26 May '17, 7am

Rio Casa sold en-bloc for S$575mil

Rio Casa, a 286-unit development at Hougang Avenue 7 has been sold collectively for S$575 million to Oxley-Lian Beng Venture Pte Ltd, revealed marketing agent Knight Frank. Coupled with an additional differential premium of around S$208 million to top up the lease to a fresh 99 years and develop the site to a gross plot ratio (GPR) of 2.8, the purchase price works out to a land price of about S$706 per sq ft per plot ratio (psf ppr), based on its maximum permissible gross floor area (GFA) of around 1,109,447 sq ft. The property was put up for collective sale in April, after more than 80 percent of the owners agreed to the en bloc sale. Knight Frank noted that each owner is set to receive around S$2 million in gross sale price upon the “successful completion of the sale, which is subject to several conditions being met, including an order of sale by the Strata Titles Board ...

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

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Rio Casa sold en-bloc for S$575mil

propertyguru.com.sg 26 May '17, 4am

Rio Casa, a 286-unit development at Hougang Avenue 7 has been sold collectively for S$575 million to Oxley-Lian Beng Ventu...

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