Hoi Hup Sunway has bought BROOKVALE Park @ Sunset Way. The developers, a Hoi Hup Realty and Sunway Developments joint venture bought the site for S$530 million in a Collective Sale.
This Collective Sale is the fourth this month under private treaty after the public tenders for these properties we closed without meeting with any success.
Wong Swee Chun Hoi Hup Realty’s Chairman said that this deal is the largest investment by the joint venture in the 11 years that they have been in partnership.
Chun added that Brookvale Park has dual advantage as the 999-year leasehold site is located centrally and at the same time surrounded by greenery something that is rare.
He believes that site offers them the opportunity to present a distinctive residential product to potential buyers.
The developers have paid around $932 psf ppr in the S$530 million deal taking into account the S$26 million that would go towards land development.
This translates to the sellers pocketing S$2.5 to S$4.4 million individually as stated by the marketing agent hired for the sale, JLL
It needs to be mentioned that more than 80% of the owners have given go-ahead to the sale subject to certain conditions being met one of which includes that of an order of sale by Strata Titles Board and the court in cases where it is applicable.
Tan Hong Boon the Regional Director for JLL said that once redeveloped into residential units the owners would enjoy unrestricted view of their estate and greenery all around.
With Brookvale Park’s sale closing successfully collective sale tally for the year has already reached eight amounting to a total of S$3.14 billion. This is a good start compared to 28 such sales that totalled S$8.7 billion in 2017.
Senior Consultant for JLL, Karamjit Singh expected that by the first half of 2018 collective sales figure would surpass those of 2017. He added that the outlook in the market was positive and there is a strong momentum driving demand for residential properties in the market.
The 373,008 sq ft residential site is said to have 1.6 (gross plot ratio) under the Master Plan of 2014 that would allow the developers to redevelop this into a new residential development with a maximum of 656,494 sq ft gross floor area that includes 10% balcony area bonus.
The site is a part of Sunset Way enclave which has been designated for private residential projects and two-storey bungalows.
The location of the site works to its advantage with Bukit Timah Nature Reserve, Holland Village and several educational institutions such as Singapore University of Social Sciences, Canadian International School, Singapore Polytechnic and National University of Singapore in close proximity.