Laguna Park is up for en bloc sale for the fourth time, with a reserve price of $1.48 billion. Bidding will close at three p.m. on 8th May 2019.
Previous attempts for collective sale were in 2007 and 2010, as well as in September last year with the same reserve price.
The $1.48 billion translates to a land rate of $1,231 per square foot per plot ratio (psf ppr), subject to the authorities’ approval. This is slightly lower from the $1,253 psf ppr announced last year.
Due to lowered development charges by the Urban Redevelopment Authority (URA), land rates also fell.
The reserve price also takes into account a lease top-up of about $420.7 million, as well as an additional differential premium of about $407.4 million for intensification of the site to a plot ratio of 2.8
The 99-year leasehold residential estate comprises seven blocks. It has 516 residential and 12 commercial units, off Marine Parade Road.
Laguna Park will also be near the upcoming Siglap MRT station along the Thomson-East Coast Line.
Marketing agent Knight Frank Pte Ltd note that the “both panoramic sea views and the convenience of an MRT station entrance” characterise the area.
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