The freehold development along Orchard Boulevard was sold to a unit of Hong Kong-listed Shun Tak Holdings for $375.5 million. (Photo: CBRE)
Park House, a freehold 60-unit development along Orchard Boulevard in District 10 has been sold for $375.5 million, which works out to a record $2,910 psf per plot ratio (psf ppr), revealed marketing agent CBRE on Wednesday (13 May).
Setting a new price benchmark in Singapore, this exceeds the previous peak price of $2,526 psf ppr that Hong Kong’s Swire Properties paid for the Hampton Court en bloc sale site in 2013.
The public tender for Park House was awarded on 1 June to Shun Tak Cuscaden Residential, a fully owned subsidiary of Hong Kong-listed Shun Tak Holdings.
The 46,084 sq ft site is zoned residential with a plot ratio of 2.8 under the 2014 Master Plan. Shun Tak Holdings plans to redevelop the site into a luxury residential project which it expects to complete by 2023.
CBRE noted that each of the 56 apartment and four shop unit owners stand to receive gross sale proceeds of around $6.1 million and $8.1 million respectively.
“The response from local and foreign developers was overwhelming; we conducted more than 20 site inspections with developers from Hong Kong, Malaysia, Singapore, China and Indonesia,” said CBRE managing director of capital markets Jeremy Lake.
“All of them immediately recognised the positive attributes of Park House including its very prominent yet exclusive location on Orchard Boulevard, the accessibility to the Orchard Road shopping belt and the short walking distance to Orchard Boulevard MRT when it is completed in 2021.”
Meanwhile, Lakeside Apartments in the Jurong Lake District has been put up for en bloc sale carrying a reserve price of $240 million, reported the Business Times.
An enhancement premium of $55.56 million will have to be paid for both the lease top-up premium and land use intensification of the site.
With 59 years left on its 99-year lease, the 134,176 sq ft site is zoned residential with a plot ratio of 2.1. The 120-unit development comprises two 15-storey tower blocks.
The tender for Lakeside Apartments closes on 24 July.