The en bloc sale of Vista Park has been awarded to Oxley Holdings for a whopping sum of $418 million or $1,096 psf ppr – which is inclusive of a $72 million premium to top-up the existing lease of the site to a fresh 99-year (currently it has a balance lease of around 60 years left.)
The site of the 209-unit Vista Park has a land area of 319,350 square feet (sq ft) and a gross plot ratio of 1.4 (thus a maximum allowable height of 5 storeys tall).
The sale price is around 29.4% higher than the reserve price for Vista Park, which was initially set at $350 million when it was launched for collective sale back in November 2017.
Market watchers have also noted that the land rate of Vista Park is approximately 13% higher than the land rate for its neighbouring development (across Kent Ridge Park), Normanton Park’s en bloc sale of $969 psf ppr.
Meanwhile, Oxley Holdings have also ventured into Vietnam by purchasing a stake in a residential development in the Dong Nai province – a deal worth around $16.2 million (Singapore dollars).