Enbloc of Shunfu Ville concluded at S$638 million by Qingjian Realty


After months of speculation, the collective sale of Shunfu Ville has finally been concluded.

The 358-unit property, built by the former Housing & Urban Development Company (or HUDC) back in the 1980s and was privatized in the year 2013, has been acquired by Qingjian Realty for a whopping $638 million (SGD).

Market reactions on the privatization of Shunfu Ville back in 2013
The total cost of land works out to be around $747 psf ppr (per square foot per plot ratio) for this 408,927 sqft site with a 2.8 plot ratio, inclusive of the lease top-up to back to 99 years, which is made payable to the state. The new project along Shunfu Road is now known as JadeScape.

Apparently, the transacted price is about $50 million lower than the original reserve price of $688 million, which was mentioned during the relaunch of the collective sale back in January, after a fail acquisition in September 2015.

It was mentioned by developers Qingjian Realty that the organization is pleased to have acquired Shunfu Ville and the chance to make their mark in the Bishan-Thomson precinct, after their last project Natura Loft.

Shunfu Ville en bloc
Shunfu Ville

The acquired site is expected to yield more than 1,000 residential units with an average unit size of 1,000 sqft.

It was also noted that there hasn’t been any government land being put up for sale in the Bishan-Thomson precinct since the last one at Lorong Puntong (currently Thomson Impressions) back in October 2014.

Market watchers said that Shunfu Ville is the 2nd largest collective sale for a HUDC in the last 9 years in terms of the absolute quantum.

According to the Land Titles (Strata) Act, the 5-year deadline begins from the date of the enbloc order was granted. But this doesn’t worry the general manager of Qingjian Realty, Mr Li Jun.

He believes that the Additional Buyer Stamp Duty (ABSD) has set a positive note by reminding developers the need to set their expectations right on the demand – be it from property investors or home buyers.

In addition, the Bishan-Thomson precinct has been ever popular in the property market, and with a clearer vision of the sustainable demand in the area, Qingjian believes that the scale of upcoming new launch project will not pose a problem.

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