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Oxley Holdings awarded Vista Park collective sale at S$418m
THE collective sale of Vista Park in South Buona Vista Road has been awarded to Oxley Holdings at S$418 million, which works out to about S$1,096 per square foot per plot ratio (psf ppr), inclusive of an estimated S$72 million payable to the state to top up the site's lease to 99 years.
The site is zoned for residential use with a 1.4 plot ratio and allowable height of up to five storeys.
Vista Park, which is at the edge of Kent Ridge Park and faces the sea, is on a 319,250 sq ft site with a balance lease of about 60 years.
Teakhwa Real Estate, which marketed Vista Park's collective sale, said the tender, which closed on Wednesday (Dec 13), was "hotly contested" with five close bids and a few expressions of interest.
Vista Park comprises 209 units including 22 townhouses. Owners will receive sums of between S$1.39 million and S$4.18 million per unit - more than double what the units could have fetched if sold individually. This is based on the prices achieved for the 11 units in the project that were transacted this year, said Sieow Teak Hwa, managing director of Teakhwa Real Estate.
To date, owners controlling about 82 per cent of share value and strata area in the development have agreed to the sale. The transaction will be subject to approval by the Strata Titles Board.
The reserve price set by the owners for the collective sale is S$323 million. When the tender for the en bloc sale was launched in November, the guide price indicated was S$350 million.