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Normanton Park sold en bloc for S$830.1m in record for lease-hold collective sale this year

SINGAPORE – Normanton Park was sold on Thursday (Oct 5) to Kingsford Huray Development for S$830.1 million, making it the highest land rate for a 99-year leasehold collective sale site so far this year.

Normanton Park, a 488-unit development located off Ayer Rajah Expressway, has been sold collectively to Kingsford Huray Development Pte Ltd for S$830.1 million. Photo: Knight Frank

Normanton Park, a 488-unit development located off Ayer Rajah Expressway, has been sold collectively to Kingsford Huray Development Pte Ltd for S$830.1 million. Photo: Knight Frank

Singapore

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SINGAPORE – Normanton Park was sold on Thursday (Oct 5) to Kingsford Huray Development for S$830.1 million, making it the highest land rate for a 99-year leasehold collective sale site so far this year.

The sale price works out to S$969 per square foot per plot ratio (psf ppr), inclusive of differential premium and lease upgrading premium.

According to a release by Knight Frank, 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. 

This is provided several conditions are met, which includes an order of sale by the Strata Titles Board or the High Court.

Mr Ian Loh, Executive Director and Head of Investment & Capital Markets at Knight Frank, who was in charge of the sale, said: "The gross development value for this project is estimated at S$2.23 billion. The new high-rise development could potentially house more than 1,200 new residential units of 100 sqm on the site, and new homeowners can potentially enjoy lush greenery views and unblocked views to the city.”

“(Normanton park is in) an up and coming area as it is located near the Science Park and One-North. It is also located close to good schools and the National University Hospital, catering to a wide variety of home-buyers,” he added. 

Knight Frank marketed the collective sale of Normanton Park through a public tender which was launched on Aug 22 and closed on Thursday.

Currently, 87.3% of the owners have consented to the sale, which was concluded in 10 weeks since a sale committee was formed on Jul 29.

The condominium comprises 13 residential blocks of 488 apartment units with a site area of 61,408.9 sqm.

Normanton Park is located off the Ayer Rajah Expressway, and is near educational institutions such as Anglo-Chinese School (Independent), Fairfield Methodist primary and secondary schools, National University of Singapore, Singapore Polytechnic, and Insead.

The site was privatised in 1993. It was originally designed and built in the mid-1970s by the Housing and Development Board (HDB) for Singapore Armed Forces pesonnel.

Mr Sukhvinder S Chopra, Chairman of the Sale Committee and a retired Colonel from the Navy (SAF), said: “The sale committee received several submissions and worked very closely with the marketing agent and lawyers. We deliberated all the submissions carefully and the decision to award to Kingsford was unanimous.”

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