Owners of the Sun Rosier condominium must be pretty chuffed with the windfall that came with their en bloc sale.
The condominium sold at $271 million, which meant each of the 78 owners reaped between $2.68 million to $4.77 million. That comes up to approximately $1,885 psf. A joint venture between SingHaiyi Properties and Huajiang International Corporation won the bid.
Situated on How Yi Drive, just a 5-minute walk away from Bartley MRT Station, this is yet another example of “location is king”. Though it is not necessary near the city centre, the area is primed for new developments. The 140,046 sq ft site cost the developers $1,325 psf per plot ratio. A very reasonable price for a site sized just right for its potential.
It sits snug in a largely established district. With the upcoming Bidadari estate in the vicinity, it will have no lack for new amenities. Schools in the area include Maris Stella High, St. Gabriel’s Secondary and Paya Lebar Methodist Girls’ School (Secondary).
More Chinese developers buying up land here
The foreign presence in land bids have been growing stronger. Chinese investors have been eye real estates potential in Singapore. For 3 months in a road, residential sites have been snapped up by entities with strong Chinese links. In May, a Chinese consortium paid $1 billion for a residential site in Stirling Road. A month later, another paid $75.8 billion for a residential site in Hougang. And in July, Citimac Industrial Complex was purchased by a buyer with links to a Chinese family.
Will the land sales sector continue to boom come 2018? And as we move into the second decade of the 21st Century, how will the presence of foreign entities impact the local market?