Former HUDC estate in Hougang up for collective sale

Collective sales have surged from around 600 units for the whole of 2016 to about 2,700 existing private homes so far this year...

The owners of Rio Casa are expecting offers above $450.8 million, or a land rate of about $586 psf per plot ratio. (Photo: Knight Frank Singapore)

Rio Casa, a privatised HUDC estate along Hougang Avenue 7 has been launched for collective sale, said marketing agent Knight Frank Singapore.

The river-fronting estate comprises seven blocks of 286 apartments and maisonette units. Under the Master Plan 2014, the approximately 396,231 sq ft site is zoned for residential use with a gross plot ratio of 2.8.

Knight Frank revealed that the owners are expecting offers above $450.8 million, which works out to a land rate of about $586 psf per plot ratio. This includes a differential premium of around $141.5 million for intensification of the site based on the maximum permissible gross floor area of 1,109,447 sq ft and lease top-up premium of approximately $57.5 million for a fresh 99-year lease.

Located within a residential area, the redevelopment site is close to various schools including CHIJ Our Lady of The Nativity, Holy Innocents’ Primary and High School, Montfort Junior School and Serangoon Junior College.

The Hougang MRT station and upcoming Integrated Transport Hub at Hougang Central are also in the vicinity.

“We continue to see strong interest from developers for redevelopment opportunities. With more than 200 metres of riverfront and greenery views coupled with other positive site attributes, we expect this property to attract keen interest,” said Ian Loh, Executive Director & Head, Investment and Capital Markets at Knight Frank Singapore.

The tender for Rio Casa will close on 23 May 2017.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg