High-rise residential redevelopment site Laguna Park for sale at $1.48b
Once redeveloped, the site can house over 1,700 residential units.
Laguna Park, a high-rise residential redevelopment site located off Marine Parade Road, has been launched for sale by tender at $1.48b, an announcement by marketing agent Knight Frank Singapore, revealed.
Laguna Park is a 99-year leasehold private residential estate comprising seven blocks of 516 residential units and 12 commercial units, with a site area of 62,197.25 sqm. Under the 2014 Master Plan, the site is zoned “Residential” with a gross plot ratio (GPR) of 2.8 and can yield approximately 1,874,557 sqft of gross floor area (GFA) upon redevelopment.
“Based on the potential GFA and assuming an average unit size of 100 sqm, the site can be redeveloped to house 1,741 new residential units,” Knight Frank Singapore noted.
With an additional differential premium estimated at approximately $407.4m for the intensification of the site to a plot ratio of 2.8 under URA’s 2014 Master Plan, and a lease top up premium estimated at $420.7m for a fresh 99-year lease (subject to authorities’ approval), the $1.48b price tag translates to a land rate of $1,231 psf ppr.
“With Laguna Park over 40 years old, maintenance cost is expected to go up. Owners are open to achieve a sale by moderating their price expectations,” Ian Loh, head of Investment and Capital Markets at Knight Frank Singapore, said in a statement.
The tender for Laguna Park will close on 8 May at 3 pm.