Florence Regency receives three bids below independent valuation

/ EdgeProp
September 29, 2017 4:15 PM SGT
Florence Regency, a privatised HUDC estate within Hougang, received three submissions at the close of the public tender exercise for the collective sale of the property. However, the collective sale committee was unable to award the tender to the top bidder as the bid price was below that of the property’s valuation by an independent valuer, according to marketing agent JLL.
Submitted at the close of the tender, the independent valuation report conducted by Colliers International valued Florence Regency at $629 million. While the highest bid for Florence Regency in the tender exercise exceeded its reserve price of $600 million, it fell below Colliers International’s valuation.
According to JLL, the marketing agent will be re-approaching those interested in Florence Regency to see if any of the potential buyers will make an offer matching or above the valuation of $629 million.
Florence Regency
Source: JLL
JLL announced that Florence Regency was making its debut on the collective sale market on Aug 22. Under the 2014 Master Plan, the 389,236 sq ft site is zoned ‘Residential’ with a gross plot ratio of 2.8, which works out to be an estimated 1,100 to 1,300 units. Florence Regency, which has a balance lease term of about 71 years, is located near Serangoon Junior College and is within a 1km radius of Xinmin Primary School.