Normanton Park sold en bloc for $830.1m
It has the highest land rate for a 99-year leasehold en bloc sale.
Normanton Park, the 488-unit property on Ayer Rajah Expressway, has been sold to Kingsford Huray Development Pte Ltd for $830.1m.
According to Knight Frank, the price of $969 psf it the highest land rate for a 99-year en bloc sale site for this year.
The land rate is composed of an additional lease top-up premium of around $231.1m and differential premium of approximately $283.4m to redevelop the site to a gross plot ratio (GPR) of 2.1 based on the maximum permissible Gross Floor Area (GFA) of approximately 1,388,099 sqft.
Currently, 87.3% of the owners have consented to the sale.
Each owner will receive a gross sale price of $1.7-1.9m upon a successful sale.