JADE SCAPE by Qingjian Realty, former Shunfu Ville HUDC.
Jade Scape is the former Shunfu Ville HUDC that was sold enbloc to Qingjian Realty in a collective sale in 2017.
Shunfu Ville was sold for S$638 million the third largest en bloc by quantum in Singapore’s collective sales history.
Each owner of the 358-unit enbloc Shunfu Ville will get around S$1.78 million.
It is buyer 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.
The 358-unit project was first put on sale in September with an asking price of at least $688 million or $791 per sq ft (psf) per plot ratio. The tender closed last October with no formal bids but two letters of interest. It was relaunched for tender at the same price in late January.
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.
Shunfu Ville will be redeveloped into a new launch condo Jade Scape. The new high rise condo is less than 200m from Marymount MRT Station. The enbloc Shunfu ville was built in the late 1980s by the former Housing and Urban Development Company (HUDC) and privatised in 2013. The new Jade Scape condo by Qingjian Realty located on former enbloc HUDC Shunfu Ville, sits on a 408,927 sq ft site with about 70 years left on its lease and a plot ratio of 2.8.
The Jade Scape site can yield about 1,100 units with an average size of 1,000 sqft, while break-even cost could be about S$1,250 psf, with new units fetching S$1,400 to S$1,500 psf.
Property consultants said Qingjian’s bid for Jade Scape condo on former HUDC Shunfu Ville site was a sign of returning interest in en bloc opportunities owing to limited land banks on offer here, especially as the Government had cut back on its land sales programme.
“Property cooling measures and the Additional Buyer’s Stamp Duty on developers if they cannot complete and sell all units in five years have meant that the collective sales market has been very quiet. Developers are not willing to take up more risks especially for larger investment deals of above S$500 million.”
Ms Alice Tan, Knight Frank’s research head.
Yet, despite the prevailing slow market, some developers seem to be more bullish and confident of Singapore’s property market in the longer term, she added.
Qingjian Realty, the Jade Scape developer, 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).
“We hope to be able to build over 1,000 homes at this new launch condo Jade Scape, and given the long-term popularity of the Bishan-Thomson area, we believe that the market will welcome the new condo launch on the encloc Shunfu Ville site.” said a spokesperson for Jade Scape developer.
JADE SCAPE DETAILS
|PROJECT NAME||JADE SCAPE|
|DEVELOPER||Qingjian Realty (Marymount) Pte Ltd|
|ADDRESS||314 Shunfu Road
|SHOWFLAT ADDRESS||314 Shunfu Road
|LAND SIZE||408,927 sqft|
|NUMBER OF BLOCKS||TBA|
|NUMBER OF STOREYS||TBA|
|NUMBER OF UNITS||Estimated ~1,000 - 1,100units|
|NUMBER OF CAR PARK LOTS||TBA|
|ESTIMATED DATE OF TOP||TBA|
|ESTIMATED DATE OF LEGAL COMPLETION||TBA|
|OFFICIAL MARKETING AGENCY||PropNex Realty Pte Ltd
(CEA Licence No.: L3008022J)
|OFFICIAL MARKETING AGENT||Ding Nai Wei
(CEA Reg. No.: R010250H)
|ENQUIRIES||+65 6698 0686
+65 9626 6969
JADE SCAPE FLOOR PLAN
The Jade Scape interior layout is well thought-off with the residents in mind. The spacious layout in every Jade Scape unit is both efficient and functional. Request a copy of the Jade Scape floor plan now!
IS IT A GOOD TIME TO INVEST IN JADE SCAPE?
JADE SCAPE SHOWFLAT OPENING
The Jade Scape showflat location will be onsite at the enbloc former HUDC Shunfu Ville along Shunfu Road. Jade Scape showflat is expected to open it’s doors for VVIP Priority Preview in mid-2018. Register your interest for invitation to the Jade Scape showflat VVIP Priority Preview to enjoy special direct developer discount.
For more information on Jade Scape showflat opening, please contact Official Developer Appointed Marketing Agent:
- ● DING NAI WEI (R010250H)
- ● Mobile: +65 9626 6969
- ● Showflat: +65 6698 0686
- ● Official Website: www.jadescape.net