Island View in Pasir Panjang to relaunch with a lower reserved price of $532m

The property was previously put up for sale on 19 September 2023 but received no bids.

Propnex announced its plans to relaunch the collective sale tender of Island View in Jalan Mat Jambol in Pasir Panjang on 5 March 2024 at a current reserve price of $575m.

The freehold development has a land rate of $1,634 psf per plot ratio (psf ppr) with a 7% bonus balcony space and the latest land betterment change (LBC).

Propnex is currently negotiating with the owners to sell the property at a lower price of $532m, reflecting a land rate of $1,543 psf ppr. 60% of the owners have expressed their support.

Island View was initially put up for sale on 19 September 2023, priced at $575m. However, the tender closed without bids a month later.

Island View spans 28,757.3 sqm with 72 residential units. It is zoned for residential use with a gross plot ratio of 1.4.

The site can be redeveloped into a 5-storey high building that can yield 402 new units based on an average unit size of 100 sqm.

The site is also near amenities such as Pasir Panjang Food Centre, Centre, Telok Blangah Market, and VivoCity mall. It is also near various leisure facilities including Hort Park, Mount Faber, and Sentosa Island.

Lastly, the site is close to MRT stations and is also near schools such as Bukit Merah Secondary School, Singapore Polytechnic, and ISS International School (Preston Campus).

The collective sale tender will close on 16 April 2024 at 2pm.

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