Enbloc News: Laguna Park to price at $1.33 billion

By The Folks @PropTalk - May 23, 2011 No Comments

Laguna Park, a residential redevelopment site in District 15, is up for en bloc sale at an expected price of $1.33 billion.

This is the second time the development has been put up for sale, with a previous attempt in October 2009.

Sole marketing agent Knight Frank said the prime leasehold site is located along Marine Parade Road and has a land area of nearly 63,000 square metres.

The land is zoned for residential use at a plot ratio of 2.8.

Laguna Park currently comprises 516 residential apartments and 12 commercial units with sizes ranging from 135 square metres to nearly 315 square metres.

Knight Frank said this translates to a land price of $975 per square foot per plot ratio, based on the potential gross floor area of about 176,000 square metres and the expected price of $1.33 billion.

It added Laguna Park is a rare site where potential developers can capitalise on the unblocked sea views which span 300 metres and a clear city skyline.

The tender will close in the afternoon of July 5.

Source: Channel News Asia


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