Normanton Park is a condominium located near Kent Ridge Park has been sold to Kingsford Development at $830.1 million, one of the largest collective sale in Singapore.
The mega size development price paid by Chinese firm subsidiary Kingsford Huray Development has reached highest land rate in price per square foot per plot ratio. This will be one of the most exciting mega launch to be expected to launch in end of 2020 or early 2021.
The development has $30 million over the reserve price where each owner of the former HUDC can expect a gross pay out of $1.68 million to $1.89 million.
Right now, most of the bigger sites seen to be attractive towards many property developers, especially the land parcel has a strong redevelopment potential. Within the vicinity, Normanton Park is close to the Buona Vista where many established companies, especially technology firms are in the area. There are potential room for further growth.
The top winning bid comes with an estimated $231.1 million, this will top up the lease back to 99 years
There will also be a redevelopment fee that sums up about $283.4 million to redevelop the land parcel, with a potential gross plot ratio of 2.1, which is aroubt $1.39 million sq ft.
Normanton Park sales land price translated to about $969 per square foot per plot ratio.
Mr Sukhvinder Chopra, the chairman of the sale committee and also a retired navy colonel had commented “The sale committee received several submissions and worked very closely with the marketing agent and lawyers.”
The committee had work very hard to achieve more than 80 per cent consents from home owners.
Former Normanton Park comprises a total of 488 apartment units in 13 blocks, with a total site area of 660,999 sq ft.
The land parcel is close to nature parks and was built in the mid-1970s specially for the Singapore Armed Forces.
Mr Ian Loh, head of investment and capital markets, also the executive director had commented that Normanton Park estimated at $2.23 billion. can be build to a high-rise development, potentially could house more than 1,200 units of 100 sq m.
