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The first private land parcel was awarded yesterday to entities linked to Singapore Press Holdings (SPH) and Kajima Development after they placed the top bid of $1.13 billion in a tender for the 99-year leasehold site next to Woodleigh MRT station.
To meet the strong leasing demand, the ministry will build a second annexe block to add 3,500 square feet (sq ft) of office space, on top of the 120,000 sq ft expansion that was originally planned.
More than 80 per cent of the owners by share value and strata area at Serangoon Ville have signed the collective sale agreement within a span of seven months, said Stanley Koo, division director at ERA Realty Network Singapore and marketing agent for the collective sale.
The initial closing for the EOI was last month, followed by a subsequent closing earlier this month. The owners are said to be evaluating the "handful of offers" from local and overseas parties that were submitted for the second closing, with the aim of shortlisting a party with whom they will then negotiate a sale.
For the 33 homeowners who are still residing there, time is running out. They will have to hand back the vacated units to the Singapore Land Authority (SLA) when their leases run out in 3-½ years with no compensation.