Laguna Park Condo which located in East Coast area is up for collective sale again by tender, publicized by Knight Frank Singapore, the development’s marketing agent, on Monday.
Formerly, the Marine Parade Road development was put up for sale in September 2018. Before that, the owners also attempted for en bloc sale in the year 2007 and 2010.
The reserve price which is set to S$1.48 billion has an added differential premium of S$407.4 million for the intensification of the site to a plot ratio of 2.8.
Also, for a fresh lease top-up premium, estimated cost of around S$420.7 million applies to the site and the approval of the authorities is needed.
The Urban Redevelopment Authority has made an adjustment in the development charges and the new land rate of the development is now lower than S$1,253 psf ppr which declared in the last September 2018.
Knight Frank Singapore’s executive director, Ian Loh, proclaimed the en bloc site is very special as it offers panoramic sea views and high convenience with the presence of upcoming MRT station nearby.
With so much amenities and attractions found within, it will definitely catch some attentions from the buyers.
He further explains that the development is around 40 years old and would have a soaring maintenance cost. Owners will get a positive result by moderating their price anticipations.
Laguna Park has seven blocks that have a total of 12 commercial units and 516 residential units. The site has a total area of approximately 62,200 square meters.
The property is presently in the vicinity of the Siglap MRT station (Thomson-East Coast Line) which is expected to be completed in the year 2023.
The new Marine Terrace MRT which is 1 stop from Siglap MRT connects to many good schools which are Saint Patrick’s, CHIJ Katong Convent, Victoria Junior College, and Ngee Ann Primary.
The best thing is that all these schools are only walking distance away from the station.
For en bloc redevelopment site, this is very important as most parents will go for new condo that is near MRT Station with schools easily reach.
This will give Laguna Park advantages over other en bloc sites.
The 99-yr leasehold site has the gross plot ratio of 2.8 and zoned as residential by the 2014 Master Plan with the gross floor area of over 1.87 million square feet when redevelop.
The Laguna Park public tender will close at 3 pm on May 8, 2019