Florence Regency, a former HUDC estate comprising 336 apartment and maisonette units at Hougang Avenue 2, has been put up for collective sale with a minimum price of $600 million. Including differential premiums, currently estimated at $249 million, the land price is about $799 per sq ft per plot ratio (psf ppr).

According to marketing agent JLL, the Florence Regency site is zoned ‘Residential’ with a gross plot ratio of 2.8 under the 2014 Master Plan. The 389,236 sq ft site, which has about 71 years remaining on its lease, could potentially yield a total gross floor area of over 1.1 million sq ft or an estimated 1,100 to 1,300 apartment units. The site is located close to Hougang and Kovan MRT stations, Hougang Central Bus Interchange and Hougang Mall.

This is the development owners’ first attempt in a collective sale, with more than 80% of the owners agreeing and signing the agreement in less than 3 weeks. The owners are expecting offers ranging from $615 million to more than $650 million, says Tan Hong Boon, JLL regional director of capital markets.

The tender exercise will close on September 27.

Source: JLL