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Shunfu Ville

Shunfu Ville

Shunfu Ville $638M Enbloc Deal Revives Collective-Sale Dreams

Zen Tan June 8, 2016

Shunfu Ville, the privatized HUDC development along Marymount Road was sold to Qingjian Realty last month for S$638 million.

The deal, one of the largest collective sale since Farrer Court in 2007 marks the third largest en bloc by quantum.

Each owner of the 358-unit condo stands to get around S$1.78 million.

Shunfu first attempt at enbloc for $688 million or $791 per sq ft (psf) per plot ratio last September fell through when the tender closed without finding a buyer. 

It was relaunched for tender in late January. With 80% of the owners agreeing to accept a lower offer than the reserve price of at least S$688M, a deal was struck.

Built in the late 1980s by the former Housing and Urban Development Company (HUDC) and privatised in 2013, Shunfu Ville with a plot ratio of 2.8, sits on a 408,927 sq ft site with about 70 years left on its lease.

Li Jun, Qingjian’s general manager expects to build over 1,000 homes at this site.
Marketing agency JLL expects break-even cost to be about S$1,250 psf, and new units to fetch S$1,400 to S$1,500 psf.

This is the first en bloc purchase for Qingjian Realty in Singapore. Projects under Qingjian’s belt include Natura Loft (2008), Nin Residence (2010), RiverParc Residence (2011), Riversound Residence (2012), River Isles (2012), Waterbay (2012), Ecopolitan (2013), Bellewoods (2014), Bellewaters (2014) and The Visionaire (2016).

The last 2 collective sales of this scale in 2007 were:
1.    S$1.34 billion deal at the former Farrer Court.
2.    S$835 million deal at the former Leedon Heights.

Qingjian's successful bid has stirred reviving interest in collective sales while giving owners of ageing homes, hope that they can reap a collective sale bonanza.

A list of collective sale projects under progress after the Shunfu Ville deal
1.    Changi Garden - collective sale committee selected lawyers and a marketing agent in May. The 84-unit estate attempts at enbloc fell through twice.
2.    Potong Pasir privatised HUDC estate at Blocks 110 to 112 - the enbloc sale committee is gathering signatures from owners obtaining about 60 per cent thus far.
3.     Tampines Court, privatised in 2002 - the collective sale committee at the former HUDC project is drafting a sale agreement.
4.    Eunosville privatized in 2011 - residents of former HUDC project are said to be considering reigniting the process.
5.    The Capri condominium in Stevens Road - some residents are said to be exploring the option, having sent out invitations to quote.

On the retail front, owners at the landmark Katong Shopping Centre have attained the 80 per cent mandate for a collective sale. Zoned for commercial and residential use, the site is expected to launch soon. 

InResidential Property, Singapore Property Watch Tagscollective sale, Shunfu Ville enbloc sale, privatised HUDC
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