29 Mar '17, 1am

Former HUDC estate Rio Casa to be up for en bloc sale

AMID the recovering market sentiment, Rio Casa , a privatised HUDC estate at Hougang Avenue 7 (formerly called Hougang N3), has reached the requisite 80 per cent consent needed for a collective sale. The sales committee is targeting to launch the estate for sale by tender in April. The tender will likely be open for a month. When contacted, Ian Loh, head of investment and capital markets at Knight Frank, which is the marketing agent, said: "It is absolutely fantastic that we obtained 80 per cent consensus in less than three weeks." Although Mr Loh declined to disclose the reserve price, The Business Times understands from a source that it is about S$450 million. Given the total 286 units, residents are hoping to receive about S$1.6 million. SEE ALSO: Surge in foreign buying in Singapore assets Mr Loh said it would cost the incoming developer about S$61 million to top up th...

Full article: https://www.srx.com.sg/singapore-property-news/34812/form...

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