Built in 1984, Island View sits on a sprawling 309,543 sq ft plot along Jalan Mat Jambol in District 5, a 72-unit development on elevated ground, just 330 metres from Pasir Panjang MRT station.
In Sep 2023, the project was put up for en bloc sale with a reserve price of S$575 million, which works out to a land rate of around S$1,623 per square foot per plot ratio (psf ppr), after factoring in the 7 per cent bonus gross floor area allowed for balconies and an estimated land betterment charge of S$178 million.
This enbloc attempt closed with no bids in October 2023.
In March 2024, the enbloc attempt was relaunched, this time with a reserve price lowered by 7.5 per cent to $532 million.
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 about 1,075 sq ft.
Island View is located along Jalan Mat Jambol, a 7min (500m) walk to Pasir Panjang MRT Station.
Directly beside Island View is Terra Hill, a Freehold development by Hoi Hup Sunway that launched for Public Sales in Feb 2023, selling 38% of all units at an average price of $2,650 psf.
To the West is Kent Ridge Hill Residences, a 99 year leasehold development by Oxley Holdings, that launched for Public Sales in Nov 2018, selling almost 50% of all units at an average price of $1,700 psf.
5 March 2024
SINGAPORE – Freehold condominium Island View in Pasir Panjang will be relaunched for collective sale on March 5. This time, plans are under way to lower the reserve price by 7.5 per cent to $532 million as market sentiment has softened, sole marketing agent PropNex said.
This follows the owners’ previous attempt in 2023, which closed with no bids in October.
The owners are now collecting signatures to get an 80 per cent mandate to cut the reserve price to $532 million, from $575 million previously. Currently, more than 60 per cent of them are in favour of the change.
The original reserve price of $575 million translates to a land rate of $1,634 per sq ft per plot ratio (psf ppr), after factoring in the 7 per cent bonus gross floor area allowed for balconies and an estimated land betterment charge (LBC) of $183 million.
4 March 2024
FREEHOLD condominium Island View in Pasir Panjang will be relaunched for sale by tender on Tuesday (Mar 5) – but this time, plans are underway to lower the reserve price by 7.5 per cent to S$532 million as market sentiment softens, sole marketing agent PropNex said on Monday.
This follows the owners’ previous attempt last year, which closed with no bids in October.
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.
The original reserve price of S$575 million translates to a land rate of S$1,634 per square foot per plot ratio (psf ppr), after factoring in the 7 per cent bonus gross floor area allowed for balconies and an estimated land betterment charge (LBC) of S$183 million.
18 Sep 2023
FREEHOLD Island View condominium in Pasir Panjang has been put up for en bloc sale with a reserve price of S$575 million, sole marketing agent PropNex said on Monday (Sep 18).
This works out to a land rate of around S$1,623 per square foot per plot ratio (psf ppr), after factoring in the 7 per cent bonus gross floor area allowed for balconies and an estimated land betterment charge of S$178 million.
Under the Urban Redevelopment Authority’s Master Plan 2019, the site is zoned for residential use with an allowable gross plot ratio of 1.4 and a building height control of up to five storeys. Based on an average unit size of around 1,076 square feet (sq ft), a new project can yield up to 402 new homes, said PropNex.
Built in 1984, the condominium sits on a sprawling 309,543 sq ft plot along Jalan Mat Jambol in District 5. PropNex said the 72-unit development is on elevated ground, just 330 metres from Pasir Panjang MRT station.
