Reserve price for Windy Heights may fall $56 mil

/ EdgeProp
August 1, 2018 8:23 PM SGT
The owners of Windy Heights in Kembangan have launched a second collective sale attempt for the freehold condominium, says marketing agent Knight Frank Singapore. The development has the same reserve price of $806.2 million which it set during its first collective sale attempt in February.
However, more than 50% of the owners have already agreed to revise the reserve price to $750 million, according to Ian Loh, head of investment and capital markets at Knight Frank Singapore. The collective sale committee of Windy Heights needs 80% of the owners to consent to the new price before they can market it for that price.
More than 50% of the owners at Windy Heights have agreed to revise the reserve price to $750 million (Picture: Knight Frank)
With the $806.2 million price tag, the 250,702 sq ft development would have a land rate of $1,171 psf per plot ratio (ppr), including a 10% bonus balcony space. But if Windy Heights is able to go on sale at $750 million, the land rate would fall to $1,089 psf ppr.
Windy Heights comprises 192 apartments, eight penthouses, and two commercial units. The site has a gross plot ratio (GPR) of 2.1, but the current built-up gross floor area is 625,929 sq ft, which translates into a GPR of 2.4967. No development charge is payable due to the high development baseline. The new development could comprise up to 581 units with an average size of 1,076 sq ft.
“There isn’t much impending supply in the Kembangan and Bedok area (Districts 14 and 16) through land sales and collective sales, hence new launches in the area are likely to be sought after,” says Loh.
The tender will close on September 7.