Ivory Heights preparing for collective sale at reserve price of $1.34 bil

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/ EdgeProp
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October 10, 2017 6:59 PM SGT
Ivory Heights, a privatised HUDC estate at Jurong East Street, is preparing for a collective sale at a reserve price of approximately $1.34 billion, according to marketing agent SLP International Property Consultants.
Including an estimated differential premium of $160 million to top up the lease of the site to 99 years, the land rate works out to be about $979 psf per plot ratio (psf ppr). The psf ppr price is based on the existing built-up area of Ivory Heights, which is equivalent to a plot ratio of 1.86.
More than 80% of the owners who attended the second extraordinary general meeting on Oct 1 voted in favour of the sale proceeds apportionment method and the collective sale agreement, says SLP International.
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With the keen interest shown at the meeting for the collective sale, it is likely that the committee would be able to secure the required 80% of owners’ approval for the collective sale “fairly quickly”, comments Richard Hui, vice chairman of the Ivory Heights collective sale committee.
Under the 2014 Master Plan, the 825,502 sq ft Ivory Heights site on is zoned ‘Residential’ with a gross plot ratio of 1.6. According to SLP International, Ivory Heights is located near Jurong East MRT station and the future Kuala Lumpur-Singapore High Speed Rail terminus.