PUBLISHED Tuesday, August 22, 2017
THE tender for the collective sale of Normanton Park, near Science Park and Kent Ridge Park, has been launched with a reserve price of S$800 million, which work out to S$898 per square foot per plot ratio (psf ppr).
This marks the eleventh tender for a collective sale to be launched this year.
Normanton Park originally built in 1977 for military personnel and their families, this private estate comprises 13 residential blocks of 488 units ranging from 1,270 sq ft to 1,550 sq ft.
In the hold of the reserve price, owners stand to receive between approximately S$1.6 million and S$1.8 million per unit – which is about 50 per cent more than if they somehow managed to offer their units separately in the present market, said Ian Loh, Knight Frank Singapore executive director and head of investment and capital markets.
The property consulting group is marketing the en bloc sale through a tender that closes on Oct 5, 2017.
“The new high-rise development on the site could potentially near to 1,290 homes of an average size of 100 sq m (1,076 sq ft) gross floor area,” said Mr Loh.
“Residents should be able to enjoy views of the lush greenery and unblocked perspectives to the city and the sea. Thus, we expect the property to attract strong interest in view of its exclusive location and positive site attributes.”
Normanton Park is near educational institutions including Anglo-Chinese School (Independent), Fairfield Methodist primary and secondary schools, National University of Singapore, Singapore Polytechnic and Insead.
The wave of collective sites is expected to carry on and will feed land-hungry developers that have been paying bullish prices for private residential sites at state tenders as well as private-sector collective sales.
Source : The Business Times
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