HOI HUP REALTY PTE LTD ACQUIRES BROOKVALE PARK FOR S$530M IN A JV WITH SUNWAY GROUP
Brookvale Park, a 160-unit development at Sunset Way, has been sold to Hoi Hup Sunway by sole marketing agent, JLL.
Under the 2014 Master Plan, the 373,008 sq ft site is zoned ‘Residential’ with a gross plot ratio of 1.6. The site may be redeveloped into a condominium development with a total gross floor area of about 656,494 sq ft, including a 10 per cent bonus balcony area.
Brookvale Park is located within the exclusive upper-middle class Sunset Way enclave designated for two-storey bungalows and private residential developments. It is a short drive away from Holland Village, Bukit Timah Nature Reserve and near to reputable tertiary and international education institutions, such as Ngee Ann Polytechnic, Singapore Polytechnic, National University of Singapore, Singapore University of Social Sciences and the Canadian International School.
Mr. Tan Hong Boon, Regional Director at JLL, says: “The successful sale price of $530 million reflects a land rate of approximately $932 psf per plot ratio, including an estimated development charge of about $26 million. New units of the proposed development could potentially enjoy unblocked views over the landed housing estate and greenery.”
“At this sale price, the owners would expect to receive gross sales proceeds of between $2.5 and $4.4 million per unit”, adds Mr. Tan.
“This is the largest investment in our 11 years of partnership with Sunway Group. The sprawling 999 years leasehold land is in a centralized but yet lush and green location and setting. We believe this provides a great opportunity to create a unique residential product”, says Mr Wong Swee Chun, Chairman of Hoi Hup Realty Pte Ltd.
Over 80 per cent of the owners have consented to the sale, which is subject to several conditions being met, including an order of sale by the Strata Titles Board and the court, where applicable.