Split Opinions Loyang Valley Residents Await Outcome Third 880 Mil En Bloc Bid

Located in Singapore, ITE College East, also known as the Institute of Technical Education, is dedicated to providing students with specialized courses that prepare them for success in vocational trades and technical professions. With its focus on practical skills and industry-relevant knowledge, the college is the perfect stepping stone for students looking to excel in their chosen field. At ITE College East, students can receive top-notch education and training while also gaining hands-on experience, making it a pivotal institution for their success. Additionally, the college’s proximity to Aurelle of Tampines Showflat offers students a convenient location to explore and experience the vibrant community of Tampines.

After being on the market for just two weeks, the collective sale tender for the 40-year-old Loyang Valley closed on Sept 9 without a bid. Despite the initial lack of interest, there may still be hope for the en bloc deal to push through.“More than two developers are conducting due diligence, and negotiations are at an advanced stage,” says Terence Lian, head of investment sales at Huttons Asia, which is the marketing agent for the development.The following weekend, several residents gathered for a birthday celebration at one of their homes. The main topic of conversation was, of course, the fate of their condominium’s en bloc.Opinions were evenly split between those who supported the sale and those who did not.“When I first bought this place, I told my son I’d probably die here,” says Bernard Lim, who has owned a unit at Loyang Valley for 16 years. “But the en bloc sale is good. I signed up for it.”Lim’s primary concern is lease decay. Loyang Valley was completed in 1985, but its 99-year lease began in 1982, leaving a remaining lease of 56 years.Andrew Tan, a resident for 30 years, shares Lim’s view and has also consented to the collective sale agreement.The 40-year-old Loyang Valley is characterized by its red brick facade, landscaped gardens and mature trees (Picture: Samuel Isaac Chua/EdgeProp Singapore)Others have chosen not to sign. Charles Lee, who bought two units eight years ago — living in one and renting out the other — explains: “Mine is a ground-floor unit, so it is larger than those on the upper floors. You can’t find another condo with such a nice green environment.”Lee insists that not signing the collective sale agreement does not make him “anti-en bloc”. Rather, he wants to ensure that the sale reflects the property’s real value.Another resident who has held off on signing is Juliann Teo, who, along with her husband, Raymond, bought their two-bedroom unit 16 years ago. They have decided to adopt a wait-and-see approach. “If it happens, it happens,” says Juliann.Regardless of their stance, all owners have a vested interest in the outcome, as Loyang Valley is their primary residence. According to Lee, only about 55 units (15%) are rented out in the development, while the remaining 362 units are owner-occupied.What residents value most are the lush landscaping and mature trees. “Even on hot days, it’s cool here because of the trees,” says Juliann.Despite being just a seven-minute drive from Changi Airport, the development is outside the flight path. “You can see hornbills, kingfishers, and eagles, but not planes,” she adds.Under the Draft Master Plan 2025, the site is zoned residential with a gross plot ratio of 1.6. The 840,648 sq ft estate could yield about 1.35 million sq ft of gross floor area. Assuming an average unit size of 1,076 sq ft, a new development could comprise about 1,249 units (Source: URA Space)Redevelopment potentialOn Aug 21, the Civil Aviation Authority of Singapore raised the site’s height limit from 40 m to 50 m. This will allow any future redevelopment to rise to 12 storeys, notes Huttons’ Terence Lian.The 840,648 sq ft estate comprises 362 units across 12 red-brick blocks, ranging from four to seven storeys, each featuring pitched roofs and expansive balconies. Loyang Valley’s land area is the second largest in the east after Mandarin Gardens, a 1,006-unit private condo on a 1.08 million sq ft, 99-year leasehold site.Under the Draft Master Plan 2025, the site is zoned “Residential” with a gross plot ratio of 1.6. This translates to about 1.35 million sq ft of gross floor area (GFA). Assuming an average unit size of 1,076 sq ft, a new project could yield roughly 1,249 units.At $880 million, the indicative price works out to about $936 psf per plot ratio (ppr), inclusive of an estimated $221 million Land Betterment Charge and a $245 million lease-upgrade premium, with a 7% bonus factored in for balcony GFA.AdvertisementAdvertisementThis is the owners’ third attempt at a collective sale. The current reserve price of $880 million is lower than the $980 million target set in 2022 but higher than the $750 million guide in 2018.The $880 million guide price works out to $936 psf per plot ratio (ppr), inclusive of an estimated Land Betterment Charge of about $221 million and a lease-upgrade premium of $245 million, factoring in a 7% bonus for balcony GFA (Photo: Samuel Isaac Chua/EdgeProp Singapore)Market comparablesThe upcoming Loyang MRT Station on the Cross Island Line will be situated next to the site, providing future residents with a two- to three-minute walk to the station. Developers can also set aside 0.3% of the total GFA—around 4,035 sq ft—for commercial uses such as a childcare centre, minimart, laundromat or café.Lian cites strong suburban or Outside Central Region (OCR) sales as a key driver of developer interest. Springleaf Residence, for example, sold 92% of its 941 units on launch weekend at an average of $2,175 psf. It is now 94% sold a month later.Lentor Central Residences moved 93% of its 477 units at $2,308 psf during its March launch. A month earlier in February, the 1,193-unit ParkTown Residence in Tampines sold 87% at launch at an average price of $2,360 psf. It is 92% sold to date. Chuan Park achieved 76% sales on its first weekend last November at an average of $2,579 psf and is now about 86% taken up.Developers have also bid aggressively for government land sales (GLS) sites in recent months. In September, a Sing Holdings–Sunway Developments joint venture won two adjacent Chuan Grove plots for a combined $1.33 billion, or $1,335 psf ppr, to build 1,055 units.Strong sales at Outside Central Region projects such as the 941-unit Springleaf Residence, where 92% of units were sold at an average price of $2,175 psf at on its launch weekend (Photo: Agents)Another joint venture of Evia Real Estate, Gamuda Land and Ho Lee Group bid $1.012 billion ($980 psf ppr) for a mixed-use site in the upcoming Chencharu Town, Yishun.URA recently launched the Bedok Rise site for sale, with the tender closing on Nov 27. The land parcel is the last site fronting the Tanah Merah MRT Interchange Station, and is projected to fetch top bids of $1,100 to $1,300 psf ppr.“Likewise, Loyang Valley will sit at the doorstep of Loyang MRT Station,” says Lian, making its $936 psf ppr land rate — inclusive of additional charges — “very attractive by comparison”.The latest transaction at Loyang Valley was for a 1,582 sq ft, second-floor two-bedroom unit that changed hands for $1.546 million ($977 psf), based on a caveat lodged on Sept 9. Before that, another 1,862 sq ft, three-bedroom unit on the second floor of another block was sold for $1.8 million ($967 psf) in July.The URA Draft Master Plan 2025 envisions the broader Changi Region as a “thriving economic hub,” anchored by the expansion of Changi Airport and the future Terminal 5 (Artist’s Impression: Changi Airport Group)Long-term growth catalystsBeyond the MRT, Loyang Valley stands to benefit from major infrastructure and economic initiatives. The Loyang Viaduct, currently under construction, will significantly enhance accessibility and reduce travel time to the city.The URA Draft Master Plan 2025 envisions the broader Changi Region as a “thriving economic hub,” anchored by the expansion of Changi Airport and the future Terminal 5. Also planned is the 40-ha Changi East Urban District, a mixed-use business and lifestyle precinct slated for the mid-2030s.Nearby, Tampines Regional Centre will add new residential and commercial plots, with parts of Tampines Central 5 to be pedestrianised and integrated with a central public space.“Loyang Valley will benefit from its proximity to these two high-growth areas—Changi and Tampines Regional Centre,” Lian concludes.

Fallen leaves crunch underfoot as we walk about through one of the better landscaped developments in the East. It’s like the bones of Downton Abbey, but instead of a grand old English country house, the 40-year-old, 14-block, 362-unit Loyang Valley sits on a vast 840,648 sq ft site, says Samuel Eyo, managing director of Singapore Christie’s International Real Estate, who has been walking the site with residents. The site boasts a 99-year lease that started in 1982, which means the remaining lease is 56 years.“It’s a fantastic location in Changi, minutes from the airport, with the new Loyang MRT station being built right