SINGAPORE (Sept 12): A joint venture between Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd have emerged as the buyer of Flynn Park, a condominium on Yew Siang Road, located in the Pasir Panjang area. Hoi Hup Realty and Sunway Developments won the site with a bid of S$371 million (RM1.14 billion).

The price translates to a land rate of S$1,355 psf per plot ratio (psf ppr). If the 7% bonus balconies were included in the gross floor area (GFA), the land rate will work out to S$1,318 psf ppr. The price takes into consideration the development charge of about S$24 million to increase the plot ratio to 1.4 under the URA Master Plan 2019. An additional $16 million development charge is payable for the additional 7% bonus GFA.

The existing 72-unit condominium block at Flynn Park was built in 1986, and sits on an elevated, freehold plot of 208,443 sq ft. The site is located just 350m from the Pasir Panjang MRT station on the Circle Line. The site can be redeveloped into a new condominium of about 271 residential units, says Galven Tan, deputy managing director of investment sales and capital markets at Savills Singapore, which handled the sale.

The property was launched for sale by tender at the end of July and closed on September 9. “The tender exercise for Flynn Park was keenly contested,” adds Tan. “The result is testament to the strong attributes of the site – the unique opportunity to develop a premium product at the fringe of the city centre and just 350m from the MRT Station, yet right next to lush and matured nature parks.”

This was Flynn Park’s second collective sale attempt. Their first was in June 2018, just before the property cooling measures were announced the following month. Hence it failed to find a buyer then. The sale price of S$371 million makes Flynn Park the biggest collective sale site sold in 2021. “We are very pleased to have achieved success for the owners of Flynn Park on their second collective sale attempt,” says Tan.

“We are very pleased to secure the tender of Flynn Park,” says Wong Swee Chun, chairman and managing director of Hoi Hup Realty in a press statement. “It is a rare hill side plot that offers panoramic view to the South. It is tranquil, lush and green, yet enjoys proximity to the MRT network and is minutes to the city. It will also benefit greatly from its adjacency to the new Southern Waterfront development. We look forward to developing a premium product on this unique site.”

Source from EdgeProp Singapore/ Cecilia Chow, 12 Sep