HOI HUP REALTY PTE LTD ACQUIRES FLYNN PARK FOR S$371M IN A JV WITH SUNWAY GROUP
FLYNN PARK has been sold via collective sale for $371 million to a joint venture between Hoi Hup Realty Private Limited and Sunway Developments Pte. Ltd.
Brokered by Savills Singapore, this marks the largest collective sale site sold in 2021.
Located at 18-22 Yew Siang Road, Flynn Park comprises 72 apartments and sits on approximately 208,443 sq ft freehold land. Based on the 2019 Masterplan, the site is zoned “Residential” with a plot ratio of 1.4.
At the sale price of $371 million, the land price works out to approximately $1,355 ppr. Including 7 per cent bonus balconies, the land price works out to approximately $1,318 ppr.
Galven Tan, Deputy Managing Director, Investment Sales and Capital Markets, Savills Singapore, said: “The tender exercise for Flynn Park was keenly contested. The result is testament to the strong attributes of the site – the unique opportunity to develop a premium product at the fringe of the city centre and just 350m from the MRT Station, yet right next to lush and matured nature parks. We are very pleased to have achieved success for the owners of Flynn Park on their second collective sale attempt.”
Wong Swee Chun, Chairman and Managing Director, Hoi Hup Realty Private Limited said: “We are very pleased to secure the tender of Flynn Park. It is a rare hill side plot that offers panoramic view to the South. It is tranquil, lush and green, yet enjoys proximity to the MRT network and is minutes to the city. It will also benefit greatly from its adjacency to the new Southern Waterfront development. We look forward to developing a premium product on this unique site.”
(Credit: Savills Singapore)