Serangoon Ville sold en-bloc for S$499 million and it’s more than what owners expected

Privatised HUDC estate Serangoon Ville has been sold for S$499 million ($368 million) to an Oxley Holdings-led consortium.

This is well above the S$400 million to S$430 million the owners were expecting when the property went on sale last month, reported The Business Times.

The sale marks the sixth collective deal so far this year, according to The Straits Times, and is already double the three deals in all of last year.

The buyer, joint venture firm Oxley Serangoon, is made up of partners including Oxley Holdings, Lian Beng Group, Apricot Capital and entities of KSH Holdings and Heeton Holdings.

The consortium also has to pay S$195 million in estimated charges to top up the lease to 99 years and intensify the land use, added The Straits Times.

Serangoon Ville comprises 244 apartments and maisonettes across seven blocks which sit on 296,913 sq ft triangular-sized plot. Unit sizes range from 1,625 sq ft to 1,733 sq ft.

Owners are expected to pocket $2 million each on average, added The Business Times which spoke to ERA Realty, the firm which brokered the deal.

Serangoon Ville was privatised in 2014 and has 69 years of lease left.