Although Cashew Heights Condominium is about to be offered for sale en bloc, the vice-chairman of the property sales committee, David Wong, would not disclose the owners’ asking price.
He intimated that those details will be available once Cashew Heights’ legal team and marketing agents have been appointed. Another extraordinary general meeting is set to be held next month for that purpose.
Nevertheless, Mr. Wong was confident the property would fetch more than Farrer Court did back in 2007. Farrer Court was purchased at S$1.34 billion, although the developers had to incur an additional S$470 million or thereabouts to cover differential premiums associated with lease top-up and other site intensifying related costs.
On 7th October, Cashew Heights owners held an extraordinary general meeting, the first of its kind since City Development Ltd. put up the property in 1992.
They discussed the possibility of selling their units en bloc, and by the end of the meeting, owners representing over 62% of the total shareholding had accented to the proposal through a vote. They even formed a collective sales committee to see the property sale process through.
Cashew Heights Condominium, which is situated in District 23, has a 999yr lease, status that is very close to freehold as far as right to property is concerned.
It sits on 953,000 sq. ft. within a location that has been zoned specifically for residential purposes.
The property currently has 596 apartment units mixed of 2/3 bedrooms and Maisonette, as well as 3 shop lots among 12 blocks. According to Singapore’s Master Plan 2014, Cashew Heights’ allowed plot ratio is 2.1, although Mr Wong says the property’s built-up plot ratio is roughly 1.16.
The property is in a prime area, along Cashew Road within Bukit Panjang
The property’s 999-yr lease which many consider a Freehold Site
There are many schools and other educational institutions nearby, including Bukit Panjang Primary School, Zhenghua Primary School, Bukit Panjang Primary School, Assumption Pathway School, Chestnut Drive Secondary School, Fajar Secondary School, Chij Our Lady Queen of Peace, Assumption English School, and Ace at Work Educare Services.
The property is very near Chestnut Nature Park
There are many health facilities accessible, among them, Bukit Panjang Family Clinic, Cashew Medical & Surgery, Chin Medical Clinic, Chong & Lim Family Clinic and HealthMed Family Clinic.
Residents can easily get to Cashew MRT (DT2), which is close by.
They can also easily reach other train stations like Pending (BP8) and Pending LRT stations.
The property is near big shopping facilities, including Giant Hypermarket along Bangkit Secondary Road; Giant Hypermarket within Greenridge Shopping Centre, which is along Jelapang Secondary Road; and NTUC Fairprice within Bukit Panjang Plaza, which is along Jelebu Road.
Hillion Mall shopping mall is also very close by
Cashew Heights is also in close proximity to another shopping centre that is alluring, Junction 10. It has a pre-school, a celebrity fitness centre, beauty and wellness services, family restaurants and other facilities of interest to residents.
Some of the reasons Mr. Wong cites for making him optimistic about Cashew Heights’ chances to attract good offers, is that the property is the biggest of all the properties with an MRT station close by and being sold en bloc, with the added advantage of being on a 999-yr lease.
He also singles out the land area of almost a million square feet as being a big plus when it comes to attracting serious developers.