SINGAPORE (EDGEPROP) – Loyang Valley, an apartment complex, is launched for collective sale via tender from Oct 20 at an indicative price of $980 million, according to a press release from Huttons on Oct 19. Huttons Asia is the exclusive marketing agency for the property.

The site, zoned for residential use with a plot ratio of 1.6, spans 840,648 sq ft in land area. “The redevelopment can yield 1.35 million sq ft of built-up area and 1,249 dwelling units averaging 1,076 sq ft,” says Terence Lian, head of investment sales at Huttons.

The indicative price translates to a land rate of $997 psf per plot ratio (ppr), including the estimated Land Betterment Charge (LBC) of $174 million and the lease upgrading premium of $187 million. Factoring in a 7% bonus balcony gross floor area and an additional LBC of $57 million, the land rate would be lowered to $972 psf ppr.

The existing complex consists of seven 4-storey apartment blocks totalling 362 residential units.

There are a total of 638 residential units within 1km of the development.

Loyang Valley is located next to the upcoming Loyang MRT Station on the Cross Island Line, which is scheduled for completion in 2030. Located in the east region, it is a short drive to business clusters at Changi Business Park and Changi Aviation Park.

“The site is perfect for resort homes in an idyllic setting,” notes Lian.

The tender will close on Dec 15 at 2pm.

Source: EdgeProp Singapore, 19 October 2022