Chinese developer Logan Property completed the en bloc sale of Florence Regency at Hougang for $629 million. Former owners of Florence Regency will get between $1.84 million to $1.89 million. In the Florence Regency en bloc saga, an earlier bid for the site has exceeded the reserve price of $600 million but would not match the $629 million valuation by Colliers International, an independent valuer. The collective sale agreement stated that the sale price cannot not be lower than valuation. During the 10 weeks of private treaty, Logan Property matched the valuation price. Based on a size of the site at 386,236 sqf, the land price is translated to $842 psf per plot ratio (2.8 plot ratio).
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