It is a case of third time lucky for owners at How Sun Park after they finally sold their estate en-bloc – reaping a knockout price in the process.
A unit of the SingHaiyi Group is paying $81.09 million for the freehold estate comprising a three-storey development of 20 townhouses. Owners will get about $4.05 million per unit – slightly more than twice what they would have received had their units been sold individually.
The most recent transaction in the development was three months ago, at just under $1.9 million.
The price works out to $1,092 per square foot per plot ratio (psf ppr), inclusive of an estimated development charge of $2.92 million.
How Sun Park, which failed at two previous collective sales, is on a land area of 54,942.7 sq ft. It has a 1.4 plot ratio (ratio of maximum floor area to land area) and an allowable height of up to five storeys.
Teakhwa Real Estate brokered the sale. Managing director Sieow Teak Hwa said consent for the sale has been obtained from owners of 19 of the 20 units so far.
“If approval from the last owner is not obtained within a few weeks, we shall have to make an application to the Strata Titles Board seeking its approval for the collective sale.”
The tender for the collective sale closed on Tuesday. “We received interest from a few parties and awarded the tender to the highest bidder.
“The owners’ reserve price was reasonable, at $70 million, which is why the site has drawn interest.”
SingHaiyi Group said its SingHaiyi Huajiang Amber subsidiary is a 50:50 joint venture between Corporate Bridge, its wholly-owned unit, and Huajiang Properties II, an entity controlled by Mr Gordon Tang and Ms Celine Tang.
On Sept 23, another SingHaiyi subsidiary, SingHaiyi Properties, won a tender for the nearby Sun Rosier condominium with Huajiang International Corporation.
“This positions SingHaiyi to enjoy economies of scale from these two future projects,” Mr Sieow added.