According to marketing agent, JLL, there’s 358 unit of residential Shunfu Ville development is up for collective sale. This is a highly sought after area at Bishan/Thomson (District 20).
This residential area was built by Housing & Urban Development Company [HUDC] in the late 1980s. But it was privatized in 2013. This information was from Tan Hong Boon the Regional Director in Capital Markets of JLL.
The area has a total of 408,927 sq. ft. and it has a GPR or Gross Plot Ratio of 2.8. It can be checked with the Master Plan in 2014. Having an average size of 1,000 per unit, it could yield up to 1,100 total numbers of units.
There are already a high percentage of residents who have signed their consent. It was recorded that over 80% have already signed the document to make the collective sale possible. With a minimum price of $688 million for the deal, the owners are expecting to earn more than what they estimated. The minimum price was established using $791 psf per plot ratio on the potential GFA approximation. They then added the estimated differential premium amount that is payable to the State of about $218 million. This would then top the lease to another 99 years. This was all subject for approval to all relevant authorities.
With the unit to be available between $1,400 to $1,450 psf, the purchaser can only have an estimated breakeven cost of $1,250 psf. With $688 million, each owner can receive a gross income of $1.9 million per unit. This should be about 50 percent more of what they could have if they decide to sell their units individually. This information was all according to Tan Hong Boon.
And he also shared that the new project will have 36 storeys in height. It will make this the highest residential development within the area of 1km radius.
There is a possibility of establishing schools and Raffles Institution is also located within the area. Also there are other options where you can find residential properties that’s as great as Shunfu Ville, such as the Thomson Impressions and the Adana @ Thomson, just to name a few.