This is the highest land rate achieved for a 99-year leasehold collective sale site this year. (Photo: Knight Frank)
The Normanton Park condominium located off Ayer Rajah Expressway has been sold collectively to Kingsford Huray Development for $830.1 million, marketing agent Knight Frank said on Thursday (5 October).
It comes one day after Amber Park was sold to City Developments Limited for $906.7 million. On Thursday, CBRE also announced that Cairnhill Mansions would go on sale soon at a guide price of $362 million.
The sale price of Normanton Park works out to approximately $969 psf per plot ratio (psf ppr) – making it the highest land rate for a 99-year leasehold collective sale site this year.
Built in the mid-1970s for the Singapore Armed Forces, the approximately 660,999 sq ft site comprises 13 blocks of 488 apartments.
Over 80 percent of the owners consented to the sale and the public tender was launched on 22 August. Each owner will stand to receive approximately $1.68 million to $1.86 million.
Sukhvinder S Chopra, chairman of the sale committee and a retired navy colonel, said: “The sale committee received several submissions and worked very closely with the marketing agent and lawyers. We deliberated all the submissions carefully and the decision to award to Kingsford was unanimous.”
Ian Loh, executive director and head of investment & capital markets at Knight Frank, said: “The gross development value for this project is estimated at $2.23 billion. The new high-rise development could potentially house more than 1,200 new residential units of 100 sq m (1,076 sq ft).”
In May, Knight Frank sold two collective sale sites: One Tree Hill Gardens near Orchard Road for $65 million, and the privatised HUDC estate Rio Casa along Hougang Avenue 7 for $575 million.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email firstname.lastname@example.org