HomeLand SalesIsland View Launches Collective Sale For The Second Time
Island View Condo Collective Sale

Island View Launches Collective Sale For The Second Time

Island View plans to lower reserve price for collective sale from S$575 million to S$532 million

Island View, a freehold condominium in Pasir Panjang, plans to relaunch its second attempt at a collective sale on Tuesday, 5 March. 

The owners are now collecting signatures to get an 80 per cent mandate to cut the reserve price to S$532 million, from S$575 million previously. Currently, more than 60 per cent of them are in favour of the change. 

This follows Island View’s previous attempt last year, which closed with no bids in October. 

Based on the proposed reserve price of S$532 million, the unit land rate will be reduced to S$1,542 psf ppr, including the 7 per cent bonus for balconies and LBC. 

PropNex collective sales head Laurence Wong said: “Since the previous collective sale tender launch for Island View, the general market sentiment has become more cautious.”

For instance, developers’ sales hit a 15-year low in 2023, financing cost remains high, and private home-buying interest has been “relatively tentative” recently, with some prospective buyers adopting a wait-and-see attitude, he said.

“The decision to lower the reserve price is a strategic move to make the development more attractive to potential buyers, in view of the prevailing market conditions.” 

Still, he believes that freehold properties such as Island View will remain “alluring” to homebuyers since they tend to retain value better over time. For example, the freehold and newly launched Terra Hill condo sold three large units, ranging in size from 1,894 to 3,035 square feet (sq ft), at an average price of around S$2,780 psf in February. 

Built in 1984, Island View sits on a sprawling 309,543 sq ft plot along Jalan Mat Jambol in District 5. 

Under the Urban Redevelopment Authority’s Master Plan 2019, the site is zoned for residential use with a gross plot ratio of 1.4. This means there is potential to redevelop the condo up to five storeys high with 402 new units, based on an average unit size of 100 square metres. 

(Source: The Business Times)

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