Flynn Park, located in Pasir Panjang, was recently sold to a joint venture between Sunway Developments and hoi Hup Realty for $371 million. The sale price for this property comes out to be around $1355 per sq ft per plot ratio that further exceeds the reserve price of $365 million for this development.
The first attempt of this development for leading collective sale ended earlier in June 2018 without any buyer. There are 7 percent well-designed bonus balconies on this property, and the land price comes out to be approx $1318 psf ppr.
This particular deal was handled by the famous company Savills Singapore, and they state that this was the largest collection sale site for the year.
There is no doubt to say that collective sales are reviving in Singapore these days, even after the major rebound in the property market. The Tanjong Pagar located in International Plaza was also launched for sale at the beginning of this month with a reserve cost of $2.7 billion.
The Flynn Park property is located near the West Coast Highway, and this site has 72 beautiful apartments that are designed creatively over 208,443 sq ft freehold land.
The site is located at a distance of 350m from the crowded Pasir Panjang MRT station; however, few other famous landmarks on the list are Sentosa and Mapletree’s Business Park. The top-notch amenities can also be accessed by the residents at VivoCity and Pasir Panjang Food Center.
As per the Master Plan of Urban Redevelopment Authority that was proposed in the year 2019, this site was reserved for residential development with the estimated plot ratio of 1.4.
Savills Singapore, the famous property consulting group, has recently launched a public tender concerning Flynn Park property. The company opened an exclusive public tender exercise for the respective property, which closed recently on 9th September.
The experts at Urban Redevelopment Authority recently revealed that this site has huge redevelopment potential, and it can be turned into a low-density project with around 271 units having an estimated size of 100 square meters.
There is no doubt to say that most owners of a Flynn Park property will not be happy to move out, but as there are lots of maintenance issues going on, it will definitely be the right time to go for an en bloc.
This new development site offers many advantages with its prime location which is accessible from MRT station and many other popular landmarks in the city. Experts believe that developers these days are interested in investing in such mid-sized development sites, and this could be the right time to begin a new development.
Several developers expressed their interests in this site, and it was finally sold to a joint venture between Sunway Developments and hoi Hup Realty for a significant price of $371 million. This property will turn out to be an exceptional unit for purchase in the coming few years.
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