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How Sun Park to be launched for collective sale with S$78m reserve price

HOW Sun Park, a development of 20 townhouses along How Sun Road in the Bartley area, will be launched for collective sale on Tuesday with an asking price of at least S$78 million.

Marketing agent Teakhwa Real Estate said that 19 units' owners (or 95 per cent approval rate) have consented to the collective sale.

Each unit owner will likely get at least S$3.9 million, or more than double the property's current value of S$1.9 million if they have sold in the open market individually. The tender will close on Nov 28 at 4pm.

The land rate works out to S$1,052 per square foot per plot ratio (psf ppr) if the estimated development charges of about S$2.92 million is included. It will be pared down to S$1,014 psf if the 10 per cent bonus balcony GFA (gross floor area) is included.

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The freehold residential site in district 19 is near the new Bidadari township and within walking distance to the Bartley MRT station along the Circle Line.

The squarish site has a land area of 54,942.7 sq ft zoned "residential" with the plot ratio of 1.4 and allowable height of up to five storeys. The potential GFA is about 76,919.8 sq ft, which could house about 102 apartments of about 753 sq ft per unit for the new development.

Teakhwa Real Estate's managing director Sieow Teak Hwa said that developers have been bullish about the Bidadari location, with 99-year leasehold government land sales in the area being hotly contested.

The Woodleigh Lane site was acquired by Chip Eng Seng in July for S$700.7 million or S$1,110 psf ppr; the nearby freehold Sun Rosier was also sold in a collective sale in September to SingHaiyi Properties and Huajiang International Corporation for S$271 million or S$1,325 ppr.

"Well-located freehold sites are getting hard to come by and has become more and more valuable and we expect strong developers' interest for the site," Mr Sieow said.

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