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Kingsford awarded Normanton Park for S$830.1m or S$969 psf ppr
KINGSFORD Huray Development has been awarded the Normanton Park collective sale site at a price of S$830.1 million.
This works out to S$969 per square foot per plot ratio inclusive of differential premium and lease upgrading premium.
Normanton Park, which is near Science Park and Kent Ridge Park, is on a 660,999 square foot site that has a balance lease term of about 59 years.
Knight Frank marketed the collective sale of Normanton Park through a tender that closed on Thursday.
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 units ranging from 1,270 sq ft to 1,550 sq ft.
"Each owner will stand to receive a gross sale price of approximately S$1.68 million to S$1.86 million upon a successful sale, which is subject to several conditions being met, including an order of sale by the Strata Titles Board or High Court," Knight Frank said in a release on Thursday night.
Normanton Park is near educational institutions including Anglo-Chinese School (Independent), Fairfield Methodist primary and secondary schools, National University of Singapore, Singapore Polytechnic and Insead.
The new high-rise development on the site could potentially have close to 1,290 homes of an average size of 100 sq m (1,076 sq ft) gross floor area.