At an asking price of $1.33 billion, the Marine Parade Road estate of Laguna Park could very well be the second largest collective sale in local history. That is, if a developer bites the bait.
(Laguna Park is found in close proximity to recreational facilities like East Coast Park. Image courtesy of the Singapore Tourism Board.)
The huge Laguna Park site – a Housing and Urban Development Company (HUDC) estate – measures 677,493 sq ft, yet falls short of being the largest. The record biggest is held by fellow HUDC estate Farrer Court, which sold for $1.34 billion some four years ago. The 838,488 sq ft site received $762-783 per sq ft per plot ratio (psf ppr).
The heavy pricing can be attributed to a combination of magnificent sea views, close proximity to recreational facilities and established schools, as well as an upcoming Eastern Region MRT line that will connect the estate to the areas of Tanjong Rhu, Upper East Coast and Marina Bay.
Because of its relatively smaller size, Laguna Park – home to 516 residential and 12 commercial units – is more costly than Farrer Court, with its $975 psf ppr. The hefty price tag includes a $250 million sum to top the lease up to 99 years and the close to $269 million developmental charge.
This will also be Laguna Park’s second chance at a sale. In 2009, it had an asking price of $1.2 billion. Unfortunately, inability to get the minimum residents consent level to lower the selling price in time resulted in a deal breaker.
Should they be successful this time, owners can look forward to receiving around $2.35 million for a 1,453 sq ft apartment and $4.5 million for their 3,369 sq ft penthouse unit.
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