SINGAPORE: Normanton Park has been sold to Kingsford Huray Development for S$830.1 million, the latest in a flurry of en bloc sales sealed this year.
The collective sale price, which translates to a land price of approximately S$969 per square foot per plot ratio (psf ppr), is the highest land rate for a 99-year leasehold collective sale site this year, said marketing agent Knight Frank in a news release on Thursday (Oct 5).
Each home owner will stand to receive about S$1.68 million to S$1.86 million.
Kingsford will have to fork out a premium of about S$231.1 million to renew the lease for another 99 years, and top up about S$283.4 million to redevelop the site to a gross plot ratio of 2.1.
A public tender was launched on Aug 22 and closed on Oct 5, and 87.3 per cent of the owners have consented to the sale.
The gross development value for the site is estimated at S$2.23 billion, said Mr Ian Loh, executive director and head of investment and capital markets at Knight Frank. The new high-rise development could potentially house more than 1,200 new residential units of 100 sq m.
“New homeowners can potentially enjoy lush greenery views and unblocked views to the city,” Mr Loh added.
Normanton Park, a former government housing project located off Ayer Rajah Expressway, was originally built in the mid-1970s for military personnel and their families. The 40-year-old development has 13 residential blocks of 488 apartment units with a site area of 61,408.9 sq m.
“We could not have done it without the support of the majority of owners. The sale committee thanks them as well,” said Mr Sukhvinder S Chopra, chairman of the sale committee and a retired colonel from the Singapore navy.
The sale comes a day after Amber Park was sold for S$906.7 million in Singapore’s largest freehold collective sale by dollar value.