Island View will be listed for collective sale at $575 million

Island View, the freehold condominium located situated on Jalan Mat Jambol in Pasir Panjang, is scheduled to go through a tender for a collective sale. The announcement, which was made in a press statement issued by the marketing Agent PropNex Realty on Sept 18 The release The release reveals that the property will be sold with an initial value in the amount of $575million. The tender will begin on September 19.

SORA Condo By Chip Eng Seng SingHaiyi Group and KSH Holdings completed an acquisition of Park View Mansions, now known as SORA, following tender closure.

The 72-unit project was completed in the year 1984 and is located on an undeveloped freehold site covering 309,543 sq feet which makes it the biggest freehold condominium site located in Pasir Panjang, says PropNex. The site is designated for residential use, with an average plot ratio of 1.4.

An upcoming development at the site could be constructed with up to five floors and could result in 402 new houses that are based on the average size of 100 square meters or 1,076 sq feet. “In addition to that, the site is located on the southern coast of Singapore and could offer those on higher floors views of the sea,” states Laurence Wong who is PropNex’s head of sales collective.

The land cost for the site amounts to $1,623 per plot ratio after taking in costs for land improvement as well as an additional 7% additional balcony. Wong states that the upcoming development of the site will be able to meet the high leasing demand from professionals, due to its proximity to commercial zones such as Mapletree Business City, Science Park, Alexandra Technopark One-North and The National University of Singapore and the National University Hospital. The site is also within walking distance from Pasir Panjang MRT Station. The connection is expected to be enhanced upon completion of the Circle Line in 2026.

“Over the long-term it is possible that the Pasir Panjang district may gain from the new developments to the area, including The Greater Southern Waterfront — – a major new entrance to urban living and commercial activities and the continuing revitalization of Sentosa and its amenities,” Wong continues.

The tender for the collective sale for Island View is scheduled to close on the 19th of October at 2pm.