The 99-year leasehold development, which comprises five blocks of 10 storeys each, has 71 years left on its lease.
Bishan Park Condominium is up for collective sale, with its owners expecting to receive offers of about $680 million to $688 million.
Located in District 20 at 14 Sin Ming Walk, the 320-unit development sits on a 269,796 sq ft site with a plot ratio of 2.1. After taking into account a seven percent bonus balcony gross floor area, the land rate translates to $1,122 per sq ft per plot ratio.
The 99-year leasehold development, which comprises five blocks of 10 storeys each, has 71 years left on its lease.
Around $70 million to $75 million is required for the site’s intensification and to top up the lease to a fresh 99-year lease, subject to the relevant authorities’ approval.
With this, each unit owner is expected to receive sales proceeds of between $1.9 million and $2.3 million, reported The Business Times.
Bishan Park Condominium is connected to major expressways and is a 15 to 20-minute drive from the Orchard Road shopping belt and the central business district. It is also 400 m away from the soon to be built Bright Hill MRT Station along the Thomson-East Coast Line.
Facilities and amenities near the property include the Thomson Plaza, Upper Thomson Road stretch of eating establishments, Junction 8 malls and Bishan Park and Gardens.
Also within the vicinity are educational institutions such as Raffles Institution and Catholic High School, CHIJ St Nicholas Girls’ School, Ang Mo Kio Primary School and Ai Tong School.
According to Stanley Koo, ERA’s division director, more than 80 percent of the condominium’s proprietors by strata and share value have signed the collective sale agreement.
ERA also noted that the proposed residential redevelopment at lot number MK18-12122X will not need a pre-application feasibility study.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
