The vibrancy of Singapore’s property market at the moment is indisputable, as renowned property marketing agent, JLL Singapore, pursues the sale of five properties concurrently.
In the lead in pricing is Cavenagh Gardens, whose owners have set S$480 million as their property reserve price, but the Flynn Park condominium, which is situated in Pasir Panjang, is also expected to earn its owners an attractive price.
According to JLL, the owners of 32-yr old property have set their reserve price at S$363.8 million.
Flynn Park Condo is located at 18 Yew Siang Road which has land size measure 208,443 square feet. Its plot ratio is 1.4 and the condo itself comprise of 72 units.
The other three properties JLL is trying to sell en bloc are Rosalia Park, which is close to Serangoon Central, a condominium along Tanjong Rhu Road called La Ville, and a set of three single-storey houses along Lorong H. Telok Kurau.
JLL expects revenues from the five properties, which are all under freehold ownership, to total S$1.2 billion on the minimum.
According to Tan Hong Boon, who is JLL’s regional director, developers are likely to show keen interest in the Flynn Park condo and the other four properties, especially as demand for residential properties is still high.
He noted that the latest price levels were encouraging, and the trend for developers to offer decent prices for freehold residential properties is likely to continue.
In Boon’s view, the properties whose collective sale JLL is handling are likely to draw the attention of not only local developers but also of foreign investors.
Boon pointed out the fact that 31 sites sold over the latest 4½mths have fetched a whopping S$9.5 billion, yet the sites sold the entire year of 2017 only managed to fetch S$8.7 billion.
The tender for Flynn Park will close on June 29, 2018
Flynn Park site is at an advantage as far as connectivity is concerned. The property has Pasir Panjang MRT station nearby which is only 3 mins walk away.
From the freehold site, its a short drive to Marina Bay, Central Business District and Sentosa Island.
The presence of good educational institutions nearby is also a marketing point for the 72-unit condominium. River Valley High School and the International School Singapore (ISS) are less than 1½km away, and the American College is also within the same distance.