SINGAPORE: Former HUDC estate Rio Casa has been sold for S$575 million to a joint venture company Oxley-Lian Beng Venture, announced marketing agent Knight Frank on Thursday (May 25).
To develop the site, the buyers intend to apply to top up the lease to a fresh 99 years, at an additional estimated differential premium of S$208 million that's payable to the state, subject to the authorities' approval.
The river-fronting estate along Hougang Avenue 7 was put up for collective sale in April, after more than 80 per cent of the owners agreed to the en bloc sale.
Each owner stands to receive a gross sale price of about S$2 million upon the successful completion of the sale, which is subject to several conditions being met, including an order of sale by the Strata Titles Board or Court Approval, said Knight Frank.
The estate, with a site area of 36,811.1 square metres, comprises seven residential blocks of 286 apartment and maisonette units. Under the Master Plan 2014, the site is zoned for residential use.