Normanton Park sold for $830.1m

This article is more than 12 months old

Estate sets this year's highest land rate for 99-year leasehold collective sale

SINGAPORE: Normanton Park, a development near Science Park, was sold yesterday to Chinese firm Kingsford Huray Development for $830.1 million, making it the highest land rate - that refers to price per square foot per plot ratio (psf ppr) - for a 99-year leasehold collective sale site this year.

It was also more than $30 million over the reserve price.

Each owner at the 488-unit estate will get a gross price of between $1.68 million and $1.86 million if certain conditions are met.

The sale comes just a day after Amber Park, a 200-unit freehold condo in Katong, was snapped up for $906.7 million.

Normanton Park's sale price - with an additional lease top-up premium, differential premium to redevelop the site to a gross plot ration of 2.1 and inclusion of a 10 per cent bonus balcony - works out to about $923 psf ppr, subject to approval, Knight Frank said.

Normanton Park comprises 13 residential blocks of 488 apartment units with a site area of 61,408.9 sqm situated close to nature parks, with unblocked views to the landscape of Singapore as well as partial sea views.

Separately, home owners at freehold condo Cairnhill Mansions are looking to ride the wave of collective sales as they gear up for their fifth attempt at selling the estate. The public tender will be called within weeks, marketing agent CBRE said yesterday.

Owners are floating a guide price of $362 million, a shade higher than what they hoped for in 2011, their last bid for a collective sale.

They stand to reap at least $5.7 million each, or about $2,800 per sq ft. Nearby and similar projects have sold at between $1,731 and $3,919 psf this year.

The 61-apartment complex in Cairnhill Road has a maximum gross floor area of roughly 172,240 sq ft, which could yield as many as 140 new units.

ZACD Group executive director Nicholas Mak said the site "is not really very big, compared with Housing and Urban Development Company (HUDC) estates".

But he noted that the asking price, at $2,101 psf ppr, puts it at the top of the charts on a unit basis. The estate's address is expected to carry a premium. - THE STRAITS TIMES