SINGAPORE (THE BUSINESS TIMES) - Flynn Park in Pasir Panjang has been sold for $371 million to a joint venture between Hoi Hup Realty and Sunway Developments, property consulting group Savills Singapore announced on Friday (Sept 10).
The sale price works out to approximately $1,355 per sq ft per plot ratio (psf ppr), which exceeds the $365 million reserve price, or $1,284 psf ppr, when the property was launched for sale by public tender on July 28. The development's first attempt at a collective sale in June 2018 ended without a buyer.
Including 7 per cent bonus balconies, the land price works out to approximately $1,318 psf ppr.
The deal was brokered by Savills Singapore, which described this as the largest collective sale site sold so far this year.
Collective sales have been enjoying a revival in Singapore amid the rebound in the overall property market.
International Plaza in Tanjong Pagar was launched for sale earlier this month with a record reserve price of $2.7 billion.
Located along Yew Siang Road off West Coast Highway, Flynn Park comprises 72 apartments and sits on 208,443 sq ft of freehold land.
It is about 350m from Pasir Panjang MRT station and is near landmarks such as Mapletree's business park and Sentosa, as well as amenities such as Pasir Panjang Food Centre and VivoCity.
Based on the Urban Redevelopment Authority's 2019 Master Plan, the site is zoned "residential" with a plot ratio of 1.4.
Mr Galven Tan, deputy managing director for investment sales and capital markets at Savills Singapore, said the tender exercise was "keenly contested".
"The result is testament to the strong attributes of the site - the unique opportunity to develop a premium product on the fringe of the city centre and just 350m from an MRT station, yet right next to lush and mature nature parks. We are very pleased to have achieved success for the owners of Flynn Park on their second collective sale attempt," he said.
Describing the Flynn Park property as a rare hill-side plot, Hoi Hup Realty chairman and managing director Wong Swee Chun said the company is looking forward to "developing a premium product on this unique site".