SINGAPORE – Sole marketing agent JLL has launched five freehold residential sites for collective sale with a total value exceeding $1.2 billion.
The five sites are Cavenagh Gardens off Orchard Road, Flynn Park in Pasir Panjang, Rosalia Park near Serangoon Central, La Ville at Tanjong Rhu Road, as well as the joint sale of three single-storey detached houses at Lorong H Telok Kurau.
Tan Hong Boon, regional director at JLL, expects “keen interest” for the sites from both local and foreign developers and investors.
He said: “While many developers and investors have successfully acquired sites over the past year, there is still strong demand for residential lands given that the prices of private residential properties have reached the lowest point and they look set for further upswing over the medium term. Developers, encouraged by their recent strong sale performances at new price levels, will continue their land acquisition efforts.”
He also highlighted that 26 sites amounting to $8.33 billion have sold over the past four-and-a-half months, already close to the $8.79 billion done for the whole of 2017.
“Source: [Cavenagh Gardens, Flynn Park, Rosalia Park, La Ville, Telok Kurau houses – total worth $1.2b – up for en bloc sale] © Singapore Press Holdings Limited. Permission required for reproduction”