With a 69-year lease on this property, Serangoon Ville has been put on collective sale and it is said that the owners are expecting offers to be in S$400 million to S$430 million range. Serangoon Ville is the latest property to be listed for selling. Experts believe the revival of en masse market is the main reason why so many properties have been listed for selling this year.
Serangoon Ville is spread over 296,913 square foot and has 244 units in total. Sales proceed of every unit is likely to be somewhere between S$1.6 million – S$1.7 million. The collective sale agreement has been signed by over 80% of owners, according to the marketing agent of this collective sale. The new developer will have to spend something about S$200 million – S$220 million to intensify the site and get a fresh lease of 99 years.
Serangoon Ville is a good location for single households as well as families. Many reputable schools are located close-by, including St. Andrew Junior School and Nanyang Junior School. Other schools located near this location are Lycee Francais de Singapour – French School of Singapore, Rosyth Primary School, and Australian International School.
This property is also strategically located. The Central Business District is just a few minutes’ drive away, and the case is the same with Orchard. Many facilities and amenities are also located nearby, like Chomp Chomp Food Centre, NEX Shopping Centre, post offices, banks, and wet markets. Three MRT stations are located in this region. They are Serangoon, Lorong Chuan, and Kovan. July 25th is the last date for submitting the tender.
As of today, 4 en masse sales have been completed this year. The total worth of these 4 en masse sales is a little more than S$1.5 billion. By this time last year, only 3 sales worth approximately S$1 billion were done.
Apart from Serangoon Ville, many more properties are expected to be put up for collective sales. According to an expert from JLL, 30 properties might be up for sale soon. In each of these 30 properties, CSC (also called collective sale committee) has already been elected and there are 10 more in which CSC might soon be elected.
JLL is marketing for properties like Amber Park, Brookvale Park Condominium, Florence Regency, Cavenagh Gardens, and Boon Teck Tower. Additionally, they have launched en masse tender for 11-unit Albracca this month.
The estimation given by a top manager at Savills Singapore is similar. According to him, about 30 to 40 properties have elected CSC or started the process of forming CSC. Knight Frank, on the other hand, is marketing Kemaman Point, a freehold condominium in Balestier and Dunearn Court located at prime district eleven.
CBRE is also hopeful of putting two properties for collective sale in 2017. According to a manager, they are close to achieving the required 80% consensus. The two properties in question are Cairnhill Mansions situated in district nine and Villa D’Este located in district ten.
As a private buyer looking for a luxury property, there are many options available to you, perhaps none offer better value for money than Martin Modern by Guocoland.