Sun Rosier Condo site had 146,046 sq ft to offer potential buyers. Located in Bartley, owners wanted at least $235 million for the large site. When the Sun Rosier site went up for tender, there were a lot of attracted bidders simply because of the development potential.
The plot offered a 1.4 ratio with a $1,149 per sq ft PPR price. It was highly likely to attract bidders and the 78-unit estate went for a collective sale price of $271 million.
Topping the asking price by almost fifteen percent, the Sun Rosier Condo managed to achieve a staggering profit and certainly it’s not likely to be seen again anytime soon.
Sun Rosier collective sale certainly has gotten people talking and it’s estimated around $1,325 psf ppr was paid in the sale.
Owners are now benefiting from the sale with it being said each unit owner netting between $2.86 million and $4.77 million. That is truly one of the best returns any home owner can see.
However, it wasn’t all sunshine and roses for one unlucky seller.
It’s said timing is crucial and it has proven to be the case here. With a beautiful location, one lucky new owner stood to gain massive while one unlucky seller would rue the day they made an early sale.
One Sun Rosier unit owner sold their unit in April for a great price of $1.92 million (a price not to be sneezed at) but a mere five months later and the collective sale occurred.
The unlucky seller sold their 2,336 sq ft unit missing out on a potential jackpot. On the upside, the lucky buyer netted an amazing $4.4 million in a matter of five months so it’s more than luck on the buyer’s part!
If the seller had waited just a little longer he would have walked away with an additional $2.48 million minus the regular taxes and so forth.
In a sense, it’s a classic tale of good versus bad luck and bad luck just taking the lead slightly. However, having said that, the seller couldn’t really have predicted the collective sale or the potential profit that would come with it either.
The 78-freehold unit estate on Bartley Road proved to be a popular development site.
One agent of Huttons Asia marketing agency said, ‘there had been four offers for the Sun Rosier site and three of those offers were extremely closely matched.
Evidently the winning bid came in the form of a joint venture. Huajiang International Corporation and SingHaiyi Properties were the lucky developers who purchased Sun Rosier.’
Chinese Tycoon Gordon Tang and his wife Chen Huaidan (also known as Celine and Serena) are the heads of the Singapore listed Haiyi Holdings and the SingHaiyi Group.
The couple spearhead the Huajiang International Corporation also. With an excellent located site, the couple had to snap up the development; the news was announced on the Singapore Exchange site.
Located in How Sun Drive, Sun Rosier is a mere walk from Bartley MRT Station (five minutes to be precise) and there are many good schools within the local area too.
The man heading up the Collective sale team at Huttons Asia, Stephen Tan said, ‘even though Sun Rosier had been built in 1985, it appeals to all developers simply because of its potential.
Freehold sites are a rarity today so they are going quickly.’ He also said, ‘since there’s a demand for similar sites like Sun Rosier, the joint venture developers had managed to grab a real bargain.’
Overall final costs work out to be $1,325 PSF PPR.
‘There are fewer risks involved for developers when they look at sites such as Sun Rosier,’ Edmund Tie & Company head researcher Lee Nai Jia said. ‘Good sized units are in constant demand as they can be easier to sell and that essentially keeps costs low for developers in the short and long term.’
Development charges should hopefully be kept to a minimum over the course of the development.
There have been a lot of interested by Chinese investors throughout Singapore for sites like Sun Rosier.
Within the last year, there have been three major Chinese investments such as the Stirling Road site which sold in May for $1 billion.
Then, in June, Hougang site was purchased for $75.8 million by Fantasia Holdings.
Also, the freehold Citimac Industrial Complex was put up for sale and sold in July for a massive $430.1 million. The rumour is a private Chinese family bought the land.
- The entire site has freehold status
- The developer or Buyer is not obligated to pay any charges to the government or anyone else
- It covers a big area, totalling 146,046 sq. ft., providing for a large floor area covering 204,464 sq. ft. This means the developer can build 204 condo units, each with an area of around 1,000 sq. ft.
- It is very near Bidadari estate whose development is about to begin
- Sun Rosier Condo is only a 5 mins walk to Bartley MRT station
- It has many schools nearby, including St. Gabriel’s Secondary School, Maris Stella High School, Paya Lebar Methodist Girls’ Secondary and Nanyang Junior College.
- This Condo is very near to Singapore’s regional mega mall, Nex. Only 1 MRT ride away.
- It is only three MRT stops to Paya Lebar Central, a commercial hub bustling with activity.
- It is in How Sun Drive, a location with good infrastructure