According to research sources, Eunosville, a private condo next to Eunos MRT Station is put up on collective sale again. This is the second time it is put up for collective sale. The first time it was put up for collective sale, it was held back due to the implementation of TDSR. Sources indicated that Eunosville is being put up on the market for a minimum price of $688million which was the same price as the owners were asking for previously.
Collective Sale in 2 plots of land
Analyst calculated that including the cost needed to top up the lease back to 99 years as well as any other cost involved, it will translate into about $806 (psf ppr). Although Eunosville currently comprises of only 330 units, the master plan indicated that based on the plot ratio, the site could potentially yield 1,100 units. Calculations indicated that each owner in Eunosville can expect to receive $2 million each.
Sale proceeds from Collective Sale
Another potential enbloc collective sale is from Jervois Gardens. The asking price for enbloc is a combined proceeds of $72 million. This works out to be $1,510psf ppr. The condo is a freehold project with site area of 34,038sqft with plot ratio of 1.4. It could potentially yield 65 units of 800sqft each.
Combining reconstruction cost as well as development charges. It might not be very viable for developers to go for enbloc. Many developers choose to go for government land sales programme to bid for vacant plots of land as can be seen in the healthy bids for lands in the recent GLS programmes. However, some of the old condo sites are very attractive considering that they are in mature town estates and near to MRTs as well.
The Hillford at Jalan Jurong Kechil might be very interesting for new condo due to its proximity to Beauty World MRT. Also, the concierge services as well as the retirement facilities in the resort provide upscale services to the buyers in the development