20 Oct '17, 4am

Hougang condo sold to Logan Property for $629m

The owners of Florence Regency are expected to receive between $1.84 million and $1.89 million from the sale. (Photo: JLL) The 336-unit Florence Regency development at Hougang Avenue 2 has been sold to Hong Kong-listed developer Logan Property for $629 million, marketing agent JLL said on Friday (20 October). This is the first collective sale attempt by the owners of the privatised HUDC, and the price matches the valuation of the site by an independent valuer. It translates to a land price of approximately $842 psf per plot ratio, after factoring in the differential premium of $288.6 million to top up the lease to a fresh 99 years, and to develop the site to a gross plot ratio of 2.8. “At this sale price, the owners would expect to receive gross sale proceeds between $1.84 – $1.89 million per unit,” said Tan Hong Boon, regional director at JLL. The 389,236 sq ft site is zo...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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