One of Singapore's first generation apartment developments from the post-colonial era has been put up for collective sale.
The 40-unit development on 402 River Valley Road in district 10 was built in the early 1960s and has a land area of over 22,000sqft.
It is effectively a freehold site as it has a unique tenure of close to a million years.
More than 80% of the owners have signed a collective sale agreement to sell the property.
They expect offer prices of between $72 million and $80 million or between $1,057 and $1,175psf.
The potential buyer will have the option of redeveloping the site into a gross plot ratio of 3.08, or about 130 apartment units of about 500sqft each.
The site has a unique tenure of 999,999 years with effect from 1962.
The tender closes at 2.30pm on June 9.
Source: Channel News Asia
999-year and freehold tenures the wife and I have heard enough of, but 999,999 years?!
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Any one knows which company is the marketing the enbloc of 402 River Valley Rd? --LALA
ReplyDeleteHi LALA - Credo is the marketing agent for this collective sale.
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