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News Release

Singapore

Shunfu Ville in popular Bishan/Thomson area up for collective sale

Owners expecting offers in excess of $688 million minimum price


​​​​​​​​​​​​​SINGAPORE, 2 September 2015 – Shunfu Ville, a 358-unit residential development in the popular Bishan/ Thomson area, has been launched for collective sale by tender. JLL has been appointed as the sole marketing agent.

Said Mr Tan Hong Boon, Regional Director, Capital Markets, JLL: “Built in the late 1980s by the former Housing & Urban Development Company (HUDC), Shunfu Ville was recently privatised in 2013. The estate comprises three 16-storey apartment blocks and three low-rise blocks of 6-storey maisonettes. Sitting on a prime plot of approximately 408,927 sq ft and zoned ‘Residential’ with a gross plot ratio (GPR) of 2.8 under the Master Plan 2014, the site could potentially yield about 1,100+ units with an average size of 1,000 sq ft. The new project could likely be the tallest residential development within its 1 km radius, with breath-taking views all round, as the Master Plan provides for a building height of up to 36 storeys. Its close proximity to the MacRitchie Reservoir and the Singapore Island Country Club and towering height promises spectacular views of the water bodies and lush greenery.”

Mr Tan added: “More than 80 per cent of the owners have inked their consent to the collective sale, and they are expecting offers in excess of their minimum price of $688 million. This minimum price translates to a land rate of approximately $791 psf per plot ratio (psf/pr) on the potential GFA, after adding an estimated differential premium of $218 million payable to the State to top up the lease to a fresh 99 years and for intensification of use, subject to approval from the relevant authorities. At this rate, the estimated breakeven cost for the successful purchaser should be around $1,250 psf, with the new units expected to fetch between $1,400 psf and $1,450 psf. At the minimum price of $688 million, owners can look forward to receiving gross sales proceeds of at least $1.9 million per unit, or about 50 per cent more than what they could obtain by selling their units individually.”

In terms of MRT connectivity, Shunfu Ville is just 200 metres from the Marymount MRT Station on the Circle Line and just one stop away from the Bishan MRT Interchange Station, which connects to the North-South MRT Line. It is also about 600 metres from the Upper Thomson MRT Station on the Thomson-East Coast Line, which is currently under construction and expected to be ready in 2020. Via the Thomson-East Coast Line, it is estimated that commuters from the Upper Thomson station could get directly connected to Marina Bay’s financial district in as quickly as 20 minutes.

For private transport users, the residents of the new development at Shunfu Ville would stand to benefit greatly from the massive $7 to $8 billion construction of the new 21.5 km North South Expressway. The new highway, when completed in around 2020, is expected to reduce the drive time from Shunfu Ville to the Central Business District by 30 per cent – potentially taking only 10 to 15 minutes.

Golf enthusiasts can look forward to the 18-hole public course slated to be carved out of the Singapore Island Country Club in 2022, which is located a mere eight minutes away by car from Shunfu Ville.

The new development will also be well-supported by other amenities. The popular Shunfu Mart Food Centre sits adjoining to Shunfu Ville. Residents can also explore the stretch of boutique cafes and restaurants along Upper Thomson Road, visit popular shopping malls such as Junction 8 and Thomson Plaza, as well as enjoy the community facilities offered at the Bishan Library and Bishan Sports Centre. Nature lovers and exercise enthusiasts can head to MacRitchie Reservoir Park, which offers a myriad of recreational activities such as TreeTop Walk, trail running and kayaking. Catholic High Primary is within a 1km radius of Shunfu Ville and other reputable schools such as Ai Tong School and Raffles Institution are also within the vicinity.

The tender exercise for Shunfu Ville closes on Tuesday, 27 October 2015 at 2.30 pm.


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About JLL

JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $56.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.​​​​