Loyang Valley condo up for collective sale at $980 million

by Albert02

Loyang Valley condo up for collective sale at $980 million

Loyang Valley condo up for collective sale at $980 million. Loyang Valley, a 362-unit Changi condominium, is attempting its first collective sale, with a reserve price of $980 million. On Thursday, the public tender for the 99-year leasehold land will be opened. The Loyang Valley collective sales committee (CSC) acquired the required 80% mandate in September.

Its previous collective sale attempt, with a reserve price of $750 million, failed in 2018. Owners of two-bedroom flats will receive an average of $1.86 million, while owners of three-bedroom units will receive an average of $2.7 million, according to Mr Terence Lian, head of investment sales at marketing agent Huttons Asia. The largest four-bedroom unit owners will each earn $4.35 million.

The reserve price corresponds to $997 per square foot per plot ratio (psf ppr), including a $174 million land betterment tax and a $187 million lease upgrading premium. Mr Lian suggested that the land rate might be reduced to $972 psf ppr after accounting for a 7% bonus balcony gross floor area and a $57 million land betterment charge.

Loyang Valley has 59 years left on its lease and is close to the projected Loyang MRT station. The 2019 Master Plan designates the 78,098.8 sqm (about 840,648 sq ft) land for residential development, with a gross plot ratio of 1.6. The redevelopment’s entire gross floor space might be roughly 1.35 million square feet. Subject to planning clearance, a new structure on the property might house up to 1,249 residential apartments averaging 1,076 square feet each.

Mr Lam Yoon Tuck, the secretary of Loyang Valley’s CSC, told The Straits Times that there was more support for a collective sale this time because the Cross Island Line’s Loyang MRT station was confirmed, which will help increase the estate’s desirability. “The reserve price of $750 million was not as appealing to owners at the time.” “The lease is also coming to an end, and the estate is getting older,” observed Mr Lam, a retiree who has lived on the estate for almost 30 years.

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Source:
https://www.straitstimes.com/business/loyang-valley-condo-up-for-collective-sale-at-980-million



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