The Florence Residences previously called Florence Regency situated at Hougang Avenue 2, has been acquired by a Chinese developer, Logan Property Developers. This comes after the developer submitted a winning bid of S$692 million for the property in an en bloc sale.
The sale comes after an earlier attempt failed. Each owner of the units at The Florence Residences is expected to receive between $S1.84 million and S$1.89 million from the proceeds. The initial collective sale stalled after the bidder accepted the reserve price but could not meet the valuation price of S$629. The bids from the other two developers could not match the reserve price.
According to the terms of the en bloc sale agreement, the sale price could not fall below the valuation, and the tender had to close without a matching valuation. The Marketing agent, JLL managed to get Longan Property Developers who were willing to match the valuation price. The collective sale was closed through a private treaty with the developer in a direct price negotiation.