Ivory Heights is poised to be the next development in line for a collective sale in Singapore, targeting a reserve price of roughly S$1.34 billion that includes an estimated S$160 million differential premium to top up the lease to 99 years, The (Singapore) Business Times reported.
The asking price for the asset, based on the existing built-up area and 1.86 plot ratio, translates to a charge of S$979 per square foot per plot ratio.
The privatized Housing and Urban Development Co. estate in Jurong East will be put up for en bloc sale after consent is secured from 80% of residents. More than 80% of the property's owners voted in favor of the sale proceeds apportionment method and collective sale agreement at the second extraordinary general meeting held earlier in October, according to the Oct. 9 report.
Ivory Heights sits on an 825,502-square-foot land area and offers three high-rise tower blocks along with low-rise four-story walk-up maisonette apartments across five blocks. The development, which dates back to the 1980s, comprises a total of 654 housing units. A 2014 master plan from the Urban Redevelopment Authority of Singapore earmarked the site for residential use with a gross plot ratio of 1.6, the report added.
SLP International Property Consultants is the sole marketing agent for the deal that will add to the emerging trend of en bloc sales in the city-state, the report noted.
As of Oct. 6, US$1 was equivalent to S$1.37.