The condo owners are going through a re-signing process to revise the reserve price to a lower amount. (Photo: Knight Frank)
Despite a failed bid earlier in the year and the introduction by the government of new property cooling measures, owners at Windy Heights in Kembangan remain undeterred as they put the condo project up for collective sale again.
Marketing agent Knight Frank Singapore revealed that while the reserve price of $806.2 million from the condo’s earlier attempt is unchanged, the “owners are going through a re-signing process to revise the reserve price” to $750 million, reported the Straits Times.
More: Developers’ En Bloc Appetite Diminishing: RHB
Down 6.97 percent from the earlier price, the revised price would translate to $1,089 psf per plot ratio (psf ppr), including the 10 percent bonus balcony gross floor area, subject to authorities’ approval.
The original land rate stood at $1,171 psf ppr, or $1,288 psf ppr if the balcony area is not taken into account.
Nestled on an approximately 250,702 sq ft site in Jalan Daud, Windy Heights comprises 192 apartments, eight penthouses and two commercial units.
With no development charge payable, the site could be redeveloped into 581 new housing units.
Knight Frank’s executive director and head of investment and capital markets Ian Loh expects new launches within the Kembangan and Bedok area to be sought after since there isn’t much impending supply there.
The new tender for Windy Heights closes on 7 September.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
