Skip to main content

Advertisement

Advertisement

Florence Regency in Hougang up for collective sale

SINGAPORE — Florence Regency in Hougang Avenue 2 has been put up for collective sale with a minimum asking price of S$600 million, sole marketing agent JLL said on Tuesday (Aug 22), as the former HUDC estate becomes the latest property to be marketed en bloc.

Florence Regency in Hougang Avenue 2 has been put up for collective sale with a minimum asking price of S$600 million, sole marketing agent JLL said on Tuesday (Aug 22), as the former HUDC estate becomes the latest property to be marketed en bloc. Photo: JLL

Florence Regency in Hougang Avenue 2 has been put up for collective sale with a minimum asking price of S$600 million, sole marketing agent JLL said on Tuesday (Aug 22), as the former HUDC estate becomes the latest property to be marketed en bloc. Photo: JLL

SINGAPORE — Florence Regency in Hougang Avenue 2 has been put up for collective sale with a minimum asking price of S$600 million, sole marketing agent JLL said on Tuesday (Aug 22), as the former HUDC estate becomes the latest property to be marketed en bloc.

The announcement comes a day after Normanton Park in Kent Ridge was put on the en bloc market with a minimum asking price of S$800 million. It is Florence Regency’s first attempt at an en bloc sale, with more than 80 per cent of the owners agreeing and signing the collective sale agreement in less than three weeks, JLL said.

Built in the late 1980s, Florence Regency comprises 336 units of apartments and maisonettes. Under Master Plan 2014, the Florence Regency site is zoned ‘residential’ with a gross plot ratio of 2.8. The 389,236 sq ft site could potentially support a total gross floor area of over 1.1 million sq ft, or about 1,100 to 1,300 apartment units.

With a minimum price of S$600 million and with current estimated differential premiums of about S$249 million, the land cost reflects about S$779 per sq ft per plot ratio, JLL said. The site has a balance lease term of about 71 years, it added.

JLL Regional Director of Capital Markets Tan Hong Boon said: “With very strong demand from developers for both the Government Land Sale sites and collective sale projects currently, owners of Florence Regency are optimistic that the well located site would attract premium bids and are expecting offers from developers of between S$615 million and S$650 million onwards.”

“There are good reasons for the owners’ optimism as the Florence Regency site is in a superior location, with good attributes and of good size that appeals to mid-to-large developers to capitalise on economies of scale. However, it is not too large to risk missing the five-year deadline for the 15 per cent Additional Buyer’s Stamp Duty remission.”

Florence Regency is in close proximity to the Hougang MRT Station and the bus interchange, with Hougang Mall and many other amenities also nearby, JLL said. It is also within walking distance of the Kovan MRT Station along Upper Serangoon Road, a popular dining destination among residents in the area with a wide range of food and beverage options. Florence Regency is also located near Holy Innocents’ Primary School and the French School of Singapore.

The tender for Florence Regency closes on Sept 27, JLL said.

Read more of the latest in

Advertisement

Advertisement

Stay in the know. Anytime. Anywhere.

Subscribe to get daily news updates, insights and must reads delivered straight to your inbox.

By clicking subscribe, I agree for my personal data to be used to send me TODAY newsletters, promotional offers and for research and analysis.