St. Francis Court has been put up for en bloc sale via a public tender at $95 million guide price.
ERA Realty Network, the marketing agent announced the tender of this site located at 90 Saint Francis Road.
The leasehold site has total 34,111.12 sq ft land area and plot ratio of 2.8. There is an eleven-storey apartment which has 71 units.
ERA further announced that there is a redevelopment potential of 100-110 units. They also stated that the developer wouldn’t have to obtain the Pre-Application Feasibility Study (PAFS) from the Land Transport Authority (LTA).
ERA Realty’s Division Director Stanley Koo stated that the Collective Sale Agreement has exceeded the required 80% signatories both by strata area and share value at St. Francis Court.
He also added that the 72 years still remains in its lease term.
In the statement ERA also stated that the developer wouldn’t have to pay any differential premium upon obtaining confirmation from URA (Urban Redevelopment Authority) and SLA (Singapore Land Authority).
They estimated the cost of lease top-up for fresh 99-year tenure to be $9 to $10 million.
Individual owners are expected to pocket between $1m and $1.5m each from this collective sale as per the size of their holdings.
Tender for St. Francis Court shall close on June 6, 3:30 PM