How Sun Park, a freehold 3-storey project which comprises of 20 townhouse units has been acquired by a subsidiary company of property developer SingHaiYi Group Ltd for a sum of $81.09 million or $1,092 psf ppr, via a collective sale.
It was noted that the transacted price is inclusive of a $2.92 million development charge and it was How Sun Park’s 3rd attempt at a collective sale with an initial reserve price of only $70 million.
This is, in fact, SingHaiYi Group’s 2nd collective sale acquisition within the precinct – after the successful acquisition of Sun Rosier, a freehold 78-unit apartment block located just off the Bartley Road stretch, earlier in September 2017.
The en bloc of How Sun Park will see owners receiving a payout of around $4.05 million each – almost double the amount which they will receive if they had sold their units individually.
Spanning across a land area of around 54,942 square feet, the site has a gross plot ratio of 1.4 and the future new launch project is allowed to be redeveloped up to 5 storeys tall.
Property consultants have mentioned that the sale price of How Sun Park ($1,092 psf ppr) $ is relatively more attractive as compared to the earlier acquisition of Sun Rosier (at $1,325 psf ppr).
The en bloc of How Sun Park has clearly reflected SingHaiYi Group’s intent to capitalise on the recent collective sale fever in Singapore and also leveraging on the demand for sites under the Government Land Sales (GLS) programme – which saw the most recent Woodleigh site drawing a top bid of more than $1 billion among the 12 bids submitted.