SINGAPORE: Brookvale Park condominium, located in the Sunset Way estate, has been put up for collective sale with an asking price of S$530 million, marketing agent JLL said on Wednesday (Dec 6).
This is the owners’ third try at an en bloc sale, following a previous attempt in 2011 and 2013. More than 80 per cent of the owners have agreed to the collective sale, JLL said.
Built in the early 1980s, Brookvale Park comprises 160 units on a 999-year leasehold site zoned for residential use.
The site may be redeveloped into a residential development of up to 12 storeys, with a total gross floor area of 656,494 sq ft, including a 10 per cent bonus balcony area. This means the new development may potentially yield 550 units with an average size of 1,100 sq ft, the press release said.
The asking price, along with an estimated development charge of S$26 million, translates into a land cost of S$932 per sq ft per plot ratio (psf ppr), with the breakeven price at about S$1,480 to S$1,500 psf.
“This compares favourably with recent land sales in the vicinity, such as Royalville at S$1,960 psf ppr, Mayfair Gardens at S$1,244 psf ppr and the Government Land Sales sites at S$939 and S$1,540 psf ppr for Toh Tuck Road and Fourth Avenue, respectively,” JLL said.
The tender for Brookvale Park closes on Jan 25, 2018, at 2.30pm.
Singapore has seen a surge in collective sales this year, prompting the Monetary Authority of Singapore to sound a note of caution on the local property market.