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 site will be opened. This follows the Loyang Valley collective sales committee (CSC) obtaining the required 80% mandate in September.

Its previous attempt at a collective sale in 2018, with a reserve price of $750 million, was unsuccessful. According to Mr Terence Lian, head of investment sales for marketing agent Huttons Asia, at $980 million, owners of two-bedroom flats stand to get approximately $1.86 million on average, while owners of three-bedroom units stand to collect approximately $2.7 million each. The owners of the largest four-bedroom flats will each receive approximately $4.35 million.

The reserve price translates to a land rate of $997 per square foot per plot ratio (psf ppr), including an estimated $174 million land betterment charge and a lease upgrading premium of $187 million. Mr Lian stated 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 is near the planned Loyang MRT station and has 59 years left on its lease. According to the 2019 Master Plan, the 78,098.8 sqm (about 840,648 sq ft) site is allocated for residential use with a gross plot ratio of 1.6. Redevelopment might result in roughly 1.35 million square feet of gross floor area. Subject to planning clearance, a new construction on the property might house up to 1,249 residential units averaging 1,076 square feet each.

Mr Lam Yoon Tuck, 70, secretary of Loyang Valley’s CSC, told The Straits Times that there was more support for a collective sale this time since the Cross Island Line’s Loyang MRT station was confirmed, which will help increase the estate’s appeal. “At the time, the $750 million reserve price was not as appealing to owners.” “The lease is also expiring, and the estate is getting older,” said Mr Lam, a retiree who has lived on the estate for approximately 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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