News: Owners of Ivory Heights seeking $1.34bil in collective sale

Oct 10, 2017

A view of Ivory Heights, a privatised HUDC estate in Jurong East.

Former HUDC estate Ivory Heights may soon join the en bloc sale bandwagon after over eight in 10 owners voted to sell the development at the second extraordinary general meeting held on 1 October, reported Today Online.

SLP International Property Consultants, the property’s marketing agent, revealed that the owners are seeking a $1.34 billion reserve price for the 825,502 sq ft site – making it one of the developments gunning for a reserve price of more than $1 billion in recent months.

Owners of Braddell View are reportedly eyeing a collective sale price of more than $2 billion.

Collective sale committee vice-chairman Richard Hui is optimistic that they could secure the required 80 percent consent of subsidiary proprietors “fairly quickly”.

“The older residents may not be as willing to uproot and move out but if there is a good payout that will allow them to retain cash for retirement as well as downsize to a more manageable home, I don’t see why they will resist,” noted International Property Advisor chief executive Ku Swee Yong.

Meanwhile, the steep asking price came as no surprise to analysts, given the estate’s large land area and prime location near the Jurong East MRT station as well as the future Kuala Lumpur-Singapore High Speed Rail terminus.

With a gross plot ratio of 1.6 under the 2014 Master Plan, the 99-year leasehold project comprises 654 residential units ranging between 1,668 sq ft and 1,948 sq ft.

Ivory Heights is also expected to attract keen interest from developers, who recently proved to be hungry for large sites.

“Developers are keen because securing a large site would mean that they would be able to maximise the land by building more units, and hopefully profit from it,” explained Chris Koh of Chris International.

Moreover, there may be “pent up demand for new launches” within the area considering the growth prospects of the Jurong Lake District, said Wong Xian Yang, OrangeTee’s assistant director, research & consultancy.

 

This article was edited by Keshia Faculin.

spacer
agent image
agency logo
Lester Tan
Senior Associate Executive Director ★SAEA Best-Leader 2013 - Gold★ AAG Head
OrangeTee & Tie Pte Ltd
CEA Licence No.:
L3009250K / R020698B
+(65) 9188 9088