SINGAPORE (THE BUSINESS TIMES) – The owners of Flynn Park are taking a second stab at a collective sale of the 72-unit freehold condominium, after its first tender in June 2018 ended without a buyer.
The site, which is about 350m from Pasir Panjang MRT station, has a land area of about 208,443 square feet.
It is zoned for residential use with an allowable gross plot ratio of 1.4 under the Urban Redevelopment Authority’s (URA) 2019 Master Plan.
The owners have set the reserve price for the property at $365 million, which works out to $1,284 per plot ratio, including a 7 per cent bonus gross floor area for balconies, said exclusive sole marketing agent Savills Singapore.
This is slightly higher than the $363.8 million reserve price when it was launched for collective sale back in June 2018.
Based on URA’s development baseline reply, the development charge payable, inclusive of bonus balconies, is about $36 million.
The site can be redeveloped into a new upscale, low-density development of up to 271 units with an average size of 100 square metres.
Mr Sunil Guliani, chairman of the collective sales committee, said the Circle Line on the MRT has greatly improved accessibility to Flynn Park, but it was time to go en bloc.
“Most of the owners will be sad to move out but Flynn Park is getting older and there are more maintenance issues to deal with these days.”
Apart from the MRT station, Flynn Park is close to landmarks like Mapletree’s business park and Sentosa, as well as amenities such as Pasir Panjang Food Centre and VivoCity.
The area is also set to benefit from the Government’s plans for the Greater Southern Waterfront, which will stretch across 30km of the southern coastline from Pasir Panjang to Gardens by the Bay.
Savills deputy managing director of investment sales and capital markets Galven Tan said that Flynn Park presents an “exceptional opportunity” to acquire a large freehold site at the fringe of the city centre.
“Such prime mid-sized sites are exactly what developers are seeking. Furthermore, once completed in 2025, the Circle Line will connect the new development to Marina Bay Financial District in just seven stops,” he said, adding that several developers have expressed keen interest in the site.
The tender for the property closes at 3pm on Sept 9.
Join ST’s Telegram channel here and get the latest breaking news delivered to you.
Source: Read Full Article