SingHaiyi-led group wins Sun Rosier tender for S$271m

A SingHaiyi-led group has won the Sun Rosier condominium tender for collective sale at S$271 million, or S$1,325 per square foot (psf) per plot, higher than the asking price.

In a filing late Thursday, the company said the bid for Sun Rosier at 5A How Sun Drive was submitted by its subsidiary, SingHaiyi Properties and Huajiang International Corporation.

It added that the owners of Sun Rosier accepted the purchase on Thursday, which was the close of the tender.

The acquisition will be funded by internal resources and bank borrowings, SingHaiyi said.

In late August, owners of Sun Rosier condominium launched a tender for collective sale and were asking S$235 million for the freehold site, or about S$1,149 psf per plot for the 146,045.67 sq ft residential site, which has a plot ratio of 1.4 and a height limit of up to five storeys, Huttons Asia had said.

Sun Rosier is a condominium comprising 78 apartment units on four blocks of four storeys, with a total strata area of 143,719.59 sq ft.

Huttons Asia on Friday said that there were four bids at the close of tender.

It said at the purchase price of S$271 million, each unit owner stands to fetch an estimated amount between S$2.86 million to S$4.77 million, averaging S$1,885 psf.

"This is 108 per cent over the last or latest transacted price for a unit sold early this year or two times of what the subsidiary proprietors could fetch if they sell their units on an individual basis and not via en bloc," Huttons Asia said.