Windy Heights launches second tender for collective sale; unit owners seek to slash reserve price

RESIDENTS of Windy Heights in Kembangan are putting the freehold property on the market in its second collective-sale attempt this year, according to marketing agent Knight Frank on Wednesday.

Owners are also working to garner enough fresh signatures to lower the reserve price for the development to S$750 million, from S$806.2 million before. No development charge is payable.

The new price tag would see the land rate fall to S$1,089 per sq ft per plot ratio (psf ppr), including the 10 per cent bonus balcony gross floor area (GFA), subject to the authorities' approval. The price on a unit basis was S$1,171 psf ppr previously, or S$1,288 psf ppr without the balcony area.

The four-block Windy Heights, in Jalan Daud, now houses 192 apartments, eight penthouses and two commercial units on a 23,291 sq m (250,702 sq ft) site zoned for residential use.

Knight Frank has said that, given the built-up GFA of 58,150.74 sq m and an average home size of 100 sq m, the property could be redeveloped into a 581-unit residential project.

Ian Loh, head of investment and capital markets at Knight Frank Singapore, reiterated an earlier statement that there "isn't much impending supply in the Kembangan and Bedok area (Districts 14 and 16) through land sales and collective sales, hence new launches in the area are likely to be sought after".

Windy Heights' first tender launched in February and closed unsuccessfully in April.

The ongoing exercise closes on Sept 7 at 2.30pm.