Earlier this year, Spanish Village went en bloc at a reserve price of S$882 million. But as a result of the recent restrictions placed on real estate business, no final bidder showed up.
It has now resurfaced again at the same price after the earlier attempt closed down in July.
Homeowners of Spanish Village certainly have not given up their En Bloc Dream yet.
It would be recalled that the government, earlier this year enacted several plans to curb property sales and purchases.
This incidentally occurred around the first time Spanish Village went en bloc (which began in June and ended on the 18th of July).
The eventual effect of these property curbs was an increased additional buyer’s stamp and reduction in the limits of loan ratios to the value of purchased residential properties.
The CSA (Collective Sale Committee) has continued with Edmund Tie & Co (ET&Co) as its sole Marketing Agent for the second attempt too.
ET & Co has pointed out some advantages that need to be taken advantage of, in this prestigious project:
The reserve price works out a land rate of $1,721 psf ppr and is inclusive of development charges $30m approx. If 10% additional GFA for balcony scheme is applied, land rate would drop to $1,659 psf ppr with an additional development charge of $55m approx.
In spite of the review of rates last September, thankfully the development charges have not escalated.
In between the first tender and the current, some groundwork has produced excellent prospects. Senior Director of Investment Advisory, Tan Chun Ming has confirmed that the LTA (Land Transport Authority) has approved construction of 703 units in principle, as part of the pre-application feasibility study.
The developers have been requested to submit their tenders by 3pm, 20th Nov 2018.
This freehold condominium of 226 units was developed by Glory Realty Co in 1987.
It has been built over 331,457 sf of land along Farrer Road in Prime District 10.
The gross plot ratio under Master Plan 2014 is 1.6.
The property is ideally located and serviced by major roads like Farrer Road and Holland Road, and expressways such as PIE (Pan Island Expressway) and AYE (Ayer Rajah Expressway)
The Farrer Road is the closest MRT station, within 300 meters from the Spanish Village
It enjoys a serene and green surrounding having the World Heritage Site, the Singapore Botanical Garden nearby. The drone estate R&D Hub, One North is just 10 minutes from here.
The Empress Road Market & Food Centre, located within two minutes’ walk offers great and affordable food conveniently. Popular social spots and boutiques found at Holland Village, Chip Bee Gardens, Orchard Road and Dempsey Hill are some attractions in the neighbourhood.
Surrounded by Primary Schools, High Schools, Junior Colleges and Universities, the Spanish Village is one of the best sought after residential address by families.
The Spanish Village is not the only en bloc property that has just been recently put up for a collective sale.
Some of the other properties include Grange Heights in St Thomas Walk, which goes for $820 million (public tender), Laguna Park in District 15 the East Coast road for $1.48 billion (reserve price) and Faber Garden off Thomson Road for $1.18 billion (reserve price).
The minimum average unit size of non-landed residential properties outside the central area has been increased to 85 square meters from the original 70 square meters.
These measures were decided last week when the Urban Redevelopment Authority met to restructure their rules.
Nine areas which are not in the central district will also subject to an even stricter average requirement of 100 square meters.
Though these guidelines will take effect from January 17 next year, market watchers forecast it could be a hindrance to en bloc deals and also affect the real estate property prices.