Shunfu Ville up for collective sale

By Tan Chee Yuen
/ JLL, The Edge Property |
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Shunfu Ville, a 358-unit residential development in the Bishan/Thomson area, has been put up for collective sale at an expected price of $688 million. The price works out to approximately $791 psf per plot ratio, after adding an estimated differential premium of $218 million payable to top up the lease to a fresh 99 years and for intensification of use, subject to approval from the relevant authorities.
The property has a land area of approximately 408,927 sq ft, which is zoned for residential use with a gross plot ratio (GPR) of 2.8. The site could potentially yield over 1,100 units with an average size of 1,000 sq ft. Currently, the site comprises three 16-storey apartment blocks and three low-rise blocks of six-storey maisonettes.
Shunfu Ville is located within walking distance from the Marymount MRT station of the Circle Line. It is also 600m from the future Upper Thomson MRT Station, which is due to be completed in 2020. After the completion of the North South Expressway, the development is expected to be within 15 minutes’ drive to the CBD. The new highway is due to be ready in 2020. In addition, the subject development is located within 1km radius from Catholic High Primary.
The subject property
Tan Hong Boon, Regional Director, Capital Markets, JLL, added: “More than 80% of the owners have inked their consent to the collective sale. At the minimum price of $688 million, owners can look forward to receiving gross sales proceeds of at least $1.9 million per unit, or about 50 per cent more than what they could obtain by selling their units individually.”
Based on the $791 psf ppr land rate, the estimated breakeven cost for the successful purchaser should be around $1,250 psf, with the new units expected to fetch between $1,400 psf and $1,450 psf, Tan estimated.
JLL is the sole marketing agent for the tender exercise which will close at 2.30 pm on October 27, 2015.
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