After many turns in the collective sale route, the Shunfu Ville estate in Bishan has finally been sold en bloc. $638 million for 358 units. As one of the few remaining HUDC (Housing and Urban Development Company) estates in Singapore, this has been a long but fruitful wait for many of its owners who will each reap an average of $1.782 million from the sale. Back in its launch days, each unit was sold at approximately $230,000.
Qingjian Realty (South Pacific) Group is the proud new owner of the estate. Though the price seems steep, the potential use of the plot of land this size is even steeper. The Shunfu Ville land area is almost equivalent to that of up to 3 similar land plots offered under the the government land sales programme.
Privatised in 2013, owners of the ageing estate have found maintenance increasingly difficult and expensive and 81 per cent came to an agreement to seal the deal last Thursday. The reserve price was lowered from $688 million to $638 million.
Measuring at 408,927 sf qt, Qingjian has plans to build up to 1,000 apartment units and a number of terrace-house units on this 2.8 plot ratio land. This may mean an injection of even more private condominium units into the Bishan and Upper Thomson districts. The developer also has another project, Natura Loft, opposite Shunfu Ville.