Loyang Valley sold for S$880 million to SingHaiyi-led consortium

[SINGAPORE] Loyang Valley has been sold for S$880 million to a SingHaiyi-led consortium following a 10-week private treaty period that drew interest from six other potential buyers.

The price tag is the same as the reserve price set when the tender was relaunched for the third time in January.

It works out to S$959 per square foot per plot ratio (psf ppr) after including an estimated S$226 million in land betterment charges and S$246 million in a lease upgrading premium.

Gallant Tang, chief executive officer of SingHaiyi group, said: “SingHaiyi is pursuing the Loyang Valley site because, like Vela Bay which is experiencing strong interest, the site is anchored by strong East Coast fundamentals and has clear and compelling long-term potential.”

Previews for Vela Bay, SingHaiyi’s up and coming condominium in Bayshore, have begun, with prices starting at above S$1.2 million. The 99-year leasehold project has 515 units in two 31-storey blocks. Sales bookings start on Apr 25.

Loyang Valley sits on 840,648 sq ft of land, and houses 362 apartments.

Tang, referring to the plot size, noted that it gives SingHaiyi “a rare opportunity to create a distinctive living concept – a concept that is increasingly hard to find in new developments today, and one that will enhance the living experience in the development”.

Significant infrastructure and industrial developments are expected in the Changi East area; these include the Loyang Viaduct and the Cross Island Line, which will put the Loyang MRT station next to the 99-year leasehold condo’s site.

Built in 1985, Loyang Valley has about 55 years left on its 99-year lease. Under the Master Plan 2025, the site is zoned for residential use and has a gross plot ratio of 1.6.

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Loyang Valley to relaunch for tender in January at same guide price of S$880 million 

Owners will receive between S$1.67 million and S$3.9 million for their units, which range from 1,001 sq ft for the smallest two-bedroom units to 3,272 sq ft for the largest four-bedroom units.

The Loyang Valley deal ranks among the largest residential collective sale transactions in Singapore since 2007, when Farrer Court was sold for S$1.3 billion – still the largest en bloc sale on record.

Terence Lian, head of investment sales at Huttons Asia, brokered the Loyang Valley deal.

He said: “Beyond this transaction, continued clarity and collaboration in regulatory requirements will be key to strengthening market confidence and enabling smoother collective sale processes, ultimately unlocking value for owners and supporting Singapore’s long-term urban renewal objectives.”