The 99-year leasehold private residential estate in the East Coast area was previously put up for collective sale in September 2018, after two attempts by owners of the development in 2007 and 2010.LAGUNA Park off Marine Parade Road has been relaunched for sale by tender with a reserve price of S$1.48 billion, marketing agent Knight Frank Singapore announced on Monday.
The 99-year leasehold private residential estate in the East Coast area was previously put up for collective sale in September 2018, after two attempts by owners of the development in 2007 and 2010. The reserve price of S$1.48 billion, with an additional differential premium estimated at S$407.4 million for intensification of the site to a plot ratio of 2.8 under the Urban Redevelopment Authority’s 2014 Master Plan, and a lease top-up premium of about S$420.7 million, translate to a land rate of S$1,231 per square foot per plot ratio , subject to the authorities' approval.
As a result of development charges being adjusted downwards by URA, the land rate is now slightly lower than the land rate of S$1,253 psf ppr announced last September.Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore said:"With Laguna Park over 40 years old, maintenance cost is expected to go up. Owners are open to achieve a sale by moderating their price expectations.
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