Island View Collective Sale Relaunch Price at $575 Million, 60% of owners supportive of lowering price to $532 million

Island View condominium, on Jalan Mat Jambol in Pasir Panjang, will be relaunched for collective sale with a reserve price of $575 million on March 5. According to marketing agent PropNex Realty’s press release, this sale will include all freehold units within it.

Price remains unchanged from its last tender launched last September. Although the current reserve price stands at $575 million, PropNex has gained enough owner support for lowering it to $532 million; 60 % have indicated their agreement already. A lower proposed reserve price requires at least 80% support before taking effect.

Under URA’s Master Plan 2019, this 72-unit development in District 5 covers 309,543 sq ft and is zoned for residential use with a gross plot ratio of 1.4.

Current reserve prices of $575 million translate to an approximate land rate of $1,634 psf per plot ratio when considering bonus balcony space (7% bonus space) and land betterment charges.

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If owners agree on a lower reserve price of $532 million, their new price will reflect an estimated land rate of $1.542 psf ppr.

Island View was initially put up for collective sale on Oct 19, 2023 but no bids were submitted. Due to more cautious market sentiment, lowering the reserve price as a strategic move.

Developers sales hit an all-time low in 2023, financing costs remain elevated; and private home buying interest has been relatively subdued due to prospective buyers adopting a wait-and-see stance.

Island View provides developers with an opportunity to acquire large freehold sites near city fringe, which could prove instrumental in future Greater Southern Waterfront developments.
Island View boasts up to five-storey redevelopment potential and could yield 402 new dwelling units with average unit sizes of 100 square metres or 1,076 square feet each.

The collective sale tender for Island View will close on April 16 at 2pm.