Wednesday, November 22, 2006
[RealEdge] BT : Shunfu Ville: en bloc sale with a twist?
| Published November 22, 2006  | |
| Shunfu Ville: en bloc sale with a twist? THE owners of Shunfu Ville, an HUDC estate off Marymount Road, are considering seeking an en bloc sale. But unlike the earlier en bloc sales of Amberville and Waterfront View, which involved privatised former HUDC estates, Shunfu Ville has yet to be privatised. Apparently, Shunfu Ville's privatisation has yet to take place because the required consent levels from owners could not be achieved as some owners were reluctant to cough up the estimated $25,000 to $30,000 each for the conversion. Now, some Shunfu Ville owners are considering a collective sale exercise to be held in parallel with a privatisation, and they have appointed Knight Frank as marketing agent. The idea is that owners will use the sale proceeds from a collective sale (about $850,000 per unit, according to some estimates) to help pay their privatisation bill. But for that, approval must first be sought from the Housing and Development Board, which owns the lease for the 39,700 square metre site (about 427,300 square feet), and other government bodies. The site has a remaining lease of about 79 years. Some market watchers say that the asking price for Shunfu Ville could be about $300-310 million, which works out to $318-326 psf per plot ratio, inclusive of development charge and payment to upgrade the site's lease to 99 years. Knight Frank is conducting a survey to determine if it has the requisite support level from owners for a collective sale. If this is obtained, it will approach the necessary government bodies to explore the possibility of doing an en bloc sale in parallel with a privatisation. This may also blaze the trail for other HUDC estates which have not been privatised, such as Eunosville. |
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