Ivory Heights preparing for collective sale for S$1.34 billion | Singapore Property
Mon, Oct 09, 2017 - 5:18 PM
The reserve price of Ivory Heights is about S$1.34 billion, or S$979 per square foot per plot ratio based on the existing built-up area and plot ratio of 1.86.
IVORY Heights, a privatised HUDC estate at Jurong East, will be joining the enbloc sales bandwagon, after more than 80 per cent of its owners present at the second extraordinary general meeting last week voted in support of the sale proceeds apportionment method and collective sale agreement.
The next thing to do would be to garner support for the collective sale, which also requires a 80-per-cent consent from residents.
The reserve price of Ivory Heights is about S$1.34 billion, or S$979 per square foot per plot ratio based on the existing built-up area and plot ratio of 1.86. This includes an estimated differential premium of S$160 million to top up the lease to 99 years.
Ivory Heights is a HUDC development built in the 1980s with a land area of 825,502 sq ft. It comprises three high-rise tower blocks and five blocks of low-rise four-storey walk-up maisonette apartments. The estate has 654 housing units in total, ranging from 1,668 sq ft to 1,948 sq ft. According to the URA Master Plan 2014, the site is zoned for residential use with a gross plot ratio of 1.6.
Ivory Heights is located near Jurong East MRT station, Chinese Garden MRT and the future High Speed Rail terminus. The site offers unblocked views of Jurong Lake, Chinese Garden and Japanese Garden. SLP International Property Consultants is the sole marketing agent for the deal.