Located near Kent Ridge Park, Normanton Park will be board for en bloc on 22 October with more than 80 per cent of its owners giving green light to the collective sale. This will be one of the biggest en block transactions in Singapore since 2007 considering that the reserve price in the sector is S$840 million. The collective sale will spell out to a land cost of more or less S$605 per sq ft as per plot ratio according to Mount Everest Properties who is handling the marketing of this venture.
Furthermore, Dillon Loin of Mount Everest Properties’ project consultant said that they will mention to some developers their resolution to configure a coalition which will allow them to bid and to invest for the site together. This will also be open to foreign developers as well.
Normanton Park has a 99-year leasehold project. It has 448 condominium units enclosed within the five 23-storey skyscraper and eight low-rise building. Unit size of Normanton Park has a range between 1,270 sq ft to 1,550 sq ft. This property still has 61 years left on its term. If the bargain will earn a positive outcome, owners will get as much as S$1.6 million to S$1.7 million tentatively.
Marketing agents are now reaching out to private medical groups within Singapore as the property is very near the Alexandra Hospital and NUH which could pose a promising team up with property developers.