The deal is the largest collective sale site to have sold this year. Photo: Savills Singapore
Flynn Park at 18-22 Yew Siang Road has been sold via en bloc sale for $371 million to a joint venture between Hoi Hup Realty and Sunway Developments.
The sale price works out to about $1,355 per plot ratio (ppr) or $1,318 ppr after taking into account the 7% bonus balconies.
Savills Singapore, which brokered the sale, said the deal is the largest collective sale site to have sold this year.
Featuring 72 apartment units, Flynn Park occupies a 208,443 sq ft freehold site that is zoned for “Residential” use under the 2019 Master Plan with a plot ratio of 1.4.
Galven Tan, Deputy Managing Director of Investment Sales and Capital Markets at Savills Singapore, said the tender exercise for the development was keenly contested.
“The result is testament to the strong attributes of the site – the unique opportunity to develop a premium product at the fringe of the city centre and just 350m from the MRT Station, yet right next to lush and matured nature parks,” he said.
Wong Swee Chun, Chairman and Managing Director of Hoi Hup Realty, described Flynn Park as a rare hillside plot.
“It is tranquil, lush and green, yet enjoys proximity to the MRT network and is minutes to the city. It will also benefit greatly from its adjacency to the new Southern Waterfront development,” he said.
“We look forward to developing a premium product on this unique site.”
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: email@example.com