Adding to the en bloc sales wave of properties in Singapore, How Sun Park site has been sold at S$81.09 million to a subsidiary entity of SingHaiyi Group Ltd. through the collective sale route.
The price offered under the deal translates to S$1,092 psf ppr which includes S$2.92 million towards estimated development charges.
Owners of each of the townhouses are slated to receive about S$4.05 million for every unit which is marginally over twice the amount had these units been sold individually.
S$1.9 m was the price paid just about 3 months ago in the development and that was by far the last transaction.
How Sun Park comprises of 20 townhouses in a freehold three storied development and the land area is about 55,000 sq.ft.
The deal was brokered by Teakhwa Real Estate, and Seiow Teak Hwa, managing director of the company stated that 19 of the 20 owners in the property had given their consent for the en block sale.
He also added that if the last owner’s consent is not obtained over the coming weeks, an application would have to be made to the Strata Title Board for approval of the collective sale.
He added further that few parties had evinced interest in the property and the highest bidder was awarded. The reserve price set at S$70 million by the owners was reasonable drawing interest from bidders.
On Tuesday, the SingHaiyi Group stated in a filing with Singapore Exchange that SingHaiyi Huajiang Amber was its subsidiary had taken part in the tender and constituted a 50:50 JV between Corporate Bridge and Huajiang Properties II which is under the control of Celine Tang and Gordon Tang. The Tangs are also directors having controlling shareholding in the company.
How Sun park is located in the residential use zone, with a plot ratio of 1.4 (maximum floor space to land space), and permissible height of five storeys.