Flynn Park, the freehold condominium at Yew Siang Road has sold en bloc for S$371 million.
According to Savills Singapore, who brokered the deal, the (JV) joint venture between Sunway Developments and Hoi Hup Realty have acquired the site.
Savills said that the owners were rejoiced at the en bloc sale success and delighted to see the offer was above at their target price.
Savills Singapore’s deputy managing director for investment sales and capital markets, Galven Tan, said the tender of Flynn Park Site was “hotly fought” as he had expected.
He stated that the outcome is a testament to the site’s strong qualities, the unique chance to create a luxury product on the outskirts of the city center, barely 350m from an MRT station, yet directly adjacent to lush and mature natural parks.
“We are overjoyed that the proprietors of Flynn Park were successful in their second effort at a collective sale,” he added.
Wong Swee Chun, chairman and managing director of Hoi Hup Realty, described the Flynn Park property as a rare hill-side plot, and said the real estate company is looking forward to “creating a quality product on this unique site.”