From $78 million to $728 million, the latest and soon-to-market collective sale offerings look set to excite.
How Sun Park released for sale at $78 million
Freehold residential estate, How Sun Park, was released for sale just last week to the tune of $78 million. It is situated near the up-and-coming Bidadari township. It’s freehold status and proximity to the Bartley MRT station means it will be quite a delectable slice of land for developers looking for long-term investments.
Currently, the site holds a 20-unit townhouse establishment. Though the quantum seems small compared to other en bloc sales in the market these past 2 years, each own could still receive at least $3.9 million. If each owner were to sell their unit individually in the open market, each unit is valued at approximately $1.9 million.
With a development charge of $2.92 million, the land rate would come up to about $1,052 psf ppr.
Iconic Chinatown apartment to go for sale at $728 million
Heritage buffs may be disappointed to see this architecturally iconic apartment block go, but the owners of the 280-unit Pearl Bank apartments in Chinatown will be $1.8 million to $4.9 million happier.
It’s prime location, proximity to Chinatown and the Central Business District and the Outram Park MRT station and its unique architecture has always made Pearl Bank apartments a desirable property. Its age however, not so much. Maintenance for a building more than half a century years old cannot be easy or cheap. It would also mean that selling a unit individually would get the owners much less than if they were to sell collectively.
It’s not the first time Pearl Bank apartments has gone up for an en bloc bid. The 37-storey development has a 99-year leasehold tenure and has tried its hand at selling collectively in 2007, 2008 and 2011. This will be its fourth attempt.
There will be a $195 million upgrading premium to top up its lease but there are no development charges. The reserve price translates to approximately $1,505 psf ppr. A 3-bedroom apartment is currently worth about $1.6 million in the open market. With the reserve price, it will be at about $2.5 million.