How Sun Park sold for S$81.09m in collective sale

A SUBSIDIARY of SingHaiyi Group Ltd has been awarded the How Sun Park site for S$81.09 million through a collective sale.

The price works out to S$1,092 per square foot per plot ratio inclusive of an estimated development charge of S$2.92 million. Owners of the townhouses will receive approximately S$4.05 million per unit, which is slightly more than double the amount had they sold their units individually.

The most recent transaction in the development was just three months ago at just under S$1.9 million.

How Sun Park is a freehold three-storey development comprising 20 townhouses on a land area of 54,942.7 square feet.

Sieow Teak Hwa, managing director of Teakhwa Real Estate, which brokered the sale told The Business Times that so far consent for the en bloc sale has been obtained from owners of 19 of the 20 units.

"If approval from the last owner is not obtained within a few weeks, we shall have to make an application to the Strata Titles Board seeking its approval for the collective sale," Mr Sieow said.

The tender for the collective sale closed on Tuesday.

"We received interest from a few parties and awarded to the highest bidder. The owners' reserve price was reasonable, at S$70 million, which is why the site has drawn interest," he added.

In its filing with the Singapore Exchange late on Tuesday, SingHaiyi Group said that its subsidiary SingHaiyi Huajiang Amber, which took part in the tender, is a 50:50 joint venture between Corporate Bridge, a wholly-owned subsidiary of the company, and Huajiang Properties II, an entity controlled by Gordon Tang and Celine Tang. The Tangs are the controlling shareholders and directors of the company.

How Sun Park is zoned for residential use with a 1.4 plot ratio (ratio of maximum floor area to land area) and an allowable height of up to five storeys.