News: Laguna Park goes en bloc again at $1.48 billion

Apr 9, 2019

Despite three failed attempts, Laguna Park near East Coast Park is once again attempting an en bloc sale. The 99-year leasehold development comprises seven blocks of 516 housing units and 12 commercial units. It sits on a 669,485 sq ft site zoned residential under the 2014 Master Plan with a gross plot ratio of 2.8. (Photo: Knight Frank)

After three failed attempts, Laguna Park has once again been launched for en bloc sale, carrying a reserve price of $1.48 billion.

Including a differential premium of about $407.4 million and a lease top-up premium of around $420.7 million (subject to authorities’ approval), the price translates to a land rate of about $1,231 psf per plot ratio, revealed marketing agent Knight Frank.

More: Understanding The En Bloc Process (August 2018)

The 99-year leasehold development comprises seven blocks of 516 housing units and 12 commercial units. It sits on a 669,485 sq ft site zoned residential under the 2014 Master Plan with a gross plot ratio of 2.8.

Once redeveloped, the site is expected to yield 1,741 new housing units, averaging 100 sq m each.

With the upcoming Siglap MRT station right at its doorstep, the development is a mere 15-minutes’ drive to the central business district and Changi Airport. It is also close to East Coast Park, which is easily accessible via an underpass.

“With Laguna Park over 40 years old, maintenance cost is expected to go up. Owners are open to achieve a sale by moderating their price expectations,” said Ian Loh, head of investment and capital markets at Knight Frank Singapore.

“Laguna Park is a special site and possibly the only en bloc site launched for collective sale which offers both panoramic sea views and the convenience of an MRT station entrance at its doorstep.”

The tender for Laguna Park closes on 8 May.

Get more details on the property market outlook for 2019 here

 

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

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