With final unit sold, all 1,862 units at Normanton Park fully taken up in 18 months
By Cecilia Chow
/ EdgeProp Singapore |
The 1,862-unit Normanton Park is fully sold, with its eight strata commercial units fully taken up (Photo: Samuel Isaac Chua/EdgeProp Singapore)
SINGAPORE (EDGEPROP) - The final unit at Normanton Park – a 1,087 sq ft, three-bedroom premium apartment on the second floor of one of the nine 24-storey residential towers – was sold earlier today [July 11] at $2,006,000 ($1,845 psf), according to agents’ live update. This means that Normanton Park, with 1,862 residential units and eight strata commercial units, is 100% sold to date.
What’s more, the project has achieved this feat in just 18 months, having been officially launched in mid-January 2021. “It’s unprecedented for a project of this scale to sell out in such a short period of time,” says Bruce Lye, managing partner of SRI.
Chart of units sold as at July 11, 2022 (Source: Normanton Park website)
Normanton Park’s residential component is made up of nine 24-storey residential blocks with 1,840 apartments and 22 strata terraced houses. There is also a row of seven strata-titled shops and one restaurant unit, which are also fully sold. The project sits on a sprawling 660,999 sq ft, 99-year leasehold site.
The project is a redevelopment of the former Normanton Park, a privatised HUDC estate, sold en bloc to Kingsford Huray Development for $830.1 million in October 2017. Kingsford Huray Development is a unit of Kingsford Development, a real estate developer incorporated in Singapore in 2011, which has residential and commercial projects in China, Singapore and Australia. (See potential condos with en bloc calculator)
When Normanton Park was launched in mid-January 2021, about 555 units were sold at a median price of $1,760 psf, according to caveats lodged with URA Realis. Recent units sold have fetched a median price of $1,868 psf, according to caveats lodged in June and July. And these are predominantly the large three-bedroom premium units of 1,087 sq ft, which were transacted at prices ranging from $1.921 million ($1,767 psf) for a 24th floor unit to $2.086 million ($1,919 psf) for a 22nd floor unit.
Showflat of a three-bedroom unit at Normanton Park, where the final three-bedroom premium unit of 1,087 sq ft was sold for just over $2 million ($1,845 psf), hence the project is 100% sold to date (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The restaurant unit of 1,1119 sq ft at Normanton Park fetched $4.76 million ($4,252 psf), according to a caveat lodged in February 2021. Meanwhile, the 474 sq ft, shop units were sold at prices of about $2.0145 million ($4,253 psf) each, according to caveats lodged in January and February 2021.
SRI’s Lye is not surprised by the rate of sales achieved at Normanton Park. “The location is a draw – as it’s near one-north, where the medical and tech clusters are situated, and the attractive entry per sq ft prices,” he says.
The highest per sq ft price achieved at Normanton Park is $1,993 psf, when two adjacent one-bedroom units of 527 sq ft, were sold for $1.051 million each, according to caveats lodged in March this year.
Normanton Park is located in the city fringe or Rest of Central Region (RCR). New projects in the RCR launched since then, have been at higher prices, as land prices have also been higher, Lye points out.
Normanton Park (Source: EdgeProp Landlens)
For instance, the 407-unit, 99-year leasehold Piccadilly Grand by City Developments and MCL Land, which saw 77% of the units taken up on the first weekend of launch in early May, achieved median price of $2,174 psf.The project is located in Farrer Park in District 8,also in the RCR.
The 298-unit Liv @ MB by Bukit Sembawang Estates, launched a fortnight later on May 19, has sold 231 units to date at a median price of $2,408 psf. The 99-year leasehold project on Arthur Road, just off Mountbatten Road in prime District 15, is also located in the RCR.
Normanton Park is scheduled for completion at the end of 2023. The Comptroller of Housing requires the developer to obtain Quality Mark certification for all 1,862 residential units.
Slim Barracks Rise (Parcel B), which Kingsford won in a government land tender that closed at the end of September 2021 (Source: EdgeProp Landlens)
With Normanton Park fully sold today, well ahead of early 2023 – the expiration date of the additional buyer’s stamp duty (ABSD) remission period – Kingsford can now focus on its next project at Slim Barracks Rise. The developer had won the site in a government land tender last September for $162.388 million ($1,210 psf per plot ratio).
Kingsford has already obtained a sale licence for the 142-unit residential development on the 63,902 sq ft, 99-year leasehold site at Slim Barracks Rise in one-north.
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