Knight Frank Singapore, the exclusive marketing agent representing the interests of the owners of Rio Casa via their collective sale committee, is pleased to announce the launch for sale by tender of Rio Casa, a unique residential redevelopment site along Hougang Avenue 7.
Rio Casa is a privatised HUDC estate comprising seven residential blocks of 286 apartment and maisonette units. It has a site area of 36,811.1 sq m (approx. 396,231 sq ft). Under the Master Plan 2014, the site is zoned for “Residential” with a Gross Plot Ratio (GPR) of 2.8. At GPR 2.8, the maximum permissible Gross Floor Area (GFA) is approximately 1,109,447 sq ft.
The immediate vicinity is predominantly residential in nature, comprising landed housing, condominium and public housing estates. Established schools, namely CHIJ Our Lady of The Nativity, Holy Innocents’ Primary and High School, Montfort Junior and Serangoon Junior College are located in the area.
The site at present has easy access to Hougang MRT station and Bus Interchange, with an upcoming Integrated Transport Hub at Hougang Central by 2023, promising enhanced transportation network. Major arterial roads as well as expressways such as the Kallang Paya Lebar Expressway (KPE), Tampines Expressway (TPE) and Upper Serangoon Road provide seamless connectivity to other parts of Singapore.
The owners are expecting offers above S$450.8 million for their river-fronting estate. This translates to a land rate of approximately S$586 psf ppr, inclusive of a differential premium of approximately S$141.5 million for intensification of the site based on the maximum permissible GFA of approximately 1,109,447 sq ft and lease top-up premium of approximately S$57.5 million for a fresh 99-year lease.
“We continue to see strong interest from developers for redevelopment opportunities. With more than 200 metres of riverfront and greenery views coupled with other positive site attributes, we expect this property to attract keen interest,” says Mr Ian Loh, Executive Director & Head, Investment and Capital Markets.
The tender for Rio Casa will close on 23 May 2017, Tuesday at 3 pm.
For further information, please contact:
Mr Ian Loh, Executive Director & Head, Investment and Capital Markets, Knight Frank Singapore
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Ms Liew Lixia, Manager, Marketing & Communications, Knight Frank Singapore
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Ms Phyllis Goh, Senior Executive, Marketing & Communications, Knight Frank Singapore
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