The land for this site was previously that of Florence Regency, a former HDUC estate that was privatised. It was sold en bloc, in a collective sale via private treaty, to Logan Property (Singapore) for a price of SGD$629 million.
The master plan plot ratio for this 389,236 square foot site is 2.8. This works out to a total permissible gross floor area of 1,089,860 square feet, excluding a 10% balcony allowance.
Logan Property had to pay roughly SGD$288.5 million for the differential premiums for lease top-up and increase of built-up area.
This translates to a land rate of about SGD$842 per square foot per plot ratio (PSF PPR) to the developer, before even construction started. So after factoring in the construction costs and development overheads, including for financing, break even cost alone comes out at around SGD$1,400 PSF.
|LAND LOCATION||SUCCESSFUL SALE PRICE||PER SQ FT PER PLOT RATIO||GROSS PLOT RATIO|
|713 -720 Hougang Ave 2 S(530713 – 530720)||$629,000,000||S$842||2.8|