This is Qingjian Realty's first en bloc purchase in Singapore since it began developing projects in Singapore eight years ago, and it succeeded with an offer that was below the reserve price of S$688 million.
Shunfu Ville, built in the late 1980s by the former Housing and Urban Development Company (HUDC) and privatised in 2013, sits on a 408,927 sq ft site with about 70 years left on its lease and a plot ratio of 2.8. The site can yield about 1,100 units with an average size of 1,000 sq ft, while break-even cost could be about S$1,250 psf, with new units fetching S$1,400 to S$1,500 psf.
Qingjian was also the developer of Natura Loft (2008), Nin Residence (2010), RiverParc Residence (2011), Riversound Residence (2012), River Isles (2012), Waterbay (2012), Ecopolitan (2013), Bellewoods (2014), Bellewaters (2014) and The Visionaire (2016). Qingjian hopes to build over 1,000 homes at this site in Bishan-Thomson area.
The last collective sales of this scale were of the former Farrer Court for about S$1.34 billion and former Leedon Heights for S$835 million, both in 2007.