Prime suburban condo Shunfu Ville put up for en bloc sale for over $688m

A 36-storey project could rise in its place.

Shunfu Ville, a 358-unit residential development at Marymound Road, has been launched for collective sale by tender. Its owners are expecting over $688m for the prime residential estate.

The development was built in the late 1980s by the former Housing & Urban Development Company (HUDC) and privatised in 2013.

It is made up of three 16-storey apartment blocks and three low-rise blocks of 6-storey maisonettes. Shunfu Ville sits on prime plot of approximately 408,927 sq ft and is zoned ‘Residential’ with a gross plot ratio (GPR) of 2.8 under the Master Plan 2014.

According to JLL, the sole marketing agent of the collective sale, the site could potentially yield over 1,100 units with an average size of 1,000 sq ft.

The new project could likely be the tallest residential development within its 1 km radius, as the Master Plan provides for a building height of up to 36 storeys.

“More than 80 per cent of the owners have inked their consent to the collective sale, and they are expecting offers in excess of their minimum price of $688 million. This minimum price translates to a land rate of approximately $791 psf per plot ratio (psf/pr) on the potential GFA, after adding an estimated differential premium of $218 million payable to the State to top up the lease to a fresh 99 years and for intensification of use, subject to approval from the relevant authorities,” said Tan Hong Boon, Regional Director, Capital Markets, JLL.

He added that at the minimum price of $688 million, owners can look forward to receiving gross sales proceeds of at least $1.9 million per unit, or about 50 per cent more than what they could obtain by selling their units individually.

The tender exercise for Shunfu Ville closes on Tuesday, 27 October 2015 at 2.30 pm.