Rio Casa is a privatised HUDC estate consist of seven residential blocks of 286 apartment and maisonette units. It has a site area of 36,811.1 sq m. The tender will close on May 23.
PUBLISHED Tuesday, April 11, 2017
RIO Casa, a former HUDC (Housing and Urban Development Company) estate, was on Monday put up for collective sale by its marketing agent, Knight Frank Singapore.
The owners of the river-fronting estate along Hougang Avenue 7 are expecting offers of more than S$450.8
This means a land rate of about S$586 per square foot per plot proportion, comprehensive of a differential premium of about S$141.5 million for increase of the site, and in addition a lease top up premium of about S$57.5 million for a new 99-year lease.
In the event that successful, every family unit will get more than S$1.5 million each. The unit sizes at Rio Casa run from 151 square meters (sq m) to 166 sq m.
Knight Frank hopes to see enthusiasm from developers for redevelopment opportunities, given the site’s more than 200 meters of riverfront and greenery sees.
The site is a privatized HUDC estate involving seven private residential blocks of 286 apartments and maisonette units. It has a site territory of 36,811.1 sq m. Under the Master Plan 2014, the site is zoned for “residential” with a gross plot proportion of 2.8. This means a greatest permissible gross floor area of around 1.1 million square feet.
The immediate vicinity is transcendently residential in nature, containing landed housing, condominium and public housing estate. There are schools, for example, CHIJ Our Lady of The Nativity, Holy Innocents’ Primary and High School, Montfort Junior and Serangoon Junior College adjacent.
The Business Times had before detailed that property advisors thought the reserve price somewhat excessively bullish as the site can conceivably yield more than 1,000 homes – quite intimidating for any developer to sell. This would likely temper their offers, they say.
The delicate for Rio Casa will close on May 23, 2017, at 3pm.
Private land in hougang area is rare. Everyone is anticipate for the Executive condo in Yio Chu Kang Road, Hougang Ave 2. The Topiary was the last EC launch in 2012. The Yio Chu Kang EC located in a mature estate, is within 1km to Rosyth School.
Source: http://www.businesstimes.com.sg/real-estate/rio-casa-up-for-en-bloc-sale?xtor=SEC-28
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