That’s how much the Pandan Valley estate is asking for to put their land up for collective sale.
And if a transaction is made, it might put them up on the en bloc map as the biggest collective sale in dollar terms.
One of the oldest condominiums may break collective sale price record
As one of the first condominiums to be built in Singapore, Pandan Valley has been overshadowed by the many new developments but merely by age and level of swank. What it lacks in modernity, it makes up in heritage.
It was designed by veteran architect Tan Cheng Siong, the same man behind Pearl Bank apartments.
The 865,000 sq ft property which was built in the 1970s holds 623 units, a feat for those times. And if this sale goes through, it will be another feat for the estate in terms of the quantum selling price for a property sold en bloc.
The current record-holder is Farrer Court, which was sold for $1.34 billion in 2007 to a CapitaLand-led consortium. There are however a couple of other contenders for the top spot, including the 1,006-unit Mandarin Gardens and 918-unit Braddell View.
The former is asking for $2.48 billion and the latter for $2.08 billion.
The property is situated near Clementi and Commonwealth, both areas which have been popular with property buyers due to its proximity to educational institutions such as the National University of Singapore, Singapore Polytechnic and Anglo Chinese Junior College amongst others.
Second collective sale attempt for Pandan Valley estate
Along the same Ulu Pandan stretch, Pine Grove condominium is also planning to go en bloc with an asking price of $1.72 million.
Pandan Valley, however, is a much larger site and some analysts are concerned that developers may not favour mega-sites, especially after the July 6’s round of property cooling curbs.
Land acquisition costs have increased due to the new measures which in turn increases the risk for developers who take on large sites and projects.
The age of the project may, however, work for the owners as many more may wish to monetise their properties in their retirement and as maintenance becomes more expensive. Its freehold status in prime district 10 is also a major plus point.