China's Logan Property buys Florence Regency for S$629m
Singapore
FLORENCE Regency, a privatised HUDC estate in Hougang, has finally found a buyer willing to match the independent valuation of S$629 million - Logan Property.
Florence Regency's sole marketing agent JLL said the Singapore-incorporated subsidiary of the Hong Kong-listed Chinese developer picked up the 336-unit development in Hougang Avenue 2 for S$629 million through a collective sale.
This marks the second land parcel in Singapore snapped up by Logan Property, which in May secured a site in Stirling Road with Nanshan Group under the government land sales (GLS) programme at a whopping S$1.003 billion or S$1,050.7 per square foot per plot ratio (psf ppr).
The public tender for the collective sale of Florence Regency closed on Sept 27 with three bidders but none agreed to raise their bid prices to match the independent valuation of S$629 million. The collective sale agreement drafted by law firm Lee & Lee required that the sale price…
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