Former Hougang HUDC estate Rio Casa up for en bloc sale
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RIO Casa, a former HUDC (Housing and Urban Development Company) estate, was on Monday put up for collective sale by its marketing agent, Knight Frank Singapore.
The owners of the river-fronting estate along Hougang Avenue 7 are expecting offers of more than S$450.8 million for the property. This translates to a land rate of about S$586 per square foot per plot ratio, inclusive of a differential premium of about S$141.5 million for intensification of the site, as well as a lease top-up premium of about S$57.5 million for a fresh 99-year lease.
Knight Frank expects to see interest from developers for redevelopment opportunities, given the site's more than 200 metres of riverfront and greenery views.
The residential redevelopment site is a privatised HUDC estate comprising seven residential blocks of 286 apartment and maisonette units. It has a site area of 36,811.1 square metres.
Under the Master Plan 2014, the site is zoned for "residential" with a gross plot ratio of 2.8. This translates to a maximum permissible gross floor area of about 1.1 million square feet.
The immediate vicinity is predominantly residential in nature, comprising landed housing, condominium and public housing estates.
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The tender for Rio Casa will close on May 23, 2017, at 3pm.
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