Oxley Holdings has won the bid for Vista Park collective sale at S$418 million, translating to about S$1,096 psf ppr which includes S$72 million to be paid to the state for topping the 99 years lease for the site at South Buona Vista Road.
This is the 4th en bloc sale in December 2017.
Vista Park has a residential use zoning with plot ratio at 1.4 and a maximum height of five storeys as the allowable height. The site is facing the sea and sits at the mouth of Kent Ridge Park on 319,250 sq ft with 60 years of lease left on the property.
The collective sale of Vista Park was marketed by Teakhwa Real Estate according to the tender that closed on 13 December, Wednesday and was actively contested with 5 bids in close range and a few more expressions of interest.
Vista Park Condo has total of 209 units. Owners of each unit will receive amounts between S$1.39 m and S$4.18 m which is two times the money if the units were sold individually.
According to Sieow Teak Hwa, managing director Teakhwa Real Estate, this calculation is based on prices realized for 11 units in the same project that went on sale last year.
As at mid December, 2017, owners of 82% share and strata area in Vista Park have consented for the collective sale. The transaction, however, will be subject to Strata Titles Board’s approval.
When the en bloc sale tender was floated in November, the owners had set a reserve price of S$323 million and the guide price was indicated to be S$350 million