Normanton Park condo sells out 1,862 units in just 18 months
The development is expected to receive its T.O.P by early next year.
The last unit at Normanton Park condo was sold earlier on Monday (11 July 2022) at $2.006 million (or $1,845 psf).
It was a 3-bedroom premium unit (1,087 sq ft) located on the 2nd floor.
This would also mean that Normanton Park has managed to sell all of its 1,862 private residential units and 8 strata-titled commercial units within just 18 months.
The project was first launched for sale back in January 2021.
Market watchers noted that it’s an unprecedented feat for a mega project to sell out in such a short period.
At one point, it was the top-selling new launch condo project for 1H 2021.
Normanton Park sits on a massive land size of 660,99 square feet and it’s made up of 1,840 private apartments, 22 strata-titled terrace houses, 7 shops, and 1 restaurant unit.
The project is a redevelopment of the former Normanton Park – a HUDC estate that was privatized.
The developer, Kingsford Hurry Development acquired the Normanton Park site back in October 2017, for $830.1 million via a collective sale.
According to the sales transactions of the new launch Normanton Park condominium, the highest per square foot price achieved was $1,993 psf.
It was for 2 adjacent 1-bedroom units (527 sq ft); each sold for $1.051 million.
Normanton Park condominium is located within the city fringe, also known as the Rest of Central Region (RCR).
Analysts have noted that newer projects launched in the region have been at much higher prices, due to escalating land prices.
For instance, units at the most recently launched Piccadilly Grand at Farrer Park were sold at an average psf price of $2,174.
It was launched earlier in May 2022 by developers City Development Ltd (CDL) and MCL Land.
Around 77 percent of the total number of units were sold during its official launch.