Predicted to be a sought-after property even before the owners had the slightest idea, Bishan Park Condo has finally been launched for En Bloc Sale by Marketing Agent ERA Realty at an estimated $680 million to $688 million today (Sep 24, 2019).
Apart from the asking price, ABSD charges, fresh 99-year lease top up and site intensification charges estimated between $70 million to $75 million are other costs involved in the new development.
Situated in the neighborhood of Bishan, District 20, Central Region, this estate at 14 Sin Ming Walk was developed in 1994 by Shanwood Development (Hong Leong Holdings).
With land area of 269,796 sq ft and plot ratio of 2.1, this mid density 320 units condo in five blocks of ten storeys has great potential to be developed into more profit yielding high density condo.
Best thing of all, it doesn’t require a pre-application feasible study.
The en bloc site is close to the Central Business District, Orchard Shopping Belt and easily accessible to major expressways such as CTE, SLE, TPE and PIE.
The other major highlights are the Bright Hill MRT Station at the doorstep, scheduled to be opened in 2020 (also to become an interchange station with the Cross-Island Line in 2029) and the Bishan Park, right at the rear gate.
Furthermore, it is a self-contained neighborhood with eateries along the Upper Thomson Road, malls like Thomson Plaza and Junction 8, etc.
It has a cluster of Educational Institutions around like Catholic High School, CHIJ St Nicholas Girls’ School, Raffles Institution, Ang Mo Kio Primary School and Ai Tong School.
No wonder, these amenities made the neighborhood a high-cost housing area of about 19,000 flats.
ERA’s Division Director, Stanley Koo confirmed that statutory requisite of 80% majority consent by share value and strata area has been met.
The land rate works out to about $1,122 psf ppr after accounting the 7% bonus balcony GFA, though the average selling price of individual units has been $949 psf all along.
Therefore, through the En Bloc, the owners stand a good chance to receive between $1.9 million to $2.3 million per unit.
The public tender for Bishan Park Condo will close on November 8 at 3.30 pm.