The Orchard Boulevard property, Park House has been sold through collective sale at a record price of S$2,910 psf ppr, on Wednesday, according to CBRE, the marketing agent for the property
The freehold development in District 9, at 21, Orchard Boulevard was sold at a price of S$375.5 million, equalling to S$2,910 psf ppr based on the maximum permissible GFA of 120,035 sq ft excluding the bonus 10% for balconies.
The price paid for Park House now beats the earlier peak of S$2,526 psf ppr that was paid for Hampton Court through a collective sale, by Swire Properties of Hong Kong in 2013.
On June 1, Shun Tak Cuscaden Residential, was awarded the public tender with respect to Park House.
The buyer is a wholly owned subsidiary of Sun Tak Holdings listed in Hong Kong. Park House comes under residential zoning under 2014 Maser plan and the 46,084 sq ft site enjoys a plot ratio of 2.8.
Shun Tak Holdings plans to develop this site into a luxury residential Development and expects to complete the project by 2023.
In Orchard road, Park House represents a rare freehold development comprising of 60 units – 4 shop units and 56 apartments.
Present owners of Park House will receive gross payout ranging between S$6.1 million and S$8.1 million.
According to Jeremy Lake, the managing director of CBRE, the response from foreign as well as local developers was overwhelming and over 20 site inspections were carried out with developers from Malaysia, Singapore, Hong Kong, Indonesia and China.
He added further that, the positive attributes of Park House included its exclusive and very prominent location on the Orchard Boulevard, accessibility to the shopping belt on Orchard Road, and walking distance to the Boulevard MRT which is expected to be operational by 2021.
Edward Ong, the chairman of the Collective Sale Committee for Park House stated that the wonderful outcome essentially went beyond the expectation of all the owners at Park House.
Developers must come up with the Right Number in Order to bag this site
The Park House condominium in District 9 has been put up for collective sale, and the asking price is S$308 million.
According to CBRE, the firm handling the collective sale, the latest highly prime en bloc site that was sold is freehold Cairnhill Mansion site, which was scooped in February at a whopping S$362 million, and whose sale CBRE handled.
That sales price resulted to a land rate of S$2,311 psf ppr which is the highest in the collective sale record.
The asking price of the Park House property that is located within Orchard Boulevard results to a land rate of S$2,387 psf ppr.
The condominium sits on a 46,084 sq ft freehold site whose allowed plot ratio is 2.8.
Luckily for the new developer, redeveloping the site will not attract any development charges.
The public tender for Park House closes in the afternoon of May 31.
Park House comprises 56 living apartments and four shops, and each owner stands to earn millions of dollars once the collective sale goes through.
For the apartment owners, each one of them is expected to earn a minimum of S$5 million, while each of the shop owners is expected to reap in excess of S$6.65 million.
This information was provided by CBRE through a formal statement, who also explained that the unit size of each apartment and shop at Park House is approximately 1,571 sq ft and 1,528 sq ft respectively.
Jeremy Lake of CBRE disclosed that at this time when the market for luxury residential properties is particularly vibrant, there are developers busy looking for prime sites on which to build.
He said the sale of the Cuscaden Road site, which is in the neighbourhood, is likely to set a fresh benchmark that is higher than usual, after the site’s public tender closes on the 26th of April.
In his opinion, the Park House tender is likely to attract eight bids at the minimum, comprising local Singaporeans and foreigners like those from Hong Kong, China and also Malaysia.
The 50-yr old Park House condominium is in a nice location at the junction of two roads, Orchard Boulevard and Tomlinson Road, and it is also close to big hotels, malls, a medical centre and botanic gardens.
Why Park House Condo Easily become Developers Top Target?
It is freehold property in one of their checklist
Park House Condo is located at Orchard Road area, one of the most Prestige address in Singapore
The Freehold site is within Core Central Region where the market is hot now, new launch luxury units can fetch up to $3300 to $4000 psf
By acquire Park House potential site, buyer can redevelop it to high end condominium and sell it High and made Huge profits
There is already high demand of new luxury condo in this area, mostly foreigners and Singaporeans rich home buyers
Camden medical centre will provide good medical care and services for the future residents which is only few mins walk away
It’s a Shopping Paradise for those who loves shopping, new tenants will have tons of choice as there are many retail outlets and mega malls
For leisure, relaxation and family gathering, Singapore Botanic Garden will be the place. This attraction is located very close to the condo
Central Business District and Marina Bay is only 7 mins drive away
The nearest MRT station Orchard is located 700m away
Park House Condo is also near to many schools such as Raffles Girl’s School, River Valley, Gan Eng Seng, Anglo-Chinese Junior and Crescent Girls School