It’s good news for the owners of Brookvale Park before the Chinese New Year as the sale for the en bloc has been approved.
With the sale order having been approved, Hoi Hup Sunway which has bought this property would be able to take up its redevelopment plan on the site.
A spokesperson for the firm said that among the redevelopment plan included cutting through a forested area in the site which shall connect it to Clementi Road. The Sunset Way neighbourhood at the moment has just one access into Clementi Road.
The spokesperson added that once the technical details are approved by the authorities, the residents of the development as well as other communities shall find a new access to Clementi Road which will be much shorter than the existing one.
He termed it as a win-win arrangement for the entire community.
Under the plan that will require the developer to part with a large part of the plot came up during discussion with several stakeholders including Member of Parliament from the constituency, authorities and several other organizations from the community.
As a part of the redevelopment plan, 660 new units would come up on the site that covers an area of 373,008 sq ft site.
The High Court granted the Sale Order on Thursday (January 31) after a settlement was reached between objecting owners and the CSC (Collective Sale Committee).
Marc Geniaux, Chairman of the Sale Committee stated that he was relieved and happy but added that he hadn’t expected the sale process to take so much time.
Hoi Hup Sunway has acquired the property back in February 2018 for S$530 million in a private treaty.
Some of the owners had filed objections later citing that their 999-year leasehold property had been compared to other 99-year leasehold condos. This resulted in a Stop Order issued immediately after the sale.
On Wednesday cross-examination by an independent valuer resulted in settlement between the two parties. There has been no change in the method applied for disbursement of sale proceeds as a part of the settlement.
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The spokesperson for Hoi Hup Sunway when quizzed on why the company was keen to purchase this site despite all the hurdles in the process stated that the location is very attractive and they believe by acquiring this site they would be able to offer good homes to buyers and also add to the site’s value.
He also added that the new development would be intended towards catering the needs of couples, young people as well as multigenerational families who would occupy the property.
The architectural designs and amenities in the new property shall draw inspiration from the natural setting around this property.
According to the developer, they aren’t worried about the new guidelines that came into effect last year reducing the maximum allowable units for private residential developers that are not a part of the central area.
The developer stated that they have experience in designing bigger units and have worked on projects where average size of the units has been 90 sq m.