Aerial view of Brookvale Park in Sunset Way. (Photo: JLL)
The 160-unit development Brookvale Park has been sold to Hoi Hup Sunway – a joint venture between Hoi Hup Realty and Sunway – for $530 million, revealed marketing agent JLL.
Including an estimated development charge of around $26 million, the sale price translates to a land rate of about $932 psf per plot ratio.
SEE ALSO: Jervois Green sold for $52.9mil, Brookvale Park up for en bloc sale
JLL regional director Tan Hong Boon said the owners could expect to receive gross sales proceeds of between $2.5 million to $4.4 million per unit.
“This is the largest investment in our 11 years of partnership with Sunway Group,” noted Hoi Hup Realty chairman Wong Swee Chun.
“The sprawling 999-year leasehold land is in a centralised but yet lush and green location and setting. We believe this provides a great opportunity to create a unique residential product.”
Located in the Sunset Way enclave designated for two-storey bungalows and private residential developments, the site is zoned for residential use under the 2014 Master Plan with a gross plot ratio of 1.6.
This means that the site could be redeveloped into a condominium development with a total gross floor area of about 656,494 sq ft, including a 10 percent bonus balcony area.
It is also a short drive away from Bukit Timah Nature Reserve, Holland Village and near to reputable tertiary and international schools, such as Singapore Polytechnic, Ngee Ann Polytechnic, Singapore University of Social Sciences, National University of Singapore and the Canadian International School.
“The sale of Brookvale Park brings the tally of successful en bloc sales to $3.17 billion, arising from nine deals over the last seven weeks of this year. The tally for the entire 2017 was $8.78 billion from 32 deals,” said JLL senior consultant Karamjit Singh.
“Our view is that the market is on track for last year’s tally to be surpassed by middle of 2018, as the strong momentum driven by the positive outlook of the residential market sustains.”
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com