young families requiring a quiet and more conducive environment for their children to study and live in,” he said.
Tender exercise for Florence Regency will close on 27 September.
This article was edited by Denise Djong.