SINGAPORE - Normanton Park, a 488-unit development near Science Park, was sold on Thursday (Oct 5) to Kingsford Huray Development for S$830.1 million, making it the highest land rate (psf ppr) for a 99-year leasehold collective sale site this year.
The sale comes just one day after Amber Park, a 200-unit freehold condominium in Katong, was snapped up for S$906.7 million in Singapore's largest freehold collective sale by dollar value on Wednesday.
Kingsford Huray is owned by Chinese-citizen-turned-Singaporean Cui Zhengfeng. He is also the owner of Kingsford Development, a Shenyang-based developer, which has Kingsford Hillview Peak at Hillview Rise as its first project in Singapore.
The sale price, with an additional lease top-up premium, differential premium to redevelop the site to a gross plot ration of 2.1 and inclusion of a 10 per cent bonus balcony, works out to approximately S$923 psf ppr, subject to approval, Knight Frank said in a release.
Currently, 87.3 per cent of the owners have consented to the sale, and each owner is set to receive a gross sale price of approximately S$1.68 million to S$1.86 million.
Normanton Park comprises 13 residential blocks of 488 apartment units with a site area of 61,408.9 sq m situated close to nature parks with unblocked views to the vast landscape of Singapore, as well as partial sea views.
"The sale committee received several submissions and worked very closely with the marketing agent and lawyers," Mr Sukhvinder S Chopra, Chairman of the Sale Committee said. "We deliberated all the submissions carefully and the decision to award to Kingsford was unanimous."