The quaint enclave of Sunset way may have a spanking new resident in its midst soon. The 160-unit Brookvale Park has just been sold en bloc to Hoi Hup Sunway last week for $530 million.
999-year leasehold land a sterling investment for developers
The condominium was built in the 1980s and is situated quite centrally. It is near Holland Village and schools such as the National University of Singapore, Ngee Ann Polytechnic, Singapore Polytechnic, Singapore Institute of Management, Canadian International School and the mature estates of Clementi and Queenstown.
The rare 999-year leasehold land site allows the developers to create a potential new development set amidst the lush greenery of the Bukit Timah Nature Reserve. The condominium currently counts private landed houses and apartments as its neighbours.
The $530 million sale price means owners can expect to receive between $2.5 million to $4.4 million each.
After taking the $260 million development charge into account, the land rate stands at $932 psf ppr. The 373,008 sq ft site has a gross plot ratio of 1.6. The new project can have up to 656,494 sq ft in gross floor area including a 10% bonus balcony area.
Total of $3.14 billion in collective sales in first months of this year
The fire under the collective sales market has yet to peter out. In the whole of 2017, this market segment saw $8.7 billion exchanging hands. This year in the first month and a half alone, the tally is already at $3.14 billion.
Property analysts are expecting collective sales this year to surpass last year’s tally as early as the middle of the year.