$350 million for a 319,250 sq ft plot of land at the edge of Kent Ridge Park and facing the sea? Sounds like quite possibly a sweet deal for a sweet spot.
Vista Park condominium is up for en bloc offer just 2 weeks ago, joining 4 other collective offers already in the market.
Sea views and proximity to the National University of Singapore
Vista Park Condominium is situated near the Pasir Panjang MRT station and the National University of Singapore. With sea-views and nature at its doorstep, the unique hill location and the reasonable land rate will be quite the draw for developers looking for a prime piece of land.
Land rate is estimated at $932 psf ppr after a lease top-up premium of $66 million. Another major development in the vicinity which has also been offered up for collective sale is Normanton Park. The land rate for the latter at $969 psf ppr is comparable. With a site ratio of 1.4 and an allowable height of up to 5 storeys, the plot could yield 530 new apartments at approximately 800 sq ft per unit.
More en bloc candidates lined up
The collective land sale market continues to flourish as more potential candidates are lined up for the months ahead. 2 developments which have achieved the 80% requisite approval from owners are Brookvale Park and Kismis View.
Spanish Village off Farrer road has also begun the formation of its collective sale committee and is in the process of appointment a marketing agent. The asking price is expected to be above $810 million, though lower than the $839 million or $825 million reserve prices in their 2007 and 2011 attempts. This 30, 793 sq ft land site could yield 700 units. The rarity of this land plot comes from its size and its freehold status.