Normanton Park to be put up for enbloc sale for at least $800 million
Normanton Park condo is set to be put up for collective sale on 22 Aug 2017, for a minimum price of $800 million – after more than 80% of the 488 owners have given their consent via the collective sales agreement.
The total site area works out to be around 660,999 sq ft, with a plot ratio of 2.1 and has a lease tenure of 59 years remaining.
The estimated amount of $225.3 million will be payable as a differential premium for site intensification and another $220.64 million is estimated to be paid for topping up of the lease to a fresh 99-year.
The total amount of the land rate will work out to be around $898 psf ppr and each owner stands to gain a payout between the range of $1.62 million to $1.8 million, says the marketing agency Knight Frank.
Elsewhere, another 2 estates – Amber Park condo and former HUDC Florence Regency have also both gain more than 80% consensus for their collective sales to be put up.
This is, in fact, Normanton Park’s 2nd attempt at a collective sale, after their 1st enbloc attempt back in October 2015, with the same reserve price.
Analysts have noted that there is no competing supply for Normanton Park as there aren’t any sites which are on par with it for the development of high-rises residential projects at this point of time.
This potential enbloc sale sees Normanton Park joining the list of 7 other collective sales (with a total worth of $2.5 billion) which were concluded this year in 2017.
Market watchers are expecting a few more deals this year as the enbloc market revives, fuelled by the scarcity of sites released under government land tenders.
The latest estates undergoing an enbloc process includes Villa D’Este, a freehold 12-unit condo in District 10 and Dunearn Court – also another freehold development situated in District 11.
The most prominent of all would be ex-HUDC Tampines Court, asking for $960 million – which could make it the largest enbloc sale since Farrer Court (the current D’Leedon condo) back in 2007 for $1.34 billion.