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A joint venture between Hoi Hup Realty and Sunway Developments have emerged as the buyer of Flynn Park, a condominium on Yew Siang Road, located in the Pasir Panjang area. Hoi Hup Realty and Sunway Developments won the site with a bid of $371 million. Among the promising development by Hoi Hup Realty is the Terra Hill at District 05.
The price translates to a land rate of $1,355 psf per plot ratio (psf ppr). If the 7% bonus balconies were included in the gross floor area (GFA), the land rate will work out to $1,318 psf ppr.
This was Flynn Park’s second collective sale attempt. Their first was in June 2018, just before the property cooling measures were announced the following month. Hence it failed to find a buyer then. The sale price of $371 million makes Flynn Park the biggest collective sale site sold in 2021. “We are very pleased to have achieved success for the owners of Flynn Park on their second collective sale attempt,” says Tan.
Former Flynn Park Location
“We are very pleased to secure the tender of Flynn Park,” says Wong Swee Chun, chairman and managing director of Hoi Hup Realty in a press statement. “It is a rare hill side plot that offers a panoramic view to the South. It is tranquil, lush, and green, yet enjoys proximity to the MRT network and is minutes to the city. It will also benefit greatly from its adjacency to the new Southern Waterfront development. We look forward to developing a premium product on this unique site.”
Potential of the Site
The existing 72-unit condominium block at Flynn Park was built in 1986, and sits on an elevated, freehold plot of 208,443 sq ft. Under the URA Master Plan 2019, the site is zoned “residential” with a plot ratio of 1.4. It’s just 350m from the Pasir Panjang MRT station on the Circle Line. The site can be redeveloped into a new condominium of about 271 units, says Galven Tan, deputy managing director of investment sales and capital markets at Savills Singapore, which handled the sale.
The freehold site can be redeveloped into a new 271-unit private condo. The property was launched for sale by tender at the end of July and closed on September 9. “The tender exercise for Flynn Park was keenly contested,” adds Tan. “The result is testament to the strong attributes of the site – the unique opportunity to develop a premium product at the fringe of the city centre and just 350m from the MRT Station, yet right next to lush and matured nature parks.”
Former Flynn Park New Condo Registration of Interest
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A joint venture between Hoi Hup Realty and Sunway Developments have emerged as the buyer of Flynn Park, a condominium on Yew Siang Road, located in the Pasir Panjang area. Hoi Hup Realty and Sunway Developments won the site with a bid of $371 million.
Product SKU: Flynn Park
Product Currency: SGD
Product Price: 371000000
Product In-Stock: InStock