The most recent collective sale, for the Kemaman Point development, is now over, as Soilbuild, a successful real estate and construction group, grabbed the development for the price of $143.88 million. There are a total of 89 units in this residential building and each owner of the development expects to receive between $1.4 million and $2.32 million on their units, depending on their type and size, according to Knight Frank, the marketing agent that took care of this collective sale. Also, the same Mr. Frank said that the sum of $1,173 representing a square foot per plot ration of this development reflects the permissions for redeveloping the area, which can have up to 122,711 square feet at most.
At the moment, the area of the site spans over 4,071.5 square meters or 43,825 square feet. Also, the units it offers have surfaces ranging between 79 and 159 square meters. As Mr. Ian Loh said, who is the executive direction of Knight Frank Singapore and the man that takes care of capital markets and head of investments within the same company, the views toward Jalan Kemaman future owners at Kemaman Point will enjoy will be spectacular and unobstructed by anything. The new development will rise high while being surrounded by properties with low heights, so the views are guaranteed. He also added that he is certain about the success of the coming development. Mr. Loh is certain about this based on two facts. First of all, the Balestier area was just recently revived and looks much better and, secondly, there is a scarce supply of homes in this part of Singapore.
The Collective Sale Committee of Kemaman Point chairman, Peter Mao, hopes that the process will run smoothly and that the committee will get the owners consensus in a proportion of 100%, so they can quickly move on to buying a new home. He is confident that this will happen because the collective sale was a transparent process from start to the end.
Starting with May 2017, Knight Frank successfully sold no less than 8 residential developments, which includes the recently closer deal Kemaman Point. These were all collective sales and brought the company a total of $3 billion. Thus, among the collective sales that were marketed by this company, it is worth mentioning One Tree Hill Gardens, which was sold for $65 million, Rio Casa that was sold for $575 million, and Normanton Park, which was the most significant sale so far, bringing in an impressive $830.1 million.
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