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Exclusive 999-years residential redevelopment site
SINGAPORE, 15 February 2018 – Brookvale Park, a 160-unit development at Sunset Way, has been sold to Hoi Hup Sunway by sole marketing agent, JLL.
Under the 2014 Master Plan, the 373,008 sq ft site is zoned ‘Residential’ with a gross plot ratio of 1.6. The site may be redeveloped into a condominium development with a total gross floor area of about 656,494 sq ft, including a 10 per cent bonus balcony area.
Brookvale Park is located within the exclusive upper-middle class Sunset Way enclave designated for two-storey bungalows and private residential developments. It is a short drive away from Holland Village, Bukit Timah Nature Reserve and near to reputable tertiary and international education institutions, such as Ngee Ann Polytechnic, Singapore Polytechnic, National University of Singapore, Singapore University of Social Sciences and the Canadian International School.
Mr. Tan Hong Boon, Regional Director at JLL, says: “The successful sale price of $530 million reflects a land rate of approximately $932 psf per plot ratio, including an estimated development charge of about $26 million. New units of the proposed development could potentially enjoy unblocked views over the landed housing estate and greenery.”
“At this sale price, the owners would expect to receive gross sales proceeds of between $2.5 and $4.4 million per unit”, adds Mr. Tan.
Over 80 per cent of the owners have consented to the sale, which is subject to several conditions being met, including an order of sale by the Strata Titles Board and the court, where applicable.
This is the second collective sale site sold this year by JLL, the other one being Kismis View earlier in January 2018.
"The sale of Brookvale Park brings the tally of successful en bloc sales to $3.17 billion, arising from 9 deals over the last seven weeks of this year. The tally for the entire 2017 was $8.78 billion from 32 deals. Our view is that the market is on track for last year's tally to be surpassed by middle of 2018, as the strong momentum driven by the positive outlook of the residential market sustains," said Mr. Karamjit Singh, Senior Consultant at JLL.
Mr. Wong Swee Chun, Chairman of Hoi Hup Realty Pte Ltd, says: "This is the largest investment in our 11 years of partnership with Sunway Group. The sprawling 999-year leasehold land is in a centralized but yet lush and green location and setting. We believe this provides a great opportunity to create a unique residential product."
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1. For a high-resolution photograph of the site, please click here.
Tan Hong Boon
+65 6494 3673 / +65 9684 0607