Riding on the momentum of this year’s wave of collective sales could have been a risky move. But How Sun Park residents are beaming their way to the bank after the successful third attempt at the en bloc process.
Not just third-time lucky
It is not only third-time lucky for the residents of the freehold estate comprising of twenty 3-storey townhouses who have previously tried their hand twice at selling the estate en bloc. Their conservative reserve price of $70 million helped attract interest from various developers. And a unit of the SingHaiyi Group won the bid with a knockout $81.09 million. This meant each owner will receive approximately $4.05 million.
And since the most recent transaction for an individual unit at How Sun Park was for just under $1.9 million, residents will receive more than twice what they would have gotten should they have sold their units individually.
Related: Vista Park’s sea-view location and $350 million asking price
SingHaiyi Group won 2 land bids in Hougang
The SingHaiyi Group now has 2 land plots in the vicinity of each other in the Hougang area. One of their subsidiaries have previously won a tender for the Sun Rosier condominium nearby.
How Sun Park sits on a 54,942.7 sq ft land site and has a 1.4 plot ratio. The allowable height for new buildings on the site is 5 storeys. For the price paid, and including an estimated development charge of $2.92 million, the price works out to be about $1,092 psf ppr. That gives investors a rough idea of how much future developments here will cost.
