Farrer Court was repainted in green and white after the largest enbloc sale on 28 June 2007. So far, no other successful enbloc sale can beat that price tag.
I hear from older folks commenting how lucky those 618 unit owners were.
The 30-year-old apartment was originally HUDC built by the Government and was privatised on 15 Nov 2002. The initial price when it was first built 30 years ago was only S$20,000 (I may be wrong cos it’s hearsay) or S$500,000+ 2 years back. Now, each unit could enjoy S$2 million plus from the collective sale.
It was Capitaland that bought the former HUDC for a record S$1,338.8 million (or S$762-783 psf ppr). The site has a plot ratio of 2.8 and can be built to a maximum height of 36 storeys. If built to the max, it would be tallest private residential development of 1,500 high-end homes in District 10. S$1,338.8 million is inclusive of an estimated differential premium of S$450 million to S$500 million to up the lease to 99 years and maximise plot ratio. Existing owners will be given first right of refusal to purchase units.
This is the location (map sourced from SLA)
Assuming all 1,500 unit owners drive a car each, I would expect an enormous jam at Empress Road during peak hours.
I hope Capitaland can place the main entrance along Leedon Heights Road instead.