Knight Frank is pleased to announce that Rio Casa, a 286-unit development situated at Hougang Avenue 7, has been sold collectively to Oxley-Lian Beng Venture Pte Ltd for $575 million.
The list price, combined with an added approximated differential premium of $208 million payable to the State to top up the lease to a fresh 99 years, and also to create the site to a gross story proportion (GPR) of 2.8, means a land cost of around $706 each square foot per story proportion (psf ppr), based upon the maximum permitted Gross Flooring Area (GFA) of about 1,109,447 sq ft. With the inclusion of a 10% bonus balcony and also a proposed story proportion of 3.08 (2.8 + 10% balcony), the land price exercises to about $669 psf ppr, subject to the authorities' approval. Greater than 80 per cent of the owners consented to the en bloc sale in a short three-week structure adhering to the initial signature obtained, leading to the launch of a public tender on 11 April 2017 which closed on 23 Might 2017.
Each proprietor stands to receive a gross price of about $2 million upon the effective conclusion of the sale, which is subject to a number of conditions being satisfied, including an order of sale by the Strata Titles Board or Court Approval. Rio Casa presently comprises of seven household blocks of 286 apartment and also maisonette units with a site area of 36,811.1 sq m (approximately 396,231 sq ft). Under the Master Plan 2014, the site is zoned "Residential" with a GPR of 2.8, and also has more than 200 metres' frontage of riverfront as well as greenery sights. Rio Casa was originally built in the mid-1980s by the Housing and Urban Development Company (HUDC), an unit of the Housing Advancement Board, as well as was later on privatised in 2014. Views aside, the Wallich Residences site also has a number of various other favorable aspects on its side. We can visit this link www.wallichresidence.info to know more.