SINGAPORE: Former HUDC estate Serangoon Ville was on Wednesday (Jun 21) put up for collective sale, its marketing agent ERA said in a news release.
Owners of the estate, which was privatised in 2014, are expecting offers in the range of S$400 to S$430 million for the property. Developers would have to fork out an additional S$200 to S$220 million for intensification of the site, as well as a top-up for a fresh 99-year lease.
The estate comprises 244 units in three blocks of 13-storey and four blocks of four-storey walk-up apartments, ERA said.
Each unit is expected to receive between S$1.6 million and S$1.7 million from the sale, ERA said. The estate has 69 years left on its lease.
ERA division director Stanley Koo added that more than 80 per cent of Serangoon Ville residents have signed the collective sale agreement.
Serangoon Ville, which is located at Serangoon North Avenue 1, sits on 296,913 square feet of land and comprises 244 units. It is a 15- to 20-minute drive to the central business district and Orchard Road, and is connected to major expressways. It is also near schools such as Maris Stella High School, Rosyth Primary School and St Andrew's Junior School.
Nearby amenities include NEX shopping mall and Chomp Chomp food centre.
The tender for Serangoon Ville closes on Jul 25 at 4pm, ERA added.