A Timely Launch for Hungry Land Acquisitors
As developers had been screaming for bigger land size to suit their needs recently, Savills Singapore responded by launching Flynn Park, a freehold site in the collective sale market via public tender.
Interested parties must submit their tender before 3pm on Sept 9, 2021.
According to Savills, the reserve price for Flynn Park is set at S$365 million, including a 7% bonus (GFA) gross floor area for balconies, the land price will be around S$1,284 psf ppr.
This is somewhat more than the property’s original asking price of S$363.8 million when it was put up for collective sale in June 2018.
The Yew Siang Road freehold property covers a total land area of 208,443 sq ft. and the condo itself comprise of 72 units.
Under URA 2019 Master Plan, the site has a gross plot ratio of 1.4 and is zoned for residential use.
The development fee payable, including bonus balconies, is about S$36 million, according to URA’s development baseline response.
The freehold site may be converted into a new premium, low-density project with up to 271 apartments averaging 100 square meters in size.
Flynn Park provides an “excellent opportunity” to purchase a big freehold property on the outskirts of the city, according to Galven Tan, Savills deputy managing director of investment sales and capital markets.
“Developers are looking for good mid-sized locations like this. The Circle Line, which is expected to be finished in 2025, would connect the new development to the Marina Bay Financial District in just seven stations
“He went on to say that the potential site has piqued the attention of numerous developers already.