Laguna Park up for en bloc sale at $1.48b

It can be redeveloped to about 2,487 units.

Laguna Park in Marine Parade Road is up for collective sale for $1.48b, Knight Frank revealed.

With a 99-year leasehold, the 62,197.25 sq m property includes seven residential blocks with 506 apartments, 10 penthouses, and 12 commercial units. The site enjoys dual frontage onto Marine Parade Road and Siglap Link.

The site has a residential zoning and a gross plot ratio (GPR) of 2.8. Upon redevelopment, it can yield about 1,874,557 sq ft of GFA which can produce up to 2,487 units with an average size of 70 sq m.

The owners have engaged a traffic consultant to conduct a Pre-Application Feasibility Study (PAFS) to assess the traffic impact on the area and propose car-lite initiatives, traffic demand management measures and feasible transport improvement plans to support the redevelopment proposal for the site, as required by the authorities.

Laguna Park is accessible to major roads such as Marine Parade Road, East Coast Road, and East Coast Parkway. Meanwhile, the Central Business District and Changi International Airport are also a mere 15-minute drive.

The upcoming Siglap MRT Station set to be completed by 2023 is situated at the doorstep of Laguna Park as well.

Inclusive of an additional differential premium of approximately $453.5m for the intensification of the site to a plot ratio of 2.8 and a lease top up premium estimated at $416.1 million for a fresh 99-year lease, the land rate is priced at around $1,253 psf ppr, subject to authorities’ approval.

The tender for Laguna Park will close on 1 November at 3:00 pm.