Hougang project sold for $629m in collective sale

Florence-Regency

The owners of Florence Regency are expected to receive between $1.84 million and $1.89 million from the sale. (Photo: JLL)

The 336-unit Florence Regency development at Hougang Avenue 2 has been sold to Hong Kong-listed developer Logan Property for $629 million, marketing agent JLL said on Friday (20 October).

This is the first collective sale attempt by the owners of the privatised HUDC, and the price matches the valuation of the site by an independent valuer.

It translates to a land price of approximately $842 psf per plot ratio, after factoring in the differential premium of $288.6 million to top up the lease to a fresh 99 years, and to develop the site to a gross plot ratio of 2.8.

“At this sale price, the owners would expect to receive gross sale proceeds between $1.84 – $1.89 million per unit,” said Tan Hong Boon, regional director at JLL.

The 389,236 sq ft site is zoned residential under the 2014 Master Plan, and is one of the last few privatised HUDC estates in the North-East region.

The site is close to the Hougang and Kovan MRT stations, Hougang Mall, and eateries along Upper Serangoon Road. Several schools including Holy Innocents’ Primary School and the French School of Singapore are also nearby.

Logan Property marked its maiden foray into Singapore in May with a record $1.003 billion bid for a prime residential site at Stirling Road in Queenstown with Nanshan Group.

Earlier this month, JLL helped broker the sale of Amber Park in Katong to City Developments Limited for $906.7 million ($1,515 psf ppr), making it the largest freehold residential collective sale.

credits to propertyguru