Owners of Far Horizon Gardens (FHG), a condo in Ang Mo Kio with 272 units, have set up a collective sales committee comprising eleven elected members, as part of their preparations to sell their condominium en bloc.
The committee has begun to shortlist agents to manage the collective sales process, and it is anticipated the tender could be launched any time from July 2018.
Construction of this property that is in District 20 was completed in 1987, and according to Loh Choon Seng, the deputy chairman of the collective sales committee, the owners are motivated to sell by the prospects of unlocking the actual property value even as they avoid the problems of an aging estate. FHG is on a 99-yr lease.
The site, which is along Avenue 9, is 430,000 sq ft, and its gross plot ratio is 1.4. The collective sales committee may wish to make reference to a recent property sale that took place last month in the neighbourhood, where a unit of 1,948 sq ft was bought at S$1.62 million, resulting to a land rate of S$832 per square foot.
And for property owners who may have their reservations about selling, they may wish to consider December 2017 rental rates, where, according to the Urban Redevelopment Unit and SRX Property Show, a 2-bedroom unit, ranging in size from 1,100 to around 1,200 square feet went for S$1,900, while a 3-bedroom unit ranging in size from 1,900 to around 2,000 square feet went as far as $3,200.
Generally, FHG should receive respectable bids when the time comes, because in addition to developers being enthusiastic about buying, the site lies along the Thomson-East Coast Line that is due for completion in 2020, with MRTs like the Lentor, Mayflower and Yio Chu Kang close by.
Far Horizon Gardens location is great with numerous amenities surrounded the condo
The nearest train station presently will be Yio Chu Kang MRT which is only 10 mins walk away
Upcoming Lentor MRT will be completed in 2020, the station is just across the condo site. This will significantly boost the property value and make the site even more attractive
The Thomson-East Coast Line once completed will make more convenience for the residents and let them access to all parts of Singapore, this will make easier for the developer to sell their new launch project
Several bus services are provided just outside the condo
Many Schools are located close by such as Anderson Primary and Presbyterian High School which are walking distance only. Other good schools namely Nanyang Polytechnic and Anderson Junior College
Thye Hua Kwan Hospital is just opposite the condo, this important facility provides top medical care and services
Yio Chu Kang Stadium and Swimming Complex is just next to the MRT station
The Condo site is near to Ang Mo Kio Industrial Park which is important for investors
1 stop ride to Ang Moi Kio station is where all the facilities are located, shopping mall, banks, library, cinemas, good restaurants, retail and eating outlets, supermarket and numerous shops
This is simply one of the best potential en bloc site offer to the developer once it launches in the collective sale market. It has everything that a developer wish for and meet all the requirements for a successful new launch.
Problem now is that since everything is so good, owners might find it hard to let go.