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RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Normanton Park up for collective sale

The site has 13 residential blocks.

A privatised housing estate originally built in 1977 for military personnel has been launched for collective sale by tender.

According to Knight Frank Singapore, the Normanton Park comprises of 13 residential blocks of 488 apartment units ranging from 118sqm to 144sqm and has a site area of 61,408.9sqm.

The residential property is situated in the immediate vicinity are vast nature parks, business parks and science parks, with a confluence of professionals working around the area.

Major arterial roads and expressways such as the Ayer-Rajah Expressway (AYE) and Queensway provide seamless connectivity to other parts of Singapore, including a dedicated exit to the development along the AYE for easy accessibility.

The owners are expecting offers of above $800m for their private enclave.

This translates to a land rate of approximately $898 psf ppr, which is inclusive of a differential premium of approximately $225.3m for intensification of the site based on the maximum permissible GFA of approximately 1,388,099 sq ft, as well as a lease top-up premium of approximately S$220.6 million for a fresh 99-year lease, based on current development charge rates.

Based on the reserve price, each owner could potentially receive between approximately $1.6m to $1.8m.

The tender for Normanton Park will close on 5 October 2017.

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