Normanton Park condo up for collective sale at $840 million
By Feily Sofian
/ Mount Everest Properties |
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Normanton Park, a 488-unit condominium fronted by Kent Ridge Park, will be put up for collective sale. The reserve price is understood to be in the region of $840 million, excluding an estimated $300 million payable to the state to maximise the gross plot ratio and to top up the lease to 99 years.
Normanton Park sits on 667,000 sqft site with a plot ratio of 2.1 based on the Urban Redevelopment Authority’s Master Plan 2014. The site has a balance lease of 61 years. Excluding the $300 million premium, the reserve price would work out to around $600 psf ppr.
Future development on the site can be built up to 24 storeys, according to a statement by Mount Everest Properties which is marketing the property. The site could yield 1,388 units based on an average unit size of 1,000 sqft.
Each owner stands to pocket between $1.6 million and $1.7 million if the collective sale is successful. The project is said to be the first and only residential site in Singapore designated for the Singapore Armed Forces personnel and their families. The subsidiary proprietors subsequently purchased the common property and successfully applied for conversion to a full-fledged private strata-titled condominium under the Land Titles (Strata) Act.
Tender for Normanton Park will close on January 19, 2016
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