Flynn Park Condo Sold En Bloc to Sunway-Hoi Hup for S$371 million

Flynn Park Condo Sold En Bloc to Sunway-Hoi Hup for S$371 million

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.”

Flynn Park Site One of the Top Sales in 2021

The bid price is more than the S$365 million reserve price that was set when the site was put up for public tender on July 28 2021.

The land rate is roughly S$1,355 psf ppr base on amount, if 7% bonus balconies is factored in, the new land rate will be around S$1,318 psf ppr.

Currently in the en bloc cycle 2021, the sale price of Flynn Park at S$371 million is one of the highest so far.

Maxwell house sold at S$276.8 million came in second. All these en bloc sale records will be broken sooner or later as there are many mega sites (Over S$500 million) that will launch in the market soon.

After Flynn Park mega sale, developers now eyes at Peace Centre, the attractive prime site in district 9.

It will be another fiercely contested site and expected to be sold above their reserve price which set at S$650 million.

Another batch of enbloc owners that will join the “Successful Collective Sales Club” in 2021

Flynn Park Condo En Bloc Details

Pinterest Flynn Park Condo Sold En Bloc to Sunway-Hoi Hup for S$371 million
  • Status: SOLD

  • Tenure: Freehold

  • Land Size: 208,443 square feet

  • Plot Ratio: 1.4

  • Address: 18-22 Yew Siang Road

  • Nearest MRT: Pasir Panjang

  • District: 5

  • Marketing Agent: Savills Singapore

  • Reserve Price: S$365 million

  • Sale Price: S$371 million

  • Date of Sale: September 2021

  • Buyer: Hoi Hup-Sunway (Joint Venture)

  • New Development: TBA

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