Orchard property Park House has fetched a record collective sale price of $2,910 per sq ft per plot ratio (psf ppr), marketing agent CBRE said yesterday.
The freehold District 10 development at 21 Orchard Boulevard sold for $375.5 million. This translates to $2,910 psf ppr on the maximum allowable gross floor area of 129,035 sq ft, excluding the 10 per cent bonus for balconies.
This new benchmark price beats the previous peak of $2,526 psf ppr, which Hong Kong's Swire Properties paid for the Hampton Court collective sale site at Draycott Park in 2013 - a deal also brokered by CBRE.
The public tender for Park House was awarded on June 1 to Shun Tak Cuscaden Residential, a wholly owned subsidiary of Hong Kong-listed Shun Tak Holdings.
Zoned as residential under the 2014 Master Plan, the 46,984 sq ft Park House site has a plot ratio of 2.8.
Shun Tak Holdings intends to redevelop the site into a luxury residential development with expected completion by 2023.
According to the Urban Redevelopment Authority's baseline record, no development charge is payable.
Park House is a rare freehold 60-unit development, comprising 56 apartments and four shop units. Each apartment unit owner stands to receive a gross payout of about $6.1 million and each shop unit owner, $8.1 million.
Said CBRE managing director of capital markets Jeremy Lake: "The response from local and foreign developers was overwhelming; we conducted more than 20 site inspections with developers from Hong Kong, Malaysia, Singapore, China and Indonesia."
He added that Park House's positive attributes include its prominent yet exclusive location in Orchard Boulevard, accessibility to the Orchard Road shopping belt, and the short walking distance to the upcoming Orchard Boulevard MRT station, slated for completion in 2021.
Park House collective sale committee chairman Edward Ong said: "This wonderful outcome has certainly exceeded the expectations of all owners."
It had been put up for sale with a guide price of $308 million.
This is the sixth collective sale brokered by CBRE this year, following Villa d'Este ($93 million), The Estoril ($224 million), Pacific Mansion ($980 million), Cairnhill Mansions ($362 million) and Riviera Point ($72 million).
Pacific Mansion holds the record for the largest collective sale transacted in the current collective sale cycle, said CBRE.