LAGUNA Park off Marine Parade Road has been relaunched for sale by tender with a reserve price of S$1.48 billion, marketing agent Knight Frank Singapore announced on Monday.
The 99-year leasehold private residential estate in the East Coast area was previously put up for collective sale in September 2018, after two attempts by owners of the development in 2007 and 2010.
The reserve price of S$1.48 billion, with an additional differential premium estimated at S$407.4 million for intensification of the site to a plot ratio of 2.8 under the Urban Redevelopment Authority’s (URA) 2014 Master Plan, and a lease top-up premium of about S$420.7 million, translate to a land rate of S$1,231 per square foot per plot ratio (psf ppr), subject to the authorities' approval.
As a result of development charges being adjusted downwards by URA, the land rate is now slightly lower than the land rate of S$1,253 psf ppr announced last September.
an Loh, executive director and head of investment and capital markets at Knight Frank Singapore said: "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. 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 door step."
The development is situated near the upcoming Siglap MRT station along the Thomson-East Coast Line, and the station is targeted for completion in 2023.
When contacted by The Business Times, Mr Loh added that the owners are now "serious to sell", though this also depends on how the market reacts.
Laguna Park comprises seven blocks of 516 residential units and 12 commercial units, with a site area of about 62,200 sq m.
Under the 2014 Master Plan, the site is zoned "residential" with a gross plot ratio of 2.8, and can yield about 1.87 million sq ft of gross floor area upon redevelopment.
Tender for Laguna Park will close at 3pm on May 8.