He said he "still hold hope" for the sale of Cuileyuan.
Lian Yongzhi said: "We are currently in a 10-week private agreement period, during which we can negotiate with interested developers to reach a deal."
Cuileyuan is the second unbidden collective sale project recently. It was previously the private housing project Elias Green, which ended on April 22. Yicuiyuan, located in Baisha, asks for a price of RMB 928 million, and is currently in a 10-week private agreement period.
The Watten Estate Condominium's permanent deed project near it covers an area of only half of the Cuileyuan area. In 2021, it will be sold collectively to a joint venture between UOL and Singapore Land for RMB 550.8 million. The developer launched Watten House in the lot in November 2023, with 102 or 57% of units sold on the first day of the preview, with an average selling price of RMB 3,230 per square foot. At present, 167 units of Huadenjiayuan have been sold in 180 units.
The collective sale of private housing project Hillcrest Arcadia did not receive any bids at the end of the bidding deadline last Thursday (May 22), and now it has begun to contact potential buyers through private treatment to seek sales.
Cuileyuan is located in Bukit Tima District. It launched a market open bid on April 3 with a price of 920 million yuan.
The most recent deal for a large private housing project sales was Thomson View, which had a land deed in 1999, with a land area of about 540,000 square feet. It sold for RMB 810 million last November, about 12% lower than the asking price. Currently, due to opposition from some owners, the transaction has been suspended by the Strata Titles Board and the dispute has been submitted to the court for handling.
Cuileyuan is a 99-year land deed apartment with a land deed of about 50 years. The land deed is located in an area of 442,162 square feet. Currently, there are 272 residential units and 1 retail unit. Its total floor area ratio is 1.6 and its maximum total floor area is 707,459 square feet, and it can be redeveloped into a luxury apartment of 773 units without paying land value-added fees.
Lian Yongzhi, investment and sales director of Huttons Asia, revealed during an inquiry on Monday (May 26) that some potential buyers expressed their interest, and their bids were all below 920 million yuan.
If calculated based on the asking price of Cuileyuan, the land price of this project will be RMB 1,519 per square foot, which includes 10% of the additional total building area and approximately RMB 262 million for filling the land deed.