Joining in the collective sale frenzy, Vista Park condominium has also launched a tender for en bloc sale, with the owners expecting offers of at least S$350 million, reported Business Times.
At this price, each unit owner could gain between S$1.16 million and S$3.5 million, which is a premium of more than 60 percent to what they could fetch if they sell individually in the open market.
Including the estimated lease top-up premium of around S$66 million, the land rate stands at around S$932 psf per plot ratio. This, however, can be pared down to around S$903 psf ppr once the bonus balcony gross floor area (GFA) is factored in.
This compares favourably to Normanton Park’s transacted land rate of S$969 psf ppr, said Sieow Teak Hwa, managing director of Teakhwa Real Estate, the property’s marketing agent.
Located at the edge of Kent Ridge Park, the sea-facing site is set in lush greenery – making it a good prospect for a “nature and wellness” themed residential project.
Spanning 319,250 sq ft, the 209-unit Vista Park has 61 years left on its lease. It has a plot ratio of 1.4 as well as an allowable height of up to five stories, which translates to a potential GFA of around 446,951 sq ft.
This could yield around 530 housing units of around 800 sq ft each, subject to the authority’s approval.
“For its unique hill location, land size and reasonable land rate expectation, we can expect very strong developers’ interest for the rare site,” said Sieow.
The tender for Vista Park will close on 13 December.
Two other condominium projects set to launch their en bloc tenders – are Kismis View and Brookvale Park – both of which are marketed by JLL. The asking prices for such projects are not yet available.