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THE tender for the collective sale of Normanton Park, near Science Park and Kent Ridge Park, has been launched. The reserve price is S$800 million, which translates to S$898 per square foot per plot ratio.
This unit land price is inclusive of two payments that the developer of the 660,999 square foot site will have to make to the state. One is an estimated differential premium of S$225.3 million for intensification of the site based on the maximum permissible gross floor area of 1,388,099 sq ft; the other is an estimated S$220.6 million to top up the site's lease to 99 years.
Under the Urban Redevelopment Authority's Master Plan 2014, the site is zoned for "residential" use with a gross plot ratio of 2.1.
A privatised housing estate originally built in 1977 for military personnel and their families, Normanton Park comprises 13 residential blocks of 488 apartment units ranging from 118 square metres to 144 sq m.
Based on the reserve price, each owner could potentially receive between S$1.6 million and S$1.8 million.
Knight Frank is marketing Normanton Park's enbloc sale; the tender closes on Oct 5, 2017.