The owners of Far Horizon Gardens (FHG) has elected a collective sales committee, adding to the city-state’s growing list of collective sales hopefuls.
“The main motivation for the FHG collective sale committee is to address the ageing estate (35 years out of a 99-year lease), and to unlock the property value for the individual sub-proprietor,” said deputy chairman of the committee, Loh Choon Seng.
Situated at Ang Mo Kio Avenue 9, the 272-unit development has a land area of around 430,000 sq ft and a gross plot ratio of 1.4, reported Business Times. It is near Yio Chu Kang MRT station, as well as Mayflower and Lentor stations on the Thomson-East Coast Line, which is due in 2020.
The latest transaction for FHG involved the resale of a 1,948 sq ft unit for $1.62 million in December 2017, which works out to a unit price of $832 psf.
On the rental arena, a two- and three-bedroom unit was rented for $1,900 and $3,200, respectively, in December, showed statistics from the Urban Redevelopment Unit.
Meanwhile, the committee is now shortlisting managing agents for the estate, with the tender expected to be called in 2H 2018.
This article was edited by Keshia Faculin.