Riverfront Residences (Rio Casa, a former privatised HUDC estate) at Hougang Avenue 7 has been sold collectively for S$575 million to Oxley-Lian Beng Venture Pte Ltd. Coupled with an additional differential premium of around S$208 million to top up the lease to a fresh 99 years and develop the site to a gross plot ratio (GPR) of 2.8, the purchase price works out to a land price of about S$706 per sq ft per plot ratio (psf ppr), based on its maximum permissible gross floor area (GFA) of around 1,109,447 sq ft.
Featuring seven residential towers, the former HUDC estate has a site area of 36,811.1 sq m (about 396,231 sq ft) and enjoys a 200m frontage of riverfront. It is zoned for residential use under the Master Plan 2014. With a Gross Plot Ratio of 2.8, the site can potentially be redeveloped to build about 1200-1,400 residential units.
Riverfront Residences Hougang (former Rio Casa) is in a matured estate (Hougang) and enjoys a 200m frontage of riverfront. It is easy accessible to Serangoon Park Connector and Hougang MRT Station which serves the North East Line. Based on the land price of about $706 psf ppr, the estimated break-even price is likely to be in the range of $1,200 with estimated selling price in the range $1,400 - $1,500.
More information at https://investintproperty.com/properties/riverfront-residences/
No comments:
Post a Comment