As Loyang Valley embarks on its third collective sale attempt, it sets a reserve price of $880 million, reflecting a significant $100 million decrease from its previous effort in 2022. This adjustment in pricing may indicate a response to market conditions and the evolving landscape of property development in the region.
The current sale presents a land rate of approximately $936 per square foot per plot ratio, a figure that includes an estimated land betterment charge of $221 million and a lease top-up premium of around $245 million.
The potential for redevelopment at Loyang Valley is considerable, as the site could yield up to 1.35 million square feet of gross floor area. This translates to the possibility of accommodating approximately 1,249 dwelling units, with an average size of 1,076 square feet. Such a development could cater to a diverse range of residents, offering modern living spaces in an increasingly desirable location.
The prospect of new housing units comes at a time when demand for residential properties continues to grow, driven by various factors, including population growth and urbanization.
A key advantage for Loyang Valley lies in its strategic location. The property is situated adjacent to the future Loyang MRT Station on the Cross Island Line, which is anticipated to significantly enhance accessibility for future residents. Improved transport links are a crucial consideration for potential buyers and developers, as they can dramatically influence property values and the overall appeal of a residential development.
This proximity to public transport could make Loyang Valley an attractive option for families and young professionals alike.
The tender for the sale is scheduled to close on September 9 at 2 pm, with Huttons Asia appointed as the marketing agent. Their role will be vital in attracting prospective buyers and facilitating the sale process.
The timing of the tender also aligns with a period when investors might be keen to explore opportunities in the real estate sector, especially given the current dynamic market conditions.
The decision to decrease the reserve price could be a strategic move to generate interest amidst a competitive environment. Real estate markets can be volatile, and sellers must adapt to changing dynamics to maximize their chances of a successful sale.
Loyang Valley’s latest collective sale attempt represents not only a significant financial undertaking but also an opportunity for transformative development in the region.
NEW CONDO LAUNCH: BOULEVARD COAST
News Source: Edgeprop
Images are not actual photos. For illustration purpose only.
